Umno: Harapan's eagerness to sully BN spooking investors

Umno's strategic communications unit today claimed Pakatan Harapan's "eagerness" to sully the previous BN government is spooking investors.

It said the Kuala Lumpur Composite Index (KLCI) had declined by more than 100 points since Harapan came to power after foreign investors pulled their money out from the country.

"Among the main reasons foreign investors are selling shares and taking out their money is due to the Harapan government's excessive politicking and eagerness to sully BN by claiming that the country's debt had hit RM1 trillion and thus the setting up of the Tabung Harapan," it said.

It said that among those affected by the decline in the stock market was the Employees Provident Fund (EPF).

Citing The Edge's report, it said the EPF's investment in 12 public-listed companies had declined by 12 percent or RM6.09 billion.

"Therefore, Umno would like to express concern and warns that if funds outflow from Bursa Malaysia continues for a prolonged period, it will not only affect the performance of fund managers such as EPF but also their ability to pay out dividends in the future," it said.

The Umno unit said Harapan should ensure that the finance minister and the economic affairs minister do not paint a bad picture of the country's economy.

"What is the benefit of telling foreign investors that the country's economy is going bankrupt?

"It will only frighten new foreign investors away and those who have already invested will surely leave," it said. - Mkini