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Fund managers are saying the cheap MONEY (RM4.44 to the dollar) makes it a good time to bottom fish for OVERSOLD shares in Kuala Lumpur .
Bloomberg has the story on Money and the stock market :
Malaysia’s ringgit is falling at the fastest pace among Asian emerging markets, the 10-year bond yield just spiked to an eight-year high and the stock market is closing in on a record third straight annual loss.
But fund managers say it’s a good time to buy.
Mitsubishi UFJ Kokusai Asset Management Co said it’s looking to add to holdings of Malaysian sovereign debt after expectations for faster US interest-rate increases spurred a selloff. Areca Capital Sdn Bhd and Affin Hwang Asset Management Bhd see an opportunity to buy the nation’s shares.
“We have positioned ourselves for a market rebound,” said Danny Wong Teck Meng, chief executive officer at Areca Capital, whose stock fund has beaten 98% of its peers with an 11%annual return over the past five years.
“Malaysia is losing its core attractiveness, and the country doesn’t stand out like it used to compared to peers, but technically it’s oversold right now
