Analysts welcome government’s focus on cutting subsidies, reducing debt, and introducing additional taxes.
The move by Finance Minister Anwar Ibrahim to rationalise fuel subsidy will boost the government’s credibility in carrying out reforms, says Affin Hwang Investment Bank.
Foreign funds have sold about $682 million of local stocks this year and withdrawn $114.3 million from the nation’s bonds so far this month, according to data compiled by Bloomberg. Citigroup’s analyst Megat Fais says together with the higher service tax, the impact on consumers is more mixed versus last year, despite higher cash handouts, one-off cash incentives to government servants and additional income tax breaks.“With less noise on the political front, earnings delivery is key going forward, “he said.
In addition, Maybank Investment Bank analyst Suhaimi Ilias said the budget sustains fiscal consolidation and aligns allocations with recent policies, benefiting sectors such as construction, electronics, chemicals, electronic vehicles and tourism.
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