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On July 27 2023, the Malaysian government launched the visionary MADANI economic narrative, a roadmap to pave the way for sustainable growth. The framework will guide Malaysia’s mission of socioeconomic as well as overarching strategic and tactical plans. From the economic perspective, the MADANI framework is timely in view of the upcoming Budget 2024, New […]
Malaysia launches visionary MADANI economic narrative Read More »
The latest retail and exports data suggest a slower domestic economy in the second quarter of 2023 is imminent given the anticipated slowdown in the global economy. Notably, the second straight month of moderation in the seasonally adjusted volume index of wholesale & retail trade (April: 4.7%, Mar: 9.4%) along with interest rate tightening and
Monthly Review: Monetary policy divergence exerts pressure on bond market Read More »
The sharp weakening in Malaysia’s ringgit has reached an unprecedented low based on its Real Effective Exchange Rate (REER) according to data from the Bank of International Settlements (BIS). The REER is a measure of the exchange rate value weighted by trade and adjusted for inflation. On one hand, it explains that exports from Malaysia
Ringgit weakness reflects Malaysia’s economic vulnerability Read More »
The local bond market saw the fifth consecutive month of net foreign inflows at RM3.0 billion in May, higher than the RM1.5 billion recorded in the prior month. The solid foreign demand reflected the attractiveness of local bonds amid the anticipated moderation in inflation this year. Local govvies continued to attract foreign interest with net
Monthly Review: Easing inflation and potential peak in OPR to support bond market Read More »
April saw a fourth straight month of net foreign inflows into the local bond market, albeit at a softer pace of RM1.5 billion compared to RM6.6 billion in March. Foreign investors continued to pour into local govvies (Apr: RM1.4 billion; Mar: RM7.9 billion), while net foreign flows in local corporate bonds turned positive at RM90
A buoyant bond market on conducive indicators Read More »
Net foreign flows into the local bond market extended for the third straight month in March. Rising to RM6.6 billion from February’s RM4.3 billion, there were higher flows into local govvies (Mar: RM7.9 billion; Feb: RM4.7 billion). Local corporate bonds, on the other hand, saw wider net foreign outflows (Mar: RM1.2 billion; Feb: -RM0.4 billion).
Net foreign inflows continued for third straight month in March Read More »
February saw a second consecutive month of net foreign inflows into local govvies, which surged 840% to RM4.7 billion from January’s RM0.5 billion. Consequently, foreign holdings of MGS and GII increased by RM4.0 billion and RM1.0 billion (Jan: RM1.3 billion; RM1.4 billion). Despite February’s net foreign inflows into local govvies, foreign holdings inched lower to
Extended foreign buying of bonds in February Read More »
In line with major government bonds, local govvies ended stronger in January. Of note, the 10y yield of Malaysian Government Securities (MGS) fell below 4.0% for the first time since August 2022. Optimism over the Malaysian economy’s prospects had improved following China’s reopening, further helping the situation. This was also supported by the easing consumer
Foreigners net buyers of ringgit bonds in January Read More »
Local govvies extended gains in December, spurred by an earlier-than-anticipated reopening of China’s economy. On the local front, signs of abating cost-push pressures on inflation also bode well for bonds. Malaysian Government Securities (MGS) yields shed between 2 bps and 15 bps across all maturities. Worth noting is the sale of RM4.0 billion 3y Government
Local govvies extended gains in December Read More »
In November, foreign outflows from the local bond market extended for the third consecutive month, albeit at a slower pace (RM1.0 billion; October: RM6.3 billion). Consequently, cumulative foreign flows YTD fell deeper into negative territory to RM8.9 billion. It is important to note, though, that the outflow was mainly attributed to redemptions of short-term government
Local govvies mostly rallied, ringgit ended higher in November Read More »