Malaysia stocks get cheaper by the day but few want to buy them

SINGAPORE - Asia's worst-performing major stock market is getting cheaper by the day. But that's not enough to lure investors back.

Global funds have yanked more than US$2 billion from Malaysian stocks in 2019, the biggest outflow among emerging Asian equity markets. More than a year after Prime Minister Mahathir Mohamad took office pledging to boost the stock market, investors have been left underwhelmed by a cut in public spending, a lackluster ringgit and question marks over the succession of power.

To be sure, public finances may get a boost after Finance Minister Lim Guan Eng loosened the purse strings for next year's budget and the authorities stepped up efforts to recoup billions of dollars lost in the 1MDB scandal. Speculation about Mahathir's intention to honor a pledge to hand over to Anwar Ibrahim has dogged markets, with Minister of Economic Affairs Azmin Ali and Mukhriz Mahathir, the prime minister's son, said to be in the running for the role as well.

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