Bursa’s growth to continue this year despite current sell-off
KUALA LUMPUR: Bursa Malaysia’s growth trajectory will rebound with the country’s economy continuing to flourish, the business environment being positive, and the CEO Confidence Index continuing to improve.
Permodalan Nasional Bhd (PNB) group chairman, Tan Sri Abdul Wahid Omar said the current sell-off on Bursa Malaysia was triggered by global factors, as Malaysia’s domestic fundamentals remained intact, and continued to lend support to the market.
He pointed out that the external front, which was negatively influenced by the recent plunge in the Dow Jones, should not be viewed as the sole factor influencing the local bourse’s performance.
“We don’ t necessarily have to look at the day-to-day fluctuation.
“The bottom line is that, as long as Malaysian corporates continue to do well and improve in their earnings, share prices will rebound,” he told reporters after officiating the Malaysia Leadership Succession Summit yesterday.
As for PNB, Abdul Wahid said the country’s largest fund manager, will always focus on the fundamentals and look at the quality of earnings.
To date, PNB’s asset under management stands at RM270 billion, almost RM200 billion of which is in the local stock market, making up 10.4 per cent of the total market capitalisation. — Bernama