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Little impact on local bourse

Posted by St Low

Wednesday, 21 May 2008 10:24

KUALA LUMPUR: Yesterday morning's downturn on Bursa Malaysia following the decision by former prime minister Tun Dr Mahathir Mohamad to quit Umno is a normal occurrence and nothing to be overly concerned about, said Second Finance Minister Tan Sri Nor Mohamed Yakcop.

He said this was because the country had strong economic fundamentals and the inflow of foreign exchange continued to be positive.

The positive factors will prevail in providing stimuli to the domestic equities market despite the global economic and market uncertainties, he said.

"Since the start of the year until now, our market has been stable even though markets elsewhere have been volatile with sharp ups and downs, but our market has been able to withstand these challenging waves," he said.

"Hence, a rise or fall of 10 or 20 points, for example, is a normal happening in the market nowadays and I don't see our market turning volatile, where the ups and downs are of 50 or 100 points within a day ... ours isn't like that.

"Ours is stable, and there are times it will rise a little and dip a little. But I believe and am confident that our economic fundamentals will remain unchanged and be stable despite the challenging global market prospects this year arising from the US subprime crisis and the uncertain geo-political developments around the world," he said.

At the close, the Kuala Lumpur Composite Index (KLCI) had dropped 13.04 points to 1,287.43.

Nor Mohamed stressed that the Malaysian stock market was distinct from other markets in that the country had unique resilience and flexibility.

"In facing the present day global challenges, Malaysia's distinction from other countries is that besides our proven durability, we also have the space and opportunities to make several changes on the trot to cope with challenges.

"This is because Malaysia isn't dependent on exports alone but has various other sectors and sources that generate domestic economic activity such as domestic consumption and investments."

- Bernama

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written by technoboy, May 21, 2008 | 10:28:25

Yeah, Malaysian politics is also distinct, unique and flexible like KLSE, anything is OK as long as those corrupted politicians achieve their personal agenda.

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written by pjoldtown2008, May 21, 2008 | 11:34:55

Malaysians should be concern about what is happening to OUR EPF MONEY ?

would the govt pump in our hard earned toiled money to keep on sustain the hopeless KLSE Bursa. How much EPF money would be left by the time BN loses power, when the ministers all absconded overseas ?

When i ask my friends about this concern, they all just laughed and said that " Ah, don't worry ........... our EPF money is protected ..........."

The question now is protected by whom ?! This government ?! Can you trust an administration that even fleeces and cheats with the Wang Zakat Muslim Money ?!

If these people can cheat and steal in the name of religion, then our EPF Money is as good as GONE CASE !

Can our PM reveal how much of the EPF Money had been pumped in to sustain the KL Bourse ever since the March 8 Election loss ?

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written by pjoldtown2008, May 21, 2008 | 11:42:15

Can we trust you Nor Mohamed ?

and by the way, can you please explain sir, how did you gamble, speculate and lost RM 30 billion of the RAKYAT's money [ through Bank Negara Malaysia ] in your forex adventure way back in the 1990s ?!

please resign and go for the next James Bond movie crew casting selection : you can show off your casino gambling skills there !!

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written by pjoldtown2008, May 21, 2008 | 11:45:24

Nor Mohamed, being of a ***** back ground, did you mention that Malaysian inflation rate is only 3 % ?

Don't tell me that you don't know the art of making a roti canai Wahai Si ***** !!

can you please tell us how come the roti canai has increased from 80 sen to RM 100 ................ isn't this a 20 % increment ............ 20 % inflation rate as complained by Pakatan Rakyat ?!

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written by pjoldtown2008, May 21, 2008 | 11:52:08

the modus operandi would be simple.

EPF money would be used to help the UMNO big shots cash out.

The EPF money is pump in to selected 'favorite' counters to help maintain an 'over inflated' high price and while this pumping of our EPF Money is continuing, the political big shots would all sell out their shares and cash out.

No one would suspect since the share price is still intact, still at a "Stable Price" @ acceptable price.

The price of the share that is being 'rescued' by our EPF MONEY would not drop so much even though there is massive selling by the political big wigs.

Please ask our selves, if you are in any BN big shots position now, would you still keep all your shares in the local bourse counters ( local companies ) ?

or would you QUICKLY sell out and cash out ?!

and yet they have the guts to tell Malaysians that our stock market is still intact !!

oh course it is intact BODOH ! you are using our retirement money to pump it up ALL THE TIME !!

foreign funds have already left Malaysia ever since the election results turn around !

Do you see any pictures of any foreigners [ Mat Sallehs CEO ] signing MOU or agreement in the press or TV to invest, set up new business and put money in Malaysia now days ?!

HABUK PUN TARAK !!

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written by Joe, May 21, 2008 | 13:38:45

Prices of homes are going to fall.

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written by hibiscus22, May 21, 2008 | 15:57:30

Halo Tan Sri, 3% ONLY? What rice you eat anyway?Porah, want to cheat us in the broad day light pun kena tengok tengok sikitlah.F44k!! smilies/angry.gif

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written by Fernz, May 21, 2008 | 23:49:49

Half of the Umno MPs, led by Badawi, should get
together with PR and form the Federal Government.

http://fernzjoefernandez.blogspot.com

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