Bursa Malaysia slips after higher open as weak US tech earnings weigh on sentiment

Prime Minister Anwar Ibrahim has urged Bursa Malaysia to assist more Malaysian companies in growing into regional champions, noting that numerous promising businesses remain small for extended periods. "I would like to see more mid-tier companies grow, list and become regional champions," Anwar stated during his keynote address at Bursa Malaysia's 50th anniversary celebration.

He emphasized that if successful, this could lead to more Malaysian businesses expanding, more jobs being created, and more Malaysians benefiting from the country's progress.

Anwar stressed the significance of trust and fairness in the capital market, emphasizing that companies seeking investments from Malaysians must conduct business honestly. He also highlighted the challenges Malaysia's market faces due to the changing global environment, including geopolitical tensions, technological advancements, and the energy transition.

Despite these challenges, Anwar pointed out that the market has persevered through difficult times, such as financial crises and the pandemic, consistently facilitating investment and economic recovery.

The Prime Minister called for Malaysian companies to advance up the value chain in critical sectors like semiconductors, advanced manufacturing, and digital technology to compete effectively on a global scale. He emphasized the government's commitment to sound governance, fiscal discipline, and making Malaysia an attractive destination for investments.

In the first half of this year, Malaysia recorded RM218.5 billion in approved investments under the Madani Economy initiative, aiming to elevate both the ceiling of the economy's potential and the floor of people's living standards.