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Retention of ministers signal RMK-12, Budget 2022 on track Retention of ministers signal RMK-12, Budget 2022 on track

KUALA LUMPUR: The main positive for the economy from the new Cabinet line-up is the retentions of Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz and Minister in the Prime Ministers Department (Economy) Datuk Seri , according to Maybank Tengku Datuk Datuk Seri Investment Bank Bhd (Maybank Seri Zafrul Mustapa IB). Abdul Aziz Mohamed Its chief economist Suhaimi Ilias said the retentions of these two ministers indicated that the and International Trade and would be the focus among tablings of the 12th Industry Minister. investors, which could also be Plan (RMK-12) and Budget 2022 Maybank IB analyst Anand positive for the construction at the Parliament are on track. Pathmakanthan pointed out that sector. Earlier, it was reported that although there was no Deputy The duo noted that the the RMK-12 is expected to be PM named and most ministers benchmark FTSE Bursa tabled in Parliament on Sept 20, from the prior administration Malaysia KLCI (FBM KLCI) rose 2021 with Budget 2022 on Oct 29, retained their positions in the 4.8 per cent last week following 2021. new Cabinet, the market has the Cabinet announcement, "Further, the agreement welcomed the reappointment likely due to optimism over less between government and of technocrat Tengku Zafrul as political noise in the near term opposition to co-operate on Finance Minister, as well as the after the PM reached out to tackling the pandemic and elevation of , opposition leaders and given the economic recovery should greatly in charge of the country s continuity in policy. reduce political instability and successful vaccination drive, to MFor the rally to sustain, we policy uncertainty, at least until the post of Health Minister. think investors will want to see the next general election," he “We retain a balanced market evidence of economic activity said in a note yesterday. positioning, via a mix of value recovery, higher vaccination Prime Minister Datuk Seri and growth stocks, and a rates in states with increased announced continuing yield focus/ he said. new Covid-19 cases, and more his new Cabinet line-up last Echoing Suhaimi and Anands states moving to Phase 3-5 of the Friday. views, CGS-CIMB Securities Sdn National Recovery Plan (NRP). Apart from Tengku Zafrul and Bhd analysts Ivy Ng Lee Fang We still believe investors could Mustapa, Datuk Seri Mohamed and Nagulan Ravi noted that position into recovery stocks Azmin Ali also retained his moving forward, the tabling in August and September/ they post as the Senior Minister of the RMK-12 and Budget 2022 said. —