Don't turn KL bourse into casino: Anwar

Don't turn KL bourse into casino: Anwar

KUALA LUMPUR (AFP): Malaysian Deputy Prime Minister Anwar
Ibrahim yesterday cautioned investors against turning Kuala
Lumpur's bourse into a "casino" as the stock market suffered a
downward drift.

Anwar, who is also finance minister, told market players to
stop being greedy, to avoid speculation and instead to base their
investments on the companies' fundamentals and its long-term
returns.

Investors should understand the fundamentals and the
"education process of a stock market (rather) than going in for
short term gains," Anwar was quoted as saying by the official
Bernama news agency.

"... those who entered the stock market should have staying
power and discipline so that they would not be easily taken in,"
he added.

While admitting that the stock market had been depressed
lately by the central bank's credit curbs on shares and luxury
properties, Anwar said the guidelines were misunderstood by the
public.

"The move was to enable the government to manage the economy
over the long term and is not aimed to hinder new development
projects," he stressed.

This is the second time Anwar has publicly reassured investors
over the central Bank Negara's credit curbs, introduced on April
1 to avert an asset inflation bubble, but which depressed the
local bourse.

The key composite index on the Kuala Lumpur Stock Exchange
fell 1.4 percent Thursday and continued its downfall Friday.

Despite Bank Negara's move to clarify the measures on Tuesday,
analysts said the credit curbs had somewhat highlighted the
weakness of Malaysia's economy, causing investors to remain wary.

They said market sentiment was also dampened by the overnight
fall on Wall Street and there was lack of fresh leads to spur the
market.