Bursa Malaysia-i to spur FBM KLCI to touch 1,700 pts
Published on: Tuesday, September 06, 2016
Kuala Lumpur: Bursa Malaysia Bhd hopes to end the year with its benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) touching at least 1,700 points, said Chief Executive Officer Datuk Seri Tajuddin Atan.Tajuddin said the level could be achieved via the bourse's Bursa Malaysia-i, the world's first end-to-end integrated Islamic securities exchange platform, which would offer investors the choice to invest and trade in shariah-compliant products via a shariah-compliant platform."We currently have a market capitalisation of about RM1.6 trillion and out of that RM1.1 trillion are shariah-compliant securities, of which out of 902 companies listed on the exchange, 669, or 73.9 per cent, are shariah-compliant," he told reporters after the launch of the Bursa Malaysia-i here Monday.
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He said the shariah-compliant platform was introduced after discussions showed that there was a demand for a fully shariah-compliant trading platform."This will complement the current conventional trading platform in the local bourse and it will offer services to those who wanted a full range of Islamic platform," he said. He said currently there was an outflow of funds from the exchange due to cautious trading on the movements of the US interest rates."However, at this moment it is still stable.
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"There are weeks foreign investors are buying our stocks. For example, last week, there was a small amount of inflow and if this continues it could also help our KLCI recover, he said.Tajuddin said although the market was not as exciting as earlier, Bursa Malaysia hoped to see more impetus with more shariah-compliant funds buying Islamic assets here. On whether the exchange's trading was bullish or bearish, Tajuddin said: "Sideways."
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He said based on the current economic factors the market seemed to be moving sideways ... but I'm optimistic things would improve.The Bursa Malaysia-i incorporates the full range of shariah-compliant exchange-related services including listing, trading, clearing, settlement and depository services to underscore the exchange's leadership as the global marketplace for shariah listings and investments. Stay up-to-date by following Daily Express’s Telegram channel.
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