Kadir Jasin: Fund managers say power switch will spur growth

A Kadir Jasin, representing Daim Zainuddin, says government investment companies have been briefed on investors' expectations.

KUALA LUMPUR: Fund managers view the transition of power from Barisan Nasional (BN) to Pakatan Harapan (PH) as a positive step in the country’s economic development.

A Kadir Jasin, who is head of media and communications in Dr Mahathir Mohamad’s council of eminent persons, said the indication had been given by fund managers who witnessed the transition on power on May 10 and had resolved to play their role to help strengthen the economy.

He was speaking on behalf of former finance minister Daim Zainuddin, who heads the team.

Kadir said Daim had held a meeting with government-linked investment companies Employees Provident Fund (EPF), Permodalan Nasional Bhd (PNB), Khazanah Nasional Bhd, Armed Forces Fund Board and Tabung Haji Group.

“Basically, these are the largest government investment companies and they have a lot of capital and are very active investing in stocks and bonds.

“So Daim briefed them on the high expectations of the people and of investors, local and international. We have to make sure that we do our best not to disappoint them.”

He added that the market would reopen today after a long break due to the election.

“So, it will be significant in the sense that the market will make its judgment on the new government.

“The local fund managers are very big, and they have far more money than the local market can absorb,” he said.

Kadir, who spoke to Bernama following Daim’s meeting with the fund managers, said the team would have another meeting with them today.

He said the fund managers could meet the team at any time if they had additional information to share.

During their meeting with Daim, he said, the fund managers had briefed him on their general activities and investments in the stock market.

They also told Daim what they had done to provide the best services to the people, especially in view of the change in government.

Kadir said among the matters raised by Daim to the companies’ leadership was that the government wanted them to operate as professional bodies without any political interference.

“It was like before when he (Daim) was finance minister. The professionals who managed GLCs were given full autonomy on how to manage their companies and organisations because they knew better.

“So Daim wants us to ‘return’ to that period, only now they have to understand the policies and objectives of the new government,” he said. -FMT