PETALING JAYA, Malaysia, July 4, 2016 /PRNewswire/ -- In a statement today, Pacific Mutual Fund Bhd, an investment management company under the OCBC Group, with internal resources to manage both local and global investments for its clients, expects further market volatility for local and global markets following the UK's recent decision to exit the European Union.
According to the Company's Chief Executive Officer and Executive Director, Teh Chi-cheun, "The 'Brexit' decision has negative repercussions for the British Pound, the Euro and will dampen economic growth in the UK in the short to medium term. Fundamentally, the impact on global markets will not be substantial, as the UK accounts for only 4% of global GDP. However, the concern is more on investor sentiment, as Brexit could spark speculation on the next 'exit' candidates and may threaten the sanctity of the European bloc.
"On a more positive note, central banks (including Malaysia) are expected to remain accommodative -- with the US likely to delay rate hikes -- to cushion the downside risks from Brexit. Hence, the initial sell-off may present some bargain-hunting opportunities. Given the expected low interest rate environment, we remain focused on dividend yielding stocks, especially those with a growth angle."
In the same statement, Pacific Mutual also announced income distributions amounting to RM8 million for seven of its Funds for the financial year ended 30 June 2016:
| Pacific Millennium Fund |
– |
3.00 sen per unit |
| Pacific Recovery Fund |
– |
4.00 sen per unit |
| Pacific SELECT Balance Fund |
– |
3.00 sen per unit |
| Pacific SELECT Income Fund |
– |
1.00 sen per unit |
| Pacific Cash Fund |
– |
0.40 sen per unit (quarterly distribution) |
| Pacific Islamic Cash Fund |
– |
1.00 sen per unit (quarterly distribution) |
| Pacific Emerging Market Bond Fund |
– |
1.04 sen per unit (quarterly distribution) |
PACIFIC MUTUAL FUND BHD is a subsidiary of Lion Global Investors Limited (formerly known as Lion Capital Management Limited), a company incorporated in Singapore since 1986. Both companies are members of the OCBC Group. As at early July 2016, Pacific Mutual manages close to RM1.42 billion on behalf of its unit trust investors and private mandate clients.
MEDIA CONTACT:
Cindy Leong 03 - 7725 9877 ext. 238 cindy@pacificmutual.com.my
Cindy Thean 03 - 7725 9877 ext. 226 cthean@pacificmutual.com.my
