Najib delivers RM20b boost for Malaysian stock market

Malaysian Prime Minister Najib Razak said on Monday a government equity investment firm would be given RM20 billion (S$6.54 billion) to shore up the country's stock market. 

PHOTO: EPA

SEP 14, 201512:53 PM

[KUALA LUMPUR] Malaysian Prime Minister Najib Razak said on Monday a government equity investment firm would be given RM20 billion (S$6.54 billion) to shore up the country's stock market, and announced other measures to support its slowing economy.

Mr Najib told a news conference the equity investment firm, ValueCap, will invest in undervalued Malaysian companies.

He also announced that the factory sector would be exempted from import duties until the economy recovers, but did not specify which sectors would be affected.

The ringgit currency has lost almost 19 per cent of it value against the dollar so far this year, and Malaysia's stock market has retreated 8.95 per cent this year.

REUTERS