KUALA LUMPUR, June 5 (Bernama) -- Bursa Malaysia closed higher, with the benchmark index rising 0.60 per cent as bargain-hunting persisted following the recent sell-off, despite weaker performances across regional markets. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) gained 10.17 points to 1,693.43 from Thursday's close of 1,683.26. The benchmark index opened 3.19 points higher at 1,686.45 and traded between 1,684.36 and 1,698.53 during the trading session. However, broader market sentiment remained negative, with losers outnumbering gainers 666 to 477. A total of 574 counters were unchanged, 958 untraded and 12 suspended. Turnover fell to 3.41 billion units worth RM3.04 billion from 3.47 billion units worth RM3.58 billion on Thursday.
Malaysia could achieve high-income status by 2027 if the national economy grows by 4% to 5% annually and the ringgit strengthens to around 4.20 against the US dollar, according to Economy Minister Mohd Rafizi Ramli.
Key Points:
Growth Targets:
- Annual economic growth of 4% to 5%.
- Ringgit strengthening to around 4.20 against the US dollar.
Economic Potential:
- Achieving these targets could position Malaysia as a potential high-income country and revive its status as an "Asian Tiger."
- Malaysia's ability to become an international financial hub and the positive performance of Bursa Malaysia are also contributing factors.
Government Plans:
- Detailed targets and plans to be outlined in the 13th Malaysia Plan.
High-Value Sectors:
- Focus on future economic sectors, including the sustainability of the energy sector and data center growth.
- Emphasis on high-value sectors such as chip creation and design, though current company census shows limited numbers in these areas.
Economic Census Findings:
- Chief statistician Datuk Seri Dr Mohd Uzir Mahidin reported a 2.5% increase in the number of establishments in Malaysia, with a gross output value of RM3.85 trillion in 2022.
- The service sector holds the majority of establishments (87.2%), followed by construction (6.5%) and manufacturing (5.0%).
- Agriculture and mining sectors contributed minimally.
Trade Performance:
- Strong export growth with an annual growth rate of 10.4%, reaching RM1.55 trillion in 2022.
Census Importance:
- The economic census, held every five years, provides essential data for government policy formulation.
- The 2023 Economic Census highlights significant economic transitions and supports Malaysia's development plans.
Minister's Comments:
- Rafizi emphasized the importance of focusing on high-value sectors and aligning private sector development with government plans.
- The census acts as a critical tool for setting targets and policies in the upcoming Malaysia Plan.
Prospects for the Future:
- The government's commitment to fostering high-value sectors and improving economic infrastructure is expected to drive Malaysia towards achieving high-income status and regaining its position as an Asian Tiger by 2027.
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