BUSINESS

Bursa Malaysia Expected To Remain Buoyant -- Mof

18/07/2024 10:49 PM

KUALA LUMPUR, July 18 (Bernama) -- Bursa Malaysia is expected to remain buoyant following rising confidence that the United States (US) will cut its interest rate, which will help reduce the impact from the Middle East conflict, said the Finance Ministry (MOF).

According to the MOF, based on the latest developments, Bursa Malaysia’s fundamentals are expected to remain strong above the 1,600 level.

"This is supported by the exchange’s capacity with its robust system to ensure the clearing process and stock transaction settlements are carried out smoothly, continuously and effectively.

"Therefore, Bursa Malaysia will continue to monitor the situation closely to ensure the integrity of the country's capital market remains intact," MOF said in a written reply on the Parliament's website today in response to Onn Abu Bakar's (PH-Batu Pahat) question on the rise in Bursa Malaysia indices amid on-going global conflicts.

In addition, MOF said foreign direct investment momentum is rising, which also supports the capital market, contributing to equity market activities.

The fall in global interest rates also encouraged foreign funds to shift to emerging markets like Malaysia.

Based on the encouraging economic performance, the market capitalisation in Malaysia set a new record at a level exceeding RM2 trillion (US$424 billion) on May 7, 2024.

The FBMKLCI benchmark index also broke through the psychological level of 1,600 on the same day, reaching its highest level in three years to close at 1,628.18 points on May 23, 2024.

-- BERNAMA

 

 

 

 

 


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