What is the motive behind some fund-raising exercises?

THE stock market seems to be flush with liquidity. This had already been a hallmark of our local market, with some taking a view that it tends to be overvalued, due in part to the big presence of government-linked investment companies (GLICs) in our markets.

What has tilted the scale a little these days is the recent ruling by the authorities that GLICs should temporarily stop from investing abroad, a move to protect the value of the ringgit.