KUALA LUMPUR, April 10 (Bernama) — The new cabinet line-up is well received judging from the benchmark Kuala Lumpur Composite Index (KLCI) which rallied to hit a six month high of 941.38, said a market analyst.
He said investors were giving Prime Minister Datuk Seri Najib Tun Razak the opportunity to implement his plan to stimulate the economy.
The new cabinet is one of the factors that helped to boost the market coupled with the rally on Wall Street.
Najib last month announced that the government may allocate about RM200 billion more under the 2010 budget, raising the allocation to generate the national economy to about RM470 billion for the two-year period.
This is on top of the RM60 billion second stimulus package which is to be implemented this year and 2010.
Meanwhile, Dr Yeah Kim Leng, an economist with Rating Agency Malaysia Bhd, said the new cabinet was in line with the people’s and market expectations. The cabinet members are capable and have high integrity to serve the nation.
He said the immediate challenge will be to deliver what has been envisaged in the two stimulus packages.
Dr Yeah pointed out that the people will be looking at the effective delivery of the two packages to cushion the impact of the global economic downturn.’
Source : Bernama