Apex officially launches Discretionary Trading (“DT”)! Click here for more info!
Market Highlights
Economic Update
Mon, 15 Dec 2025 06:42 am
Malaysia Industrial Production - Cautious optimism as tariff risks ease  

• The Industrial Production Index (IPI) rose further by +6.0% YoY in October (Sep: +5.7%), exceeding market expectations of +5.3%, led by stronger manufacturing output.
• Export-oriented cluster recorded another strong month, supported mainly by E&E products.
• While near-term tariff concerns have eased, we remain cautiously optimistic on the manufacturing outlook in 2026, given spillovers from the existing 19% US tariff on Malaysian goods and potential US semiconductor tariffs.
• The strength in manufacturing points to a solid 4Q25 GDP print and an upside to our current 2025 GDP forecast of +4.5% YoY, potentially closer to +4.8%.
• For now, we maintain our manufacturing growth projection of +3.9% YoY in 2025, before easing to +3.4% in 2026. Our GDP forecasts are kept at +4.5% for 2025 and +4.1% for 2026.

Economic Update
Thu, 11 Dec 2025 07:59 am
US FOMC Meeting - Fed cuts 25 bps, signalling a pause

• The Fed cut the policy rate by 25 bps to 3.50–3.75%, with one dissenter favouring a larger 50-bp cut and two dissenters voting for no change.
• Powell highlighted that policy is now within the range of neutral estimates, signalling a likely pause. The dot plot shows only one 25-bp cut in both 2026 and 2027.
• The Fed will initiate USD40bn in monthly Treasury purchases beginning 12 December as part of its reserves management operations.
• While a potential Hassett chairmanship may set a more dovish tone, the broader committee composition is unlikely to shift materially.
• We maintain our baseline projection for two 25-bp cuts in April and June 2026.
• A more dovish Fed or a stronger-than-expected trade environment could provide upside to our 2026 USDMYR projection of 4.15, with the pair potentially reaching 4.05–4.10.

Economic Update
Thu, 11 Dec 2025 07:29 am
Malaysia Labour Market - External tailwinds provide near-term support to hiring

• The labour market remained stable in October, with the unemployment rate holding at 3.0% for the seventh straight month.
• Supported by a firm labour market, benign inflation, income-related measures and sustained investment flows, we maintain a resilient domestic demand growth projection of +6.3% YoY for 2025 (YTD: +6.3%; 2024: +6.5%).
• External resilience should also provide near-term support, with November’s manufacturing PMI signalling a pick-up in hiring, consistent with rising wages in the sector. 
• We maintain our unemployment forecasts at 3.0% for 2025 (10M25: 3.0%; 2024: 3.2%) and 3.1% for 2026. A steady labour market and resilient external sector point to potential upside to our current 2025 GDP forecast of +4.5% YoY (2024: +5.1%).

Technical Calls
Stock Research
Derivatives Market Performance
Sector Reports
Market Mover
Settlement Rates
Currency Buy Rates (RM) Sell Rates (RM)
USD 4.071594 4.103148
EUR 4.788661 4.792351
CNY 0.580700 0.581157
HKD 0.523467 0.527018
SGD 3.153405 3.174965
Latest Quarter Report
Stock FYE Quarter
31 May 2025 3 Qtr, Feb 2025
31 Dec 2024 4 Qtr, Dec 2024
31 Dec 2024 4 Qtr, Dec 2024
28 Feb 2025 4 Qtr, Feb 2025
31 Jan 2025 4 Qtr, Jan 2025
31 Oct 2025 1 Qtr, Jan 2025
31 Jul 2025 2 Qtr, Jan 2025
30 Apr 2025 3 Qtr, Jan 2025
31 Jul 2025 Other, Jan 2025
31 Jan 2025 4 Qtr, Jan 2025