PIVB keeps 2021 FBM KLCI target unchanged at 1,590 despite proposed Cukai Makmur

KUALA LUMPUR: Public Investment Bank Bhd (PIVB) has maintained its year-end 2021 benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) target unchanged at 1,590, although it believes that short-term market reaction is likely to be negative from the "shock” of Cukai Makmur, a one-off measure announced in Budget 2022.

While the much-talked about capital pains tax did not materialise, it said the government did, however, proposed Cukai Makmur (prosperity tax) to help ease its burden in assisting the people and ensure that the nation’s health system is more resilient in facing future threats.