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Market Highlights
Economic Update
Mon, 24 Mar 2025 06:29 am
Malaysia Inflation Rate - Inflation Eased in February

Malaysia’s inflation eased to 1.5% yoy in Feb 2025, decreased from the previous month.

Inflation was primarily driven by a softer increase in Housing, Water, Electricity, Gas & Other Fuels, Recreation, Sport & Culture, Health, Transport and Furnishings, Household Equipment & Routine Household Maintenance.

We maintain our forecast that full-year CPI inflation will moderate to 2.6% in 2025 (2024: 1.8%), within the official 2.0%-3.5% range.

Local Market Strategy
Mon, 17 Mar 2025 06:53 am
Market Strategy - Capitalising On The Downturn

Executive Summary

Escalating trade tension between US and major part of the world have resulted in sharp market pullback as of late with the FBM KLCI not spared from the global market rout as the key index briefly sank below 1,500 pts.

While full blown recession is still off the cards, we reckon potential global economic slowdown stemmed by uncertainties surrounding the ongoing and potential escalation of trade war may keep volatility on the cards.

Downgrade end-2025 FBM KLCI target to 1,680 (from 1,760) based on PER of 14.5x, which represents -0.5 SD of long-term forward average in view of external economic uncertainties, risk of further foreign funds outflow, volatility remains on the forefront and the absence of fresh domestic catalyst.

Turning more defensive with focus skewing towards selected sectors such as REIT, Utilities, Healthcare (ex-gloves) and Logistics to safeguard exposure towards external shocks, offers clearer earnings predictability and they are touted to be defensive in nature. Top picks are SUNREIT (NR), TENAGA (BUY; TP: RM16.04), MALAKOF (BUY; TP: RM0.94), WPRTS (BUY; TP: RM5.08) and KPJ (NR).

Economic Update
Wed, 12 Mar 2025 07:07 am
Malaysia Labour Market - Unemployment Rate Holds

Malaysia’s unemployment rate remained at 3.1%, reflecting a stable labour market with sustained economic activity and labour demand.

The labour force participation rate has remained stable at 70.6%, reflecting continued workforce engagements.

We foresee labour market to remain fairly stable this year amid sustained job creation, supportive policies, and investment realization will drive employment growth.

Technical Calls
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CNY 0.608829 0.609470
HKD 0.567810 0.571990
SGD 3.295908 3.319121
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