Malaysia’s border reopening boosts consumer, REIT, and construction sectors FMTNews FMTBusiness
For the aviation sector, domestic passenger traffic recovered to 80% of 2019 levels while international passenger traffic is still lagging behind at 62% of its pandemic peak, said MIDF Research.
It said the biggest boost from the reopening of the borders in April 2022 was from the export of services, which grew 81.4% year-on-year in Q4 CY2022 on the back of the recovering tourism sector.“China’s sooner-than-expected reopening provide a silver lining to global economy. The reopening would boost Malaysia’s services exports as well as tourism activity,” it added.
Higher footfall will increase tenant sales which will underpin the positive rental reversion outlook at shopping malls and bodes well for earnings growth of retail REITs namely Pavilion REIT, IGB REIT, Sunway REIT and KLCCP Stapled Group. Overall in 2022, the construction sector rebounded 8.8% with a value of work done of RM121.9 billion not too far off the pre-pandemic number of RM146.4 billion in 2019.
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