Three strategies identified to boost Malaysia's local capital market - PM
19 June 2023
By Wartawan Nabalu News
KUALA LUMPUR: Prime Minister Datuk Seri Anwar Ibrahim stated three key strategies to enhance the competitiveness and attractiveness of Malaysia's local capital market.
Speaking at the launch of a flagship capital market programme at the Securities Commission (SC) on Monday, Anwar said the strategies aim to widen investment and wealth creation opportunities for the people, fund inclusivity for small and medium businesses (SMEs) and new economies, and implement market and structural reforms to restore confidence in the country's dynamism.
As part of the first strategy, Anwar said he was pleased to announce that the stamp duty rate for shares traded on Bursa Malaysia Securities would be reduced from the current 0.15% to 0.10% of contract value, subject to a maximum cap of RM1,000 per contract, effective July.
"This will directly reduce the cost of securities transactions and make the Malaysian stock market more competitive. I am confident that this step will stimulate the market and enhance its attractiveness," he said.
He added that the lower stamp duty rate would also increase market liquidity, attract more domestic and foreign funds, encourage SMEs to pursue initial public offerings (IPOs), and facilitate public listed companies in raising funds to expand their businesses and create more job opportunities.