KL budget revision gets markets' thumbs up

Kuala Lumpur

MALAYSIA'S stock market and currency rallied on Friday with the ringgit climbing to 4.139, a three-month high, boosted in part by Putrajaya's commitment to fiscal consolidation.

On Thursday, the government revealed a revised budget that banked more on spending cuts and asset sales to cover a forecast shortfall in petroleum revenues.

Talk of an oil supply cut by Saudi Arabia and Russia also helped the ringgit, despite analysts' scepticism about it.

Still, such talk was a welcome respite to tightened pockets as the ringgit has shrunk by abo…