equities

 
 

‘Supplementary budget not needed’

PUTRAJAYA: The government does not need a supplementary budget for now as the country’s fiscal deficit is under control, says Deputy Finance Minister Datuk Ir Amiruddin Hamzah.

He said a well-managed and sustainable fiscal deficit will strengthen Malaysia’s economy and the country will not need to borrow again.

“We will not need a supplementary as the government is controlling the fiscal deficit in terms of expenditure and income. Even if there are changes, controlling the fiscal deficit is our priority in growing the national economy,” he said after handing over RM34 million in financing under the MyCreative Ventures financing scheme to 19 creative companies here today.

On Aug 12, Prime Minister Tun Dr Mahathir Mohamad said the government was considering tabling a supplementary budget.

Earlier, Finance Minister Lim Guan Eng announced that Malaysia’s projected fiscal deficit would rise to RM40.1 billion in 2018 from RM39.8 billion, which would maintain the federal government budget deficit at 2.8% of gross domestic product (GDP).

Amiruddin in his opening speech urged companies in the creative industry to play a role in formulating a product commercialisation plan by combining the creative arts with the tourism sector.

“This initiative has the potential to contribute to the nation’s economy as the tourism sector, which is based on the arts and culture, could generate a lucrative revenue, for example, a country like France earns about RM934 billion a year from their tourism sector,” he said.

MyCreative CEO Riza Saian said Malaysia’s creative industry contributes just 2% to GDP compared to over 5% in Indonesia, Singapore and Korea.

“Many creative enterprises in Malaysia are at an early stage and need more time to earn substantial profits. Malaysia has a wealth of creative talents, but their business skills on the whole need to be enhanced,” he said.

Riza noted that RM200 million had been invested in 138 creative companies under 10 categories – visual arts, traditional arts, music, fashion, design, creative studies, culinary arts, creative content, literature and performance arts.

The financing is in line with MyCreative’s objective of supporting the implementation of the national creative industry policy and stimulating the growth of the creative industry through a strategic and innovative financing scheme in the form of equities, loans or a combination of both, he said. – Bernama


Supplementary budget not needed for now

PUTRAJAYA: The government does not need a supplementary budget for now as the country’s fiscal deficit is under control, says Deputy Finance Minister Datuk Ir Amiruddin Hamzah.

He said a well-managed and sustainable fiscal deficit will strengthen Malaysia’s economy and the country will not need to borrow again.

“We will not need a supplementary as the government is controlling the fiscal deficit in terms of expenditure and income. Even if there are changes, controlling the fiscal deficit is our priority in growing the national economy,” he said after handing over RM34 million in financing under the MyCreative Ventures financing scheme to 19 creative companies here today.

On Aug 12, Prime Minister Tun Dr Mahathir Mohamad said the government was considering tabling a supplementary budget.

Earlier, Finance Minister Lim Guan Eng announced that Malaysia’s projected fiscal deficit would rise to RM40.1 billion in 2018 from RM39.8 billion, which would maintain the federal government budget deficit at 2.8% of gross domestic product (GDP).

Amiruddin in his opening speech urged companies in the creative industry to play a role in formulating a product commercialisation plan by combining the creative arts with the tourism sector.

“This initiative has the potential to contribute to the nation’s economy as the tourism sector, which is based on the arts and culture, could generate a lucrative revenue, for example, a country like France earns about RM934 billion a year from their tourism sector,” he said.

MyCreative CEO Riza Saian said Malaysia’s creative industry contributes just 2% to GDP compared to over 5% in Indonesia, Singapore and Korea.

“Many creative enterprises in Malaysia are at an early stage and need more time to earn substantial profits. Malaysia has a wealth of creative talents, but their business skills on the whole need to be enhanced,” he said.

Riza noted that RM200 million had been invested in 138 creative companies under 10 categories – visual arts, traditional arts, music, fashion, design, creative studies, culinary arts, creative content, literature and performance arts.

The financing is in line with MyCreative’s objective of supporting the implementation of the national creative industry policy and stimulating the growth of the creative industry through a strategic and innovative financing scheme in the form of equities, loans or a combination of both, he said. – Bernama


Foreign funds turned net sellers last week

PETALING JAYA: Foreign funds offloaded RM631.4 million net of local equities, wiping out the net inflow of RM458.2 million recorded in the week before, according to MIDF Research.

“Offshore investors were already selling a lot on Monday to a tune of RM142.3 million net as the crisis in Turkey rippled across emerging markets including Malaysia. It came to no surprise that local stocks with exposure to Turkey such as Malaysia Airports Holdings and IHH Healthcare were the major decliners that day with losses of more than 5%,” it said in a research note yesterday,
MIDF said the level of foreign net attrition slowly tapered on Tuesday and Wednesday to RM127.1 million and RM85.4 million, respectively as the Turkish lira rebounded from Monday’s massive drop.

“The FBM KLCI even followed suit to advance on these two days while other regional markets such as Thailand and Hong Kong were in the red zone during the same period.”

However, the research house said foreign net selling activity gradually accelerated on Thursday and Friday to RM127.9 million and RM148.7 million, respectively as news of China and the US holding trade discussions in late August was not sufficient to spur risk-on mood following the announcement of Malaysia’s lower-than-expected Q2 GDP growth of 4.5% against market expectations of 5.2%.

MIDF noted that August has so far seen a foreign net outflow of RM128.6 million, while year-to-date outflow stands at RM8.6 billion.

Participation among foreign investors has been active so far this year as the weekly average daily traded value (ADTV) reached above RM1 billion for 31 out of 33 weeks.

“The weekly ADTV of the retail market and local institutional funds also remained healthy above RM800 million and RM2 billion, respectively despite the drop last week.”


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Foreign funds sell RM631.4mil of Malaysian shares

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