Norton Global Asset Management Says it’s Now Time to Sell Media Prima

Posted October 20, 2015 by DavidLam

Due to Malaysia performance within the Asian market being the poorest Norton Global Asset Management a Hong Kong Based Provider of Asset Management Services is saying it’s time to sell Media Prima

Norton’s senior analyst stated “back on 27th August we recommended Media Prima to our clients at 1.09 MYR and bought a significant amount ourselves, further diversifying one of our portfolios. We saw them maintaining a strong market position and generating robust cash flows and believed their shares to be available at a profitable price”. He went on to say “We initiated our sell order and informed clients last Thursday when the shares closed at 1.36 MYR, we sold our total position, We have been investing throughout Asia for a long time now and know there are diamonds to be found in unattractive markets, however we felt Media Prima had lost its sparkle”.
There are a few reasons behind Norton Global’s decision to sell, a major part seems to rest on Malaysia's stock market which has been the worst Asian performer so far this year even though earnings per share for listed companies are at the highest level since at least 2006; Norton Global still deemed it wise to sell off its Media Prima shares.
Things are not looking too good in Malaysia; actually, things are looking pretty grim, it’s been a while since things have looked quite this gloomy. The low price of oil has shaved a considerable amount off Malaysia’s revenues from crucial oil and gas exports. There are still some awkward questions to be answered over the inner workings of a government investment fund. That no doubt has also had an adverse effect on investor confidence.
The stock market is down, along with the ringgit, and a large flow of capital out of the country. There are some scholars who blame today's troubles on Malaysia's failing to get its house in order after the Asian financial crisis. Malaysia introduced capital controls to keep money within its borders. Some say complacency has diminished their competitiveness and a propensity to close ranks when challenged hasn’t helped either.
-- END ---
Share Facebook Twitter
Print Friendly and PDF DisclaimerReport Abuse
Contact Email [email protected]
Issued By David Lam
Phone +65 9739 9734
Business Address 1003/27 Prince Charles Crescent, Alexandra
Singapore – 159017
Country Singapore
Categories Business , Finance
Tags global , norton , investors , Investment , finance , wealth
Last Updated October 20, 2015