(C) IsmailSabri60 / Twitter
Prime Minister Datuk Seri Ismail Sabri Yaakob announced his new Cabinet line-up last Friday.
Apart from Tengku Zafrul and Mustapa, Datuk Seri Mohamed Azmin Ali also retained his post as the Senior Minister and International Trade and Industry Minister.
Maybank IB analyst Anand Pathmakanthan pointed out that although there was no Deputy PM named and most ministers from the prior administration retained their positions in the new Cabinet, the market has welcomed the reappointment of technocrat Tengku Zafrul as Finance Minister, as well as the elevation of Khairy Jamaluddin, in charge of the country’s successful vaccination drive, to the post of Health Minister.
The main positive for the economy from the new Cabinet line-up is the retention of Finance Minister Datuk Seri Tengku Zafrul Abdul Aziz and Minister in the Prime Minister’s Department (Economy) Datuk Seri Mustapa Mohamed, according to Maybank Investment Bank Bhd (Maybank IB).
Its chief economist Suhaimi Ilias said the retentions of these two ministers indicated that the tabling of the 12th Malaysia Plan (RMK-12) and Budget 2022 at the Parliament are on track.
“Further, the agreement between government and Opposition to co-operate on tackling the pandemic and economic recovery should greatly reduce political instability and policy uncertainty, at least until the next general election,” he said in a note today.
“We retain a balanced market positioning, via a mix of value and growth stocks, and a continuing yield focus,” he said.
Echoing Suhaimi and Anand’s views, CGS-CIMB Securities Sdn Bhd analysts Ivy Ng Lee Fang and Nagulan Ravi noted that moving forward, the tabling of the RMK-12 and Budget 2022 would be the focus among investors, which could also be positive for the construction sector.
Earlier, it was reported that the RMK-12 is expected to be tabled in Parliament on Sept 20, 2021 with Budget 2022 on Oct 29, 2021.
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