Hopes for reform have given way to caution after a government drive to cut public debt weighed on consumption and growth.
NEW YORK: A year after the historic general election, public euphoria surrounding the new government has evaporated. And investors are losing patience too.
“Even with the valuation attraction which is now definitely coming up clearly, I don’t think that the outlook is clear enough.” Corporate profits were hurt after the government scrapped several large infrastructure projects to rein in a fiscal deficit which ballooned to a five-year high in 2018. Some developments, including a US$10.7 billion railway line, have since been revived.
“We’ve been neutral Malaysian government bonds for a while now,” said Delphine Arrighi, a London-based portfolio manager at Merian Global Investors which oversees US$37 billion.
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