Tag: Economy

Bursa Malaysia announces 21 new additions to the FTSE4Good Bursa Malaysia (F4GBM) Index, increasing total constituents to 98. The index, launched in 2014, tracks companies with strong environmental, social, and governance (ESG) principles, reflecting a growing focus on sustainable investing in Malaysia.

[The Semiconductor Equipment Manufacturers Industry (SEMI) predicts global semiconductor manufacturing equipment sales will hit US$108.5 billion in 2022, surpassing the previous record of US$102.5 billion in 2021. Front-end and back-end categories are expected to drive growth, though sales are projected to decline to US$91.2 billion next year.]

According to CEOs, the largest US banks are preparing for a poorer economy next year as inflation threatens consumer demand. Jamie Dimon, the chief executive...

- Asian stocks show modest gains amid concerns about global economic slowdown and Federal Reserve interest rate hikes. Hong Kong and China markets rise, while Australian and Japanese indexes decline, reflecting investor sentiment and ongoing economic challenges.

The Institute of Chartered Accountants in England and Wales (ICAEW) predicts a challenging start for Asian economies in 2023, but suggests Malaysia will remain relatively resilient. Despite warnings of a potential recession, the country is expected to maintain economic strength amid global inflation and supply chain issues.

Banking stocks remain a relatively safe investment despite emerging challenges. The industry anticipates strong retail loan growth while navigating increasing deposit competition, declining interest rates, and potential macroeconomic pressures. Non-interest revenues could become a strategic focus for banks.

Oil prices rose 2% as OPEC+ kept production targets and Chinese COVID restrictions ease. WTI crude futures climbed 0.9% to $80.68, while Brent crude increased 0.8% to $86.29, signaling potential increased global demand and market stability.

Sarawak Premier Tan Sri Abang Johari Openg reveals ambitious revenue plan for 2023, projecting over RM11 billion from diverse sources including state sales tax, crude oil, LNG, and palm oil products.

RHB Bank is poised to achieve most of its key performance targets for 2022, with a return on equity of 9.3% and loan growth on target. Group CEO Mohd Rashid Mohamad reported that four out of five KPI goals have been met, with only the CASA ratio falling slightly short of expectations.

Bursa Malaysia closed 1% lower with 629 losers versus 347 gainers. The ringgit rose to a three-month high at 4.4760, up 0.43% against the US dollar. Foreign investors bought RM341 million in stocks, signaling potential market recovery and interest in upcoming political and economic developments.