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EPF swoops in to save KLCI? January 22, 2008

Posted by elizabethwong in Bebal-ism, Current Affairs, Economy, Huh?!, Malaysia, Politics.
Tags: , ,

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?



1. Michael Sun - January 22, 2008

Where angels fear to thread, fools enter.

It has been apparent, that the BN government has been propping up the Bursa Malaysia over the last 2 months. Though the KLCI has been recording new highs, the counters in the Bursa broad market hardly moved.

With the floatation of Sime and together with Tenaga, Telekom and Malayan Banking – all government linked companies, propping up the KLCI is a “piece of cake” for a short term.

With the impending recession in the USA, it is difficult for us NOT to catch the flu when Uncle Sam sneezes. Most countries in the region have already revised downwards their GDP growth rate except Malaysia – the Bolehland country.

While we pray for the best, we need to prepare for the worst.

We need to vote for an effective government NOT a PM that is sleeping most of the time. Otherwise he is travelling overseas on his perennial honeymoon.

2. Klaw - January 23, 2008

wow, EPF using our money to accumulate shares. I hope they know what their doing. As for me, I got wiped out today, tarak syiok. No money to buy ‘yuk gon’ for CNY 😦

3. megaman - January 23, 2008

EPF dabbling in the high risk stock markets ??

OMG, no one in Malaysia alarmed over this fact ?

It is the blood and sweat money of everyday Malaysians and our pension funds, our housing funds, our funeral funds, our so many important things that without it we would probably in deep shit in our old age.

Funny, nobody is alarmed and asking for explanations ?

4. Damocles - January 23, 2008

Every time the share market crashes, we were fed shit about our fundamentals being OK.
I think that some idiots even enter the share market based on this sort of assurances!
As for nobody being alarmed by EPF money being used to prop up the share market, Malaysians have been made immune by years of propaganda to even realise that our Bolehland PM is doing anything detrimental to their financial health!

5. bayi - January 26, 2008

This is a government that makes fools out of suckers. The government will not approve a panic room in its plans even if the architects recommend one. It will not admit there is a need for one.

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