Hours after several BN-controlled media including national news agency Bernama carried news reports quoting him, an analyst with the Malaysian branch of a global market research firm has found himself at the receiving end of criticisms.
JP Morgan Securities (M) Sdn Bhd executive director of equity research Mak Hoy Kit (pic) was earlier quoted as saying that Barisan Nasional's continued hold on power after the coming general election would be viewed positively by investors.
Mak even warned of "some risk" if Pakatan Rakyat comes to power, and reportedly praised the Najib Razak administration's heavily criticised Economic Transformation Programme.
“Investors will be worried if the Opposition wins. When there is uncertainty, investors typically act negatively,” he was quoted as saying.
In an immediate reaction, Selangor Menteri Besar Abdul Khalid Ibrahim rebutted Mak's view that a change in government was negative, urging the financial firm to remain politically neutral.
"JP Morgan and others should take care to ensure that their analyses reflect a neutral stance towards politics and respect the democratic right of the rakyat to choose a government without being influenced by unfounded economic fearmongering," said Khalid as quoted by The Sun.
Further rebutting Mak's prediction, Khalid alluded to Selangor's economic achievements since PR took over state administration in 2008, including its tabling of four successive balanced budgets and record levels of state financial reserves.
Khalid also said the JP Morgan analyst had ignored the ill-effects of privatisation in Malaysia which profited private concessionaires at the cost of ordinary citizens.
"A change in federal government is the only way to arrest the worrying national economic trends we are facing and to begin undoing the severe damage caused by putting private interests ahead of national ones," Khalid added.
Online insults galore
Meanwhile, for his comments, netizens in several online fora have been taking turns deriding Mak.
"There are always risks when there is change, but Malaysia desperately needs some change, even if it means some short term negative affects," writes one netizen on popular online hangout Lowyat.net.
"It's true from a financial markets point of view, at least during the transition, but the well-being of the markets isn't everything," rejoins another.
While some prefer to zero in on Mak's hairstyle apart from indulging in other personal insults, there is however one voice of reason.
"Perhaps they misinterpreted his remarks," cautions a commentator.
Another posting on the blog Malaysia Today pointed out that any short term risks were for long term good.
"Mak, you are so pathetic. You only see the market crash in 2013 if Pakatan takes over but you forgot to tell us after that in 2014 the market will shoot to 2000 points and 2500 points in 2015 as a result of good governance, transparency and accountability measures adopted by the new government. Foreign investors will throng Malaysia and our Corruption Perception Index recovers tremendously from 54 now back to 30 or so."
Still, the bulk of reactions is about JP Morgan's neutrality.
"Is this an economic analysis or a paid political talk? Penang and Selangor can make it with competence governance and who is this guy talking to?" asks a reader.
-Harakahdaily
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