KUALA LUMPUR (March 19): The Association of Stockbroking Companies of Malaysia (ASCM) has denied issuing a press release urging the government to immediately suspend the trading of Bursa Malaysia Securities.
In a statement today, ASCM said it has not engaged any public relations firm to issue any statement on behalf of the association, and that its logo has been used without prior approval.
"The association categorically has not proposed the suspension of trading in the FBMKLCI in any shape or form," it said.
ASCM clarified that the previous press release, if anything, is the personal view of its chairman Datuk Dr Azman Manaf in his private capacity. "It is not the view of the association."
"ASCM is in full support of maintaining the Stock Market to ensure the stability, sustainability and confidence of the investing community," it added.
Earlier, Azman said in a statement that Bursa Malaysia should be suspended for the time being as a defensive measure to protect the stock market from suffering severe damage that could take almost a decade to heal.
However, a source told theedgemarkets.com that Bursa Malaysia will not suspend share trading on the bourse.
Subsequently, the Securities Commission and Bursa Malaysia issued a joint statement saying that the trading of shares will go on, and that they will “maintain continuous trading and market operation to facilitate investors to manage their risks and opportunities during this period”.