Malaysian Prime Minister Najib Razak said on Monday a government equity investment firm would be given 20 billion ringgit ($4.6 billion) to shore up the country's stock market, and announced other measures to support its slowing economy.

Najib told a news conference the equity investment firm, ValueCap, will invest in undervalued Malaysian companies.

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He also announced that the factory sector would be exempted from import duties until the economy recovers, but did not specify which sectors would be affected.

The ringgit currency has lost almost 19 percent of it value against the dollar so far this year, and Malaysia's stock market has retreated 8.95 percent this year.