Malaysia to inject $1.4b into stock market, cut '09 GDP target

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KUALA LUMPUR, Oct 20 (AFP): Malaysia will inject 1.4 billion dollars into the ailing stock market and will cut its growth forecast for 2009 amid a worsening global financial crisis, the finance minister said today.
Najib Razak also said the government may review its 2008 and 2009 fiscal deficit forecast and scale back on infrastructure projects "with limited economic multiplier effect" for the year to cushion the impact of the economic crisis.
"Yes, our stock market is affected by the sentiments in other markets but I would like to stress that we are not in a financial crisis, and certainly we should not talk ourselves into one," Najib said in a speech at a conference in Kuala Lumpur.
He said the government will double the size of its state-run investment company Valuecap Sdn. Bhd, which was formed in 2003 to invest in undervalued, but fundamentally strong shares.