Friday 29 Mar 2024
By
main news image
SHAH ALAM: SJ Securities Sdn Bhd’s deputy managing director and executive director of dealing Peter Lim expects Budget 2010, which will be unveiled by Prime Minister Datuk Seri Najib Razak on Friday, to be a “people’s budget” in line with the prime minister’s 1Malaysia philosophy.

“We hope to see a trickle-down effect to the people and to small industry players, along with some income tax relief,” he told reporters after SJ Securities’ launch of its new logo at its new premises here yesterday.  

Both Lim and SJ Securities managing director and CEO Ahmad Azman Datuk Abdul Manaf concurred that the present tough economic environment did not make it the right time to implement a goods and services tax (GST).

Azman said he concurred with Najib’s view that the people’s needs had to be taken care of first. He said while proceeds from GST could be used to further benefit the people, it would not be a good move at present.

“It should only be introduced when the economy is fully recovered,” said Lim. “The people should have more disposable income to spend, which would augur well for the country as a whole.”
Ahmad (left),  Lim (centre) and SJ Securities ED Anton Syazi at the launching of new corporate logo at its new office at Wisma Synergy in Section 22, Shah Alam, Selangor . Photo by Chu Juck Seng
On another matter, Azman said for a buoyant financial market to exist, the secondary bond market would also need to show improvement.

“It is very lackadaisical at the moment. Even institutional investors are looking at very high ratings before they sink their teeth in,” he said, adding that most buyers were local institutions.

“We are turning into an AAA-market for bonds, which is worrying because the avenue for corporations to raise funds in the bond market has become very slim,” he said.

On the company’s move to its new office in Section 22, Shah Alam, Azman said it would serve as a fresh start for the company that had been located in Subang Jaya for the last two decades.

The company has over 25,000 clients, with between 100 and 200 new accounts signed on every week. According to Azman, the shift has not impacted the rate of new client sign-ups.

SJ Securities plans to launch several new product lines — mobile phone stock trading, Islamic equity products, the purchase of foreign stocks, and training seminars.


This article appeared in The Edge Financial Daily, October 21, 2009.

      Print
      Text Size
      Share