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Bursa Malaysia monitoring coronavirus impact - CEO

31/01/2020 07:49 AM

KUALA LUMPUR, Jan 30 -- Bursa Malaysia Bhd says it is monitoring the trend of the 2019 novel coronavirus outbreak to measure its impact.

Chief executive officer Datuk Muhamad Umar Swift said the bourse operator would keep an eye on the outbreak’s potential impact and the necessary work that is being done.

“What we’ll see is a clear pattern developing over the next four to six weeks, and then we’ll know what impact it would be on the world economy.

“Of course it’s a concern. At first, we see the market reacting quite strongly, now the market is paring back, becoming more sanguine to the impact," he told reporters at Bursa Malaysia’s 2019 financial results briefing here today.

He was responding to a question on the possible near- or long-term effect of the virus on investor sentiment.

Prevailing concerns over the coronavirus outbreak have clouded market sentiment.

Overall, Muhamad Umar said, 2020 is set to be a positive year for Bursa Malaysia, amid robust consumption underpinned by economic growth.

Other factors are the positive impact of the recent 25 basis point cut in the  Overnight Policy Rate as well as the East Cost Rail Link (ECRL) and Bandar Malaysia progress and investments, he said.

At today’s close, the benchmark FTSE Bursa Malaysia KLCI fell 4.88 points to 1,545.59 from 1,550.47 yesterday amid concerns over the economic impact of the coronavirus, which originated from Wuhan, China.

-- BERNAMA

 

 


 

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