Another quarter of subpar growth. Malaysia 4Q23 Real GDP expanded +3.0% yoy, marking a slight slowdown (vs 3Q23: +3.3% yoy) recorded in the preceding quarter, primarily due to declining exports. Full-year GDP for 2023 recorded slight growth of +3.7% yoy. While the said growth rate was sharply lower against +8.7% yoy recorded in 2022, the figure was in tune with the average across ASEAN countries. Considering seasonal adjustments, the Malaysian economy rose +2.0% qoq (vs 3Q23: +2.36%). The aforementioned performance fell below both the markets’ and our in-house expectations, which ranged from +3.4% to +3.5% yoy. This was mainly attributed to sluggish exports throughout the quarter, stemming from persistent weakness in external demand, coupled with robust imports.
Sluggish trade performance. In October to December period, Malaysia's exports fell by -6.3% yoy, while imports declined -2.9% yoy. This led to a -3.2% yoy decrease in trade, with the trade surplus contracting approximately 46% yoy. On a brighter note, household spending remained the key driver of Malaysia’s economy, supported by an improved labour market and easing cost pressures (the unemployment rate in 4Q23 was at 3.6% compared to 3.4% in 3Q23). Meanwhile, on the supply side, the Services sector remained as the primary driving force behind economic growth, while all other sectors, except for Manufacturing, saw positive growth. Private final consumption expenditure and Gross fixed capital formation were the main driving forces on the demand side.
Disclaimer
The report is for internal and private circulation only and shall not be reproduced either in part or otherwise without the prior written consent of Apex Securities Berhad. The opinions and information contained herein are based on available data believed to be reliable. It is not to be construed as an offer, invitation or solicitation to buy or sell the securities covered by this report.
Opinions, estimates and projections in this report constitute the current judgment of the author. They do not necessarily reflect the opinion of Apex Securities Berhad and are subject to change without notice. Apex Securities Berhad has no obligation to update, modify or amend this report or to otherwise notify a reader thereof in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate.
Apex Securities Berhad does not warrant the accuracy of anything stated herein in any manner whatsoever and no reliance upon such statement by anyone shall give rise to any claim whatsoever against Apex Securities Berhad. Apex Securities Berhad may from time to time have an interest in the company mentioned by this report. This report may not be reproduced, copied or circulated without the prior written approval of Apex Securities Berhad.
| Stock | Last (RM) | Change (RM) | Volume |
|---|---|---|---|
| 0.390 | 0.045 | 72.22M | |
| 2.490 | -0.210 | 60.06M | |
| 4.750 | 0.000 | 44.92M | |
| 0.005 | 0.000 | 44.12M | |
| 3.540 | -0.150 | 38.48M | |
| 0.345 | 0.005 | 37.11M | |
| 0.915 | 0.000 | 36.46M | |
| 1.090 | 0.010 | 29.01M | |
| 0.175 | 0.010 | 24.89M | |
| 1.080 | 0.060 | 24.22M |
| Stock | Last (RM) | Change (RM) | Volume |
|---|---|---|---|
| 30.600 | 0.200 | 9.70K | |
| 6.600 | 0.160 | 13.81M | |
| 1.960 | 0.110 | 11.42M | |
| 1.080 | 0.105 | 10.50K | |
| 21.100 | 0.100 | 1.30M | |
| 3.040 | 0.080 | 11.39M | |
| 1.400 | 0.080 | 1.00K | |
| 1.840 | 0.080 | 2.75M | |
| 0.105 | 0.080 | 150.00K | |
| 1.080 | 0.060 | 24.22M |
| Stock | Last (RM) | Change (RM) | Volume |
|---|---|---|---|
| 101.600 | -1.400 | 69.20K | |
| 26.920 | -0.980 | 329.50K | |
| 19.740 | -0.540 | 154.40K | |
| 7.920 | -0.360 | 4.37M | |
| 0.245 | -0.240 | 5.00K | |
| 3.090 | -0.220 | 1.23M | |
| 3.190 | -0.210 | 2.78M | |
| 2.490 | -0.210 | 60.06M | |
| 19.520 | -0.200 | 171.70K | |
| 3.680 | -0.190 | 1.11M |
| Currency | Buy Rates (RM) | Sell Rates (RM) |
|---|---|---|
| USD | 4.324289 | 4.356381 |
| EUR | 4.811286 | 4.818234 |
| CNY | 0.611140 | 0.611494 |
| HKD | 0.554703 | 0.558834 |
| SGD | 3.320927 | 3.345892 |
Last Updated: Friday, September 6, 2024
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