save malaysia!
Rahman Dahlan wants Guan Eng to step down as finance minister over Bursa’s performance
savemalaysia
Publish date: Sun, 20 Oct 2019, 09:25 AM
KUALA LUMPUR, Oct 19 — An Umno Supreme Council member has demanded that Finance Minister Lim Guan Eng be replaced in light of Bursa Malaysia’s poor performance in comparison to other stock markets in the region.
In a statement today, Datuk Seri Abdul Rahman Dahlan pointed out that starting from January this year up till last week, the FTSE Bursa Malaysia Kuala Lumpur Composite Index (FBM KLCI) registered a drop of 7.4 per cent, down by more than 100 points to 1,571 points from 1,690 points.
“At the same time, while the stock exchange in other countries in the Asia Pacific region registered an increase, Malaysia stands at the lowest position with a huge deterioration.
“For example: China’s stock market has increased by 30 per cent, Taiwan by 14.2 per cent, Vietnam by 11.2 per cent, Thailand by 4 per cent and Indonesia only had a 0.6 per cent drop,” he said.
He also pointed out the fallacy in the finance minister’s claims that the local market is doing badly due to external factors such as the United States-China trade war and the uncertain global economic climate, when others in the region are doing well or is not as badly hit.
Abdul Rahman criticised the two budgets that the Pakatan Harapan had tabled saying that it had failed to attract investors and regain investor confidence.
Among the reasons he gave on why investors have fled Malaysia include: The “hasty” abolishment of the Goods and Services Tax, cancelling mega projects, and so-called lack of economic direction.
“Among other [reasons], is when the ruling party is busy politicking over the transition of the prime minister’s post, lack of trust among component parties and the government’s instability is also lowering investor confidence on the economic and financial state of our country,” he said.
At the same time, he added that the current Pakatan Harapan administration cannot lay this blame at the feet of Barisan Nasional because the stock market’s poor performance was triggered after the 14th general election.
Prior to the 14th General Election, the FBM KLCI closed at 1,870 points. By the end of 2018 it closed at 1,690 points — a drop of nearly 200 points or 9.6 per cent. This year saw another 100 points or 7.4 per cent drop.
Therefore, since the last general election, the FBM KLCI has dropped nearly 300 points or 16 per cent, from 1,870 down to 1,571.
He also touched on funds pointing out that Tabung Haji only gave a 1.25 per cent dividend, LTAT 2 per cent, ASB 6.5 per cent — the lowest in history and EPF dividends of 6.15 per cent.
“Nearly everyone from potential Haj pilgrims, the military, the Bumiputera Malays and EPF contributors are affected.
“So what is the solution? For the short term, I think PH should change the finance minister immediately. For the long term, Malaysians need to change their government,” said Abdul Rahman.
https://www.malaymail.com/news/malaysia/2019/10/19/rahman-dahlan-wants-guan-eng-to-step-down-as-finance-minister-over-bursas-p/1801829
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Discussions
1 person likes this. Showing 33 of 33 comments
Please tell Dr M n Ah Eng to get our Bursa UP now.
We all kena teruk by our Bursa !
2019-10-20 16:33
what to do? this is the reality of PH: all paint a rosy picture before GE14, but after win GE14, all promises forgotten
biasa lah. talk is cheap
2019-10-21 09:07
dr.m alas ran out of idea,but stick to sick old way.need changes , anwar could be better, more liberal.
2019-10-21 09:35
@Kedahan, if a conman cheat u 1 time, u say wait wait let the conman cheat u 10X only u will believe he is a conman?
2019-10-21 12:05
Prior to the last GE, just look at the charts, we get a fake uptrend by Jibby - a double top n prices started correcting.
KLSE components are heavily weighted by plantations, banks n telcos.
Jibby hit the telcos with spectrum fees n from that time on, whenever the KLCI dropped, the telcos all have no support.
The answer lies elsewhere.
2019-10-21 14:39
Joke of human being.
Government is responsible for a good stock market?
Stock market has nothing to do with rakyat's ability to buy KFC for the dinner.
For punters, yes.
2019-10-21 14:52
@laychee
YES govt is responsible for good stock market! IF the country is well managed, it will grow and this is reflected in the stock market.
UNDERSTAND?
2019-10-21 14:55
look at Singapore, well managed economy.... look at how vibrant their stock market is.
2019-10-21 14:55
All countries stock market crashed before.
Have you heard of the debate about whether a US president should take care of the Wall Street.
The famous Wall Street vs Main Street debate?
2019-10-21 14:58
India has a lack of toilets but look at Nifty. Nifty performs better than KLSE.
2019-10-21 14:58
Lol. Whoever voted PH why complaint now? You should know the consequences when voted than what.
2019-10-21 15:01
GE15, speakup will not vote PH nor BN
speakup will stay at home, watch TV & eat popcorn
2019-10-21 15:13
Don't worry, LGE will be sacked by Mamak. It's just a matter of time.
Mamak recent speech in Langkawi after the storm gave a lots of hints of his coming agenda.
Who started the Jawi controversy? It was started when Azmin news were everywhere and the news was then replaced by Jawi's controversy.
Who's the real boss of Malaysia?
2019-10-21 15:19
Cause by LGE.Mahathir both side Malay listen.Stock market,currency,economy under finance minister.Please Mahathir only sign approved or not.LGE sign,Mahathir no sign no use.Not approved.Please do not twisted the words.
2019-10-21 23:02
LGE Malay not listen.Even Azmin Ali also do not see face to face in PH meeting.One look left,another look right. Mahathir A+ minister.Hard working and respected leader.He speaks every Malaysians listen.
2019-10-21 23:09
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Why don't you ask Tun M to step down ? LOL
2019-10-20 12:03