Bond Market Updates

Monthly Review: Resilient domestic fundamentals anchor ringgit’s regional outperformance – November 2025 – Summary

Summary Malaysia’s full-year gross domestic product (GDP) growth is likely to reach the upper range of Bank Negara Malaysia’s (BNM) forecast (4.0%–4.8%), with the 3Q2025 GDP expanding by 5.2% (1H2025: 4.4%). The growth was supported by resilient private consumption and strong external demand. Exports sustained a double-digit growth in October at 15.7% (Sep: 12.2%), driven …

Monthly Review: Resilient domestic fundamentals anchor ringgit’s regional outperformance – November 2025 – Summary Read More »

Monthly Review: Malaysia’s growth prospects strengthen amid global crosscurrents – October 2025 – Summary

Summary Malaysia’s advance estimates indicate stronger-than-expected gross domestic product (GDP) growth of 5.2% in 3Q2025 (2Q2025: 4.4%), exceeding the market consensus of 4.2%. Services grew 5.1% (2Q2025: 5.1%) on resilient consumption, manufacturing accelerated to 4.0% (2Q2025: 3.7%), and mining rebounded sharply to 10.9% (2Q2025: –5.2%) on stronger oil and gas output. Construction remained robust, expanding …

Monthly Review: Malaysia’s growth prospects strengthen amid global crosscurrents – October 2025 – Summary Read More »

Malaysia’s trade declines on external uncertainties – September 2025 – Summary

Summary August 2025 imports contracted due to a 5.9% decline, while exports grew modestly by 1.9% to RM131.6 billion (July: +6.5%, RM140.1 billion), led by electrical and electronics (E&E), machinery and equipment, optical and scientific instruments, and palm-based agricultural products. Manufacturing activity showed tentative improvement, with Malaysia’s seasonally adjusted Purchasing Managers’ Index (PMI) rising to …

Malaysia’s trade declines on external uncertainties – September 2025 – Summary Read More »

Malaysia’s exports rebound as tariff cuts restore demand – August 2025 – Summary

Summary Malaysia’s gross domestic product (GDP) expanded by 4.4% in 2Q2025 (1Q2025: 4.4%), slightly below the advance estimate of 4.5%. Growth was supported by robust domestic demand, with private consumption accelerating to 5.3% (1Q2025: 5.0%) on the back of civil servant wage hikes and minimum wage increases. On the investment side, investment activity gained traction, …

Malaysia’s exports rebound as tariff cuts restore demand – August 2025 – Summary Read More »

Trade uncertainties weigh on growth prospects – July 2025 – Summary

Summary Malaysia’s 2Q2025 gross domestic product (GDP) growth advance estimate was 4.5%, close to the 4.4% reported in 1Q2025. June’s exports continued to decline after a contraction in May, registering at -3.5% (May: -1.1%). Current data points to a potential broad-based slowdown in external demand, which may persist until a more favourable trade agreement is …

Trade uncertainties weigh on growth prospects – July 2025 – Summary Read More »

First foreign equity inflow in months signals a turnaround in risk appetite – June 2025 – Summary

Summary Headline inflation eased to 1.2% in May (Apr: 1.4%). The decline was driven by softer prices in food and beverages as well as housing, water, electricity and gas, while prices in the transportation sector remained unchanged from April amid lower global oil prices. Looking ahead, inflation may edge higher due to the 8% Sales …

First foreign equity inflow in months signals a turnaround in risk appetite – June 2025 – Summary Read More »

Malaysia’s bond inflows surge, equity outflows ease – May 2025 – Summary

Summary Malaysia’s export performance strengthened in April, rising by 16.4% (Mar: 6.8%). This was supported by a 19.0% surge in manufacturing exports, led by strong gains in electrical and electronic (E&E) products, and machinery & equipment. The front-loading of exports after the 90-day tariff pause announcement boosted trade flows, with early gains helping to cushion …

Malaysia’s bond inflows surge, equity outflows ease – May 2025 – Summary Read More »

Tariff tensions drive flight to safety, fuelling bond inflows – April 2025 – Summary

Summary Malaysia’s economy is expected to grow by 4.4% in 1Q2025, although moderating from 5.0% in the previous quarter. The growth in the first quarter was attributable to resilient domestic demand and construction activity that offset weaker performance in mining and manufacturing. The ringgit rebounded in April after initially weakening on tariff-related fears, supported by …

Tariff tensions drive flight to safety, fuelling bond inflows – April 2025 – Summary Read More »

Signs of more dovish monetary policy – March 2025 – Summary

Summary The ringgit remained stable in March, supported by the Federal Reserve’s (Fed) dovish stance and expectations of narrowing interest rate differentials. The ringgit has traded within the 4.42–4.48 range since January, bolstered by Malaysia’s resilient economic fundamentals and investor confidence. Exports surged to 6.2% in February (Jan: 0.3%), driven by manufacturing growth of 8.8% …

Signs of more dovish monetary policy – March 2025 – Summary Read More »

Malaysia prints strong 2024 GDP growth amid global trade war – February 2025 – Summary

Summary Malaysia’s 4Q2024 gross domestic product (GDP) exceeded the advance estimate, bringing the full year growth to 5.1%. The growth is within the official projection and MARC Ratings’ forecast. The sustained expansion of the services sector underscores the resilience of private consumption, which remained a key growth driver, alongside strong external demand. Demand for electrical …

Malaysia prints strong 2024 GDP growth amid global trade war – February 2025 – Summary Read More »