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Rafizi sees Malaysian economy strengthening alongside Bursa

Publish date: Tue, 23 Apr 2024, 10:57 PM

KUALA LUMPUR (April 23): The FTSE Bursa Malaysia KLCI’s (FBM KLCI) rise to its highest level this year at 1,567.57 points under the administration of the unity government, led by the Prime Minister Datuk Seri Anwar Ibrahim, confirms that the Malaysian economy will continue to strengthen.

Economy Minister Rafizi Ramli said the FBM KLCI on Tuesday reached 1,567.57 points during its intraday high at around 11am, before closing at 1,561.64 points.

He said that even though negative sentiments continued to be portrayed by the Opposition, who seem to be trying to bring down the country's economy in its bid to grab power, that sentiment is not shown in the stock market.

"Bursa Malaysia has shown consistent improvement over the past 12 months to reach its highest level of 1,567.57 points this morning.

"This continuous and consistent rise is equivalent to a 14.45% increase in annual returns to investors," he said through a post on his official X page on Tuesday.

Rafizi said the rakyat's funds managed by the Employees' Provident Fund, the Retirement Fund (Incorporated), Permodalan Nasional Bhd, Khazanah Nasional Bhd, Tabung Haji and the Armed Forces Fund Board are among the largest shareholders of companies on Bursa Malaysia.

"When the stock market rose consistently over the last year and gave an increase of 14.45% in annual returns, this will translate into greater gains for the rakyat in the future, should this marathon continue.

"The responsibility of revitalising the national economy requires a long-term perspective. However, the increase that happened (without us realising it) like today confirms that our economy will continue to strengthen," he added.

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The performance from the equity market does indicate the health of the economy.

The few entities mentioned do have the abilities to support the equity market by investing the money from the savers.

1 month ago

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