EPF swoops in to save KLCI? January 22, 2008Posted by elizabethwong in Bebal-ism, Current Affairs, Economy, Huh?!, Malaysia, Politics.
Tags: Abdullah Badawi, EFP, KLCI
In case anyone noticed, right after the Prime Minister-cum-Finance Minister said last week’s rally was indicative of investors’ confidence in our economy, it’s been a bloodbath at the KLSE.
Some joker even said our economy won’t be affected by the downturn in the US.
Nope. Not say everyone else. “Malaysian shares open sharply lower as regional markets extend plunge” (Forbes.com)
“We’re in panic territory,” said Patrick Chang, who helps manage $4.5 billion at CIMB-Principal Asset Management Bhd. in Kuala Lumpur. (Quoted in Bloomberg News)
So what do we do?
Malaysia EPF Sees Current Market As Good Time To Buy Shares – CEO
Tuesday, 22 January 2008
KUALA LUMPUR – (Dow Jones): Malaysian pension fund Employees’ Provident Fund Tuesday said the current weakness in the stock market represents an opportunity to accumulate shares.
“EPF is a long-term local market player, so definitely right now is a good opportunity,” said Chief Executive Azlan Zainol.
EPF is one of the country’s biggest institutional investors.
The benchmark Kuala Lumpur Composite Index ended 4% lower at 1352.35 midday.
Can’t we wait til the bottom’s in sight?