ASAF 1999 Calls For Objective And Responsible Securities Reporting

Securities analysts are urged to be objective and responsible in their research, reports and analysis at the international conference of the Asian Securities Analysts Federation (ASAF). The two-day conference beginning today, organised by the Research Institute of Investment Analysts Malaysia (RIIAM), is attended by securities analysts from 18 countries including Malaysia. Chairman of RIIAM Dato' Mohd Azlan Hashim said whilst policies and incentives are set to spur continued growth and prosperity, investment decisions are also made based on securities research, reports and analysis. "We may have, on occasion, questioned these reports; we may have disputed some of the analysis - but the role of securities analysts and researchers continue to add dimension and depth in the workings of the securities and capital markets in each of our nations, and of course we expect, in an objective and responsible manner," he said in his opening address at the conference. The ASAF conference is held annually and hosted by different member societies. ASAF has twelve full members including Japan, Taiwan, Hong Kong, Australia, New Zealand, Thailand and Malaysia. The objective of ASAF is to encourage the development of the profession of securities analysts through the interchange of ideas and co-ordination of policy among its member societies. Member societies currently represent over 32,000 investment professionals. At the ASAF annual general meeting held prior to the conference, Dr. Panas Simasathein, Chairman of the Securities Analysts Association (Thailand) was elected Chairman of ASAF, whilst Mohd Azlan was elected Deputy Chairman. The ASAF 1999 Conference was opened by the Second Finance Minister, Y.B. Dato' Mustapa Mohamed. The main sponsor for the conference is the Kuala Lumpur Stock Exchange (KLSE). Mohd Azlan, who is also Executive Chairman of KLSE, said one of the significant objectives of the KLSE is to enhance corporate disclosure in getting information across to securities analysts and researchers. Amongst the key measures implemented by KLSE this year to enhance corporate disclosure, is the requirement for quarterly financial reporting by public listed companies. On quarterly reporting, Mohd Azlan said there has been a high degree of support received from public listed companies. "This requirement came into effect in March this year for implementation for the financial quarter ending July 31, 1999. Given the two months reporting period required, out of the 93 reports due on September 30,1999, 91 public listed companies had submitted on or before the 2 months deadline. This represents a compliance rate of 98%". "This is certainly a demonstration of the commitment and co-operation of Malaysian public listed companies in working with the KLSE to sustain an attractive market with a healthy regard for greater corporate disclosure," he added. To ensure that all this information are quickly and securely submitted to the KLSE by public listed companies and merchant banks and that this information is just as easily accessed and retrieved by researchers and analysts, KLSE recently launched a facility called the KLSE LINK. The KLSE LINK is an internet based facility relaying corporate announcements and financial information from all 746 companies listed on the KLSE to investors and all interested market participants, in Malaysia and abroad. The KLSE LINK is a free service, accessible 24 hours a day via the KLSE web-site at www.klse.com.my