The Malaysian exchange traded fund (ETF) is doing well as the Malaysian market and economy show strength. A positive third quarter GDP growth rate and the fact that rates were left unchanged at 3.5% has helped boost the market, as reported in a press release. The benchmark Kuala Lumpur Composite Index recently hit a record high, not seen since July 1997, bring a 20% increase year to date.
iShares MSCI Malaysia (EWM) is up 9% for the month and is well above its 200-day moving average. Top holdings include Malayan Banking, Bumiputra-Commerce Holdings and IOI Corp.
For full disclosure, some of Tom Lydon’s clients own EWM.
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