The Edge reported that the value of the investments had dropped dramatically from RM51.21 billion to RM45.12 billion within a month.
It said the construction sector was the worst affected due to the Pakatan Harapan (PH) government’s announcement that it wanted to review mega projects initiated under the former Barisan Nasional (BN) administration.
The projects include the RM55 billion East Coast Rail Line (ECRL), the RM110 billion Kuala Lumpur-Singapore high-speed rail (HSR) and the RM45 billion MRT Line 3.
The report said the top 10 worst performing stocks in EPF’s portfolio during the period were Cahya Mata Sarawak Bhd (CMS), Malaysian Resources Corp Bhd (MRCB), IJM Corp Bhd, Gamuda Bhd, Telekom Malaysia Bhd (TM), Axiata Group Bhd, Tenaga Nasional Bhd (TNB), CIMB Group Holdings Bhd, Malayan Banking Bhd (Maybank) and Genting Plantations Bhd.
“CMS share price has tumbled 37%, wiping off RM1.7 billion from its market capitalisation,” it said.
“Both MRCB and IJM saw their share prices fall 32%, wiping off RM1.4 billion and RM3.1 billion from their market cap respectively,” it added.
Gamuda’s shares also declined by 28%, diminishing its market cap by RM3.7 billion, it said.
In just four government-linked companies – Maybank, CIMB, TM and Axiata – EPF lost RM3.86 billion in investment value within a month.
“But it was the decline in the share price of TNB that hurt EPF’s investment value the most. The utility giant saw RM8.5 billion wiped out from its market cap,” the report said.
The report also said EPF’s website showed that its investment value in equities dropped by RM5.63 billion, from RM344.35 billion in the fourth quarter of 2017 to RM338.72 billion in the first quarter this year.