Govt channelling RM5.08b to micro SMEs under GKP, payment of RM1.5b starts on June 10

Market Sentiments | INVE$T #61

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According to Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz, a total of RM5.08 billion has been allocated and will be channelled to nearly one million micro small and medium enterprises (micro SMEs) under the Geran Khas Prihatin (GKP) to tide over their difficulties since Covid-19 hit the country. The government hopes the direct assistance channelled to the micro SMEs will ease their burden, especially those affected by the implementation of the Movement Control Order (MCO) 3.0. Under PEMERKASA, announced on March 17, 2021, the government decided to provide GKP 3.0 of RM1,000 to more than one million micro traders to ensure the continuity of their business, especially in managing their cash flow. The government gave a similar commitment under PEMERKASA Plus, which was unveiled on May 31, 2021, where an additional amount of RM500 would be disbursed, increasing the total payment to RM1,500 for each micro SME to help them navigate through MCO 3.0. This means the total payment of GKP 3.0 is RM1.5 billion. He was pleased to inform that nearly one million micro SMEs involving existing recipients of MCO 1.0 and MCO 2.0, as well as micro SMEs that have been approved under MCO 3.0, will receive a payment of RM1,000 from June 10 (Thursday) in stages involving financial implications of almost RM1.0 billion. The payment will be credited directly to the bank account registered in the GKP system and the approval status can be checked from June 8, 2021 at the following link https://gkp.hasil. gov.my. An additional payment of RM500, involving an allocation of almost RM500 million, will be paid in July 2021 bringing the total amount under GKP 3.0 to RM1.5 billion.

Bursa Malaysia warns of investment scams impersonating legitimate institutions

According to Bursa Malaysia Bhd, investors are advised to be on high alert to protect themselves and others from becoming victims of investment fraud. It has recently observed an increase in the number of scams involving the misuse of the Bursa Malaysia name and corporate logo. In times of uncertainty, such as the current COVID-19 pandemic, scammers try to lure victims into participating in dubious investment schemes and activities. They often use unlicensed or unregistered companies, websites and promotional material that mimic legitimate financial institutions to deceive the investing public. Investment scams typically carry the Bursa Malaysia name and logo on marketing-related materials and social media postings, offering high investment returns with a guarantee of little or no risk. Investors are directed to ‘spoof’ websites and phone numbers set up by scammers, these fake websites look nearly identical to the actual sites of legitimate financial institutions. Calls to the phone numbers provided reach the scammer who pretends to be an employee who will then direct investors to transfer funds to an account with a different name. Hence, it reminded the public to invest only with licensed parties. An updated investor alert list of unauthorised websites, investment products, companies and individuals, is available at Bursa Academy at https://www. bursaacademy.bursamarketplace.com/ en/sc- investor-alert. Additionally, investors should verify the information and not rely on unsolicited marketing materials. Investors should also compare and confirm websites or social media pages. Fake websites or social media pages will often have odd-looking (or low resolution) logos that do not match the legitimate company’s logo. Investors should also avoid unusual payment methods and seek independent, professional advice. Be suspicious of unsolicited investment offers made online, on social media or over the phone. Bursa Malaysia said it does not engage third-party agents to represent it. If you receive unsolicited and or suspicious communications relating to or claiming to be agents of Bursa Malaysia, we recommend contacting us directly at 03-2732 0067 or via e-mail at bursa2u@ bursamalaysia.com to authenticate the content of any such communication.

Eye On The Markets This week

On Thursday (10Jun), the Ringgit was 4.1185 against the USD from 4.1200 on Tuesday (8Jun). Meanwhile, the Ringgit was 3.1082 to the Sing Dollar on Thursday (10Jun). On Tuesday (8Jun), the FBM KLCI opened at 1581.44. As at Friday (11Jun) 10:00am, the FBM KLCI is down 4.43 points for the week at 1577.01. Over in US, the overnight Dow Jones Industrial Average closed up 19.10 points (+0.06%) to 34,466.24 whilst the NASDAQ added 108.58 points (+0.78%) to 14,020.33.

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Site last updated July 23, 2021 @ 4:57 am; This content last updated June 17, 2021 @ 3:58 am