Malaysian markets not all dark and gloomy, says MIDF Research FMTNews FMTBusiness
MIDF Research noted that the FBM 70 has risen 2.1% year-to-date despite the main index’s laggard growth.
MIDF Research said that the reversal of interest in the financial sector was evidenced by the 5.7% fall YTD in Bursa Malaysia’s financial services index. They attributed this to profit-taking and Bank Negara Malaysia’s pause on interest rate hikes in January 2023, which went against market expectations.
Notwithstanding the challenging environment that has hampered the FBM KLCI thus far in 2023, the research house said that they remain optimistic nonetheless. The research house also poured cold water on the idea that the current banking crisis was analogous to the global financial crisis of 2008, denying that a contagion was looming at this juncture.
“Considering the external headwinds, global financial market uncertainties and tightening monetary policy in many economies, Malaysia’s GDP growth is expected to moderate to 4.2% in 2023,” they said.
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