New government to continue Malaysia’s pro-business policies, protect local industries: Kenanga Research
24 Nov 2022
Kenanga Investment Bank Bhd expects continuation of prevailing policy inclinations following the appointment of Datuk Seri Anwar Ibrahim as Malaysia’s 10th Prime Minister.
This includes pro-business policies, protectionism for local industries, and business as usual for government-linked companies.
Analysts Joshua Ng said further that the research firm also anticipates strong financial support to the economy with cash handouts, fuel and food subsidies, and pump-priming.
“We continue to advocate for investors to seek refuge in banks, telcos, automakers and distributors, mid-market retailers, and construction as we believe the ‘unity’ government will support domestic consumption.
“We raise our end-2022 FBM KLCI target back to 1,500 pts from 1,450 pts,” he said in a note today.
Earlier, the King consented to appoint Anwar Ibrahim as the country’s 10th prime minister to lead a ‘unity’ government based on a power-sharing model.