Ringgit, stocks rise after announcement

KUALA LUMPUR: Theringgit and stock market reacted positively yesterday to Prime Minister Datuk Seri Najib Razak’s 2016 Budget adjustment, where he maintained the nation’s fiscal deficit target and announced measures to support the economy. The ringgit rose to a seven-week high to 4.2040/2100 from 4.2530/2600 against the greenback on Wednesday. It was the highest since December 7last year. Stocks on Bursa Malaysia also reacted positively, with the benchmark FTSE Bursa Malaysia KLCI r