ValueCap boosts Malaysian market

According to statistics, local institutions were net buyers of RM1.36bil worth of stocks and they sold RM1.26bil, a net investment of RM102.7mil. Foreign funds, however, continued to cash out, being net sellers to the tune of RM86mil. Fund managers felt the move to revive ValueCap which was set up in 2002, had improved confidence in the market.

PUTRAJAYA: A RM20bil package to support undervalued stocks through ValueCap sent the local bourse 36 points or 2.25% higher to 1,639.63, thanks to strong buying from local funds.

This is one of the biggest single-day gains for the FBM Kuala Lumpur Composite Index in recent months after the Prime Minister announced several measures to stabilise the money markets.