On your mark, get set, go!
IN athletics’ track events, whether it is a short or long distance race, everyone is on the same starting line and hope to finish first. The starting gun is sounded once all participants are on their mark, are set and ready to take-off.
Relating this to the market, investors probably are wondering whether the market is anywhere near to a take-off position or otherwise. One way to judge this is the upcoming year-end close or popularly known as “window dressing” activities.
As we are into the last week of November with December which will soon be upon us, we have seen a few significant events that took place over the past few weeks that have shaped the markets’ direction, especially after the tabling of Budget 2019 as well as the release of the third quarter (Q3) gross domestic product (GDP) data point, whereby the headline number came in below expectations. Nevertheless as highlighted by Bank Negara, had the LNG output and oil palm sectors not been disrupted by supply shocks, Malaysia would have posted a 5.1% GDP growth in the Q3 period (+0.7 percentage points [pps] higher than the reported 4.4% growth) while growth for the Q2 would have been at 5%, or 0.5 pps higher than the reported 4.5% growth in the preceding quarter.
Let’s hope that these supply shocks are well contained by now as the headline GDP data is not doing justice to the solid growth posted by Malaysia over the past six months, despite the challenging external sector, whereby our net export growth has slowed.
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