KUALA LUMPUR (June 20): Despite the slide in the FBM KLCI in June, the index was the least affected among regional markets, said Pakatan Harapan lawmaker Tony Pua, adding that it was due to external forces, and not the revelation on Malaysia's RM1 trillion debt.

“The KL Composite Index has been one of the least affected to date. For the month of June up until the 19th, the equity market in Bangkok, Singapore, Seoul and Hong Kong had all fallen by 5%, 4.2%, 3.6% and 3.3% respectively. In contrast, the KLCI fell by only 1.5% in the same period,” said Pua in a statement today.

The Damansara Member of Parliament and DAP national publicity secretary, who is assisting Finance Minister Lim Guan Eng as his special assistant in the Ministry for six months, added that the Government is not overly concerned about short-term fluctuation of the stock market.

“The Government is rightly more interested in the long-term growth of our economy based on solid, transparent and truthful foundations, which will ultimately translate to the continued appreciation of the stock markets,” he said.

Pua was responding to Umno supreme council member Tengku Razaleigh Hamzah or Ku Li’s comment made during an interview with Astro Awani yesterday when he said that Guan Eng’s act of detailing federal government debts had caused investors to sell their shares.

Pua alleged that Tengku Razaleigh is at best ignorant, or at worst, deceitful in placing the blame of falling stock market on Guan Eng’s exposes.

“Shouldn’t a candidate for the Umno president be well aware of the fact that global equity markets have been falling in the past few days due to various external factors, including the political crisis in Italy, the apparent China-US trade war and the prospect of further rate hikes in the US?” Pua added.

Gua Musang MP Tengku Razaleigh is among seven contestants who are vying for the Umno presidency post.

Pua said it is Pakatan's principle to not lie to the people and betray their trust, adding that it will not succumb to obsessive tendencies to hide the truth from the public that resulted in corrupt practices of astronomical proportions.

He added that Malaysians have a right to the truth, regardless of whether the truth is painful or otherwise.

“It is when the Government makes transparency an integral part of its administration that Malaysia’s future can be protected because we can take the necessary steps to rectify any misdeeds or wrongdoings,” he added.