Rising ringgit drives up auto stocks

Ringgit impact: Customers viewing cars at a Toyota showroom in Petaling Jaya. Auto stocks that see their performance closely linked to the ringgit’s movement include Tan Chong Motor, Bermaz Auto and UMW, which imports and distributes Toyota cars in Malaysia.

PETALING JAYA: Automotive stocks could get a continued upward bump if the ringgit’s recovery against the US dollar is sustained.

These stocks could add on to gains if consumers feel better about the economy and in turn ramp up spending on big-ticket items.