Malaysian Chemical Producer Tops Asia Stocks With 102% Rally

Shares of Malaysian petrochemical producer Petronas Chemicals Group Bhd. have doubled this month as fears of a prolonged Strait of Hormuz closure drive up global fertilizer prices, with analysts predicting more gains if the waterway remains shut.

The stock is set to finish the month at the top of the MSCI Asia benchmark after a 102% climb since the war in Iran began. In comparison, the Asian gauge has fallen more than 13%. At least seven brokerages have upgraded Petronas Chemicals this month, according to Bloomberg-compiled data.