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Explain To The People What It Means To Have Mesdaq in Malaysia Statement by Dr Tan Seng Giaw, DAP National Vice-Chairman and MP for Kepong on the establishment of the Malaysian Exchange of Securities Dealing and Automated Quotation (Mesdaq) and the volatility of technology stocks. 18 April 2000 | |||||||
| The electronic Nasdaq Composite Index in the New York Stock Exchange plunged to a record low last week, losing 1,125.16 points, or 25.5% to 3,321.29, the previous record of October 1987 being 19%. Dow Jones Industrial Average also fell 805.71, or 8.16% to 10,305.77. These sent shock waves worldwide. Apart from Taiwan's weighted index, Asian, European and Latin American markets have felt the shock from New York Stock Exchange. The Malaysian Composite Index fell below 900 to 874.97. On 17 April 200, Nasdaq and Dow Jones were up slightly. After introducing the Multimedia Super Corridor, MSC, it is only natural that more information technology, IT-related things such as the Malaysian Exchange of Securities Dealing and Automated Quotation, Mesdaq, are being created. These are technology stocks, imitating the Nasdaq just like Sesdaq. Mesdaq Composite Index fell 0.62 point to 108.75. Its single component stock, Supercomal Technologies shed two sen to RM3.48. Technology stocks are volatile. Although Nasdaq has shown the bull run, firing tremendous imaginations worldwide, we must never forget the volatility. Mesdaq is in its infancy. It should start on a firm foundation with strict rules and regulations. The Kuala Lumpur | |
Stock Exchange Commission has an important duty to ensure that the public are well-informed not only about non-technology stocks but also the Mesdaq. Despite the Government's encouraging statements, IT development including MSC is lagging behind. Similarly, we are watching how the Mesdaq will perform in the days to come. With the advent of globalisation, Malaysia has no choice but to be fully committed to IT and other modern things. But, we must always learn about the good and bad effects of globalisation including IT. Meanwhile, we have to tackle the weaknesses which have plagued the country such as cronyism, nepotism, mismanagement, wastage and relatively low foreign exchange. Let not these weaknesses affect our efforts at globalisation. Let the people know all about Mesdaq. Just as we should discourage the people from borrowing money to gamble at the stock exchange, we must also tell the people that they should not borrow money to play in Mesdaq, Sesdaq or Nasdaq. As the Multimedia Development Corporation, MSD, a one-stop agency, has to work harder to promote and manage MSC, the Stock Exchange Commission has an equally difficult task to make sure that KLSE including Mesdaq can cope with globalisation.
Dr Tan Seng Giaw | |||||
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