In today’s edition of Evening 5 — Bank Negara has kept the key overnight policy rate at 3% and says that it expects inflation to moderate in the second half of the year. Meanwhile, national carmaker Proton has passed the 100,000 threshold yet again.
Category
🗞
NewsTranscript
00:00 [Music]
00:04 Bank Negara has kept the overnight policy rate at 3% amid robust domestic demand
00:09 supported by strong labour market conditions.
00:12 This as the central bank pointed to slower external demand and a decline in commodity production
00:17 which affected Malaysia's economic growth in the second quarter of this year.
00:22 This is the third consecutive time that the OPR has been at 3%.
00:26 In May, BNM raised the OPR by 25 basis points from 2.75%.
00:32 The central bank said that at the current OPR level of 3%,
00:36 the monetary policy stance continues to support the economy
00:40 and is consistent with the current assessment of inflation and growth prospects.
00:44 In a statement, BNM said that continued employment and wage growth,
00:48 especially in domestic market-oriented sectors, improved tourist arrivals and spending,
00:54 investment activity supported by further progress on multi-year infrastructure projects
00:58 and the implementation of catalytic initiatives under the recently announced
01:04 National Master Plans are factors that will support the economy's growth momentum next year.
01:09 The central bank adds that while the growth outlook is subject to downside risks
01:13 stemming from weaker than expected external demand
01:16 and larger and protracted declines in commodity production,
01:20 upside risks mainly emanate from stronger than expected tourism activity,
01:24 a stronger recovery from the E&E down cycle,
01:27 and faster implementation of existing and new projects.
01:31 On the subject of inflation, BNM said headline and core inflation
01:34 continued to ease amid more moderate cost conditions which were in line with expectations.
01:39 It says the trend is likely to continue in the second half amid continued easing momentum
01:44 of price increases and reflective of a high base in second half of 2022.
01:50 The Securities Commission has issued the revised guidelines on market conduct and
01:59 business practices for stockbroking companies and licensed representatives.
02:03 The revised guidelines, which take effect on Thursday,
02:05 outline the requirements that would allow stockbroking companies to offer
02:10 fractional share trading services for shares listed on Bursa Malaysia.
02:14 A fractional share is a portion of a stock that is less than one standard board lot.
02:19 SE Chairman Datuk Seri Dr Awang Adik Husin said that by allowing retail investors to trade in
02:24 fractional shares, individuals, particularly the younger generation, would now have increased
02:29 affordability and flexibility to trade and invest in more expensive blue-chip stocks
02:35 at the fraction of the standard board lot value.
02:38 He added that it would also allow retail investors to diversify their portfolio
02:42 whilst creating a more inclusive capital market for all Malaysians.
02:46 To support the orderly development of the capital market, Awang Adik notes that it was
02:50 important for stockbroking companies to have the necessary controls and systems
02:55 to safeguard investor interests.
02:57 Trading of fractional shares was one of the capital market initiatives announced by Prime
03:01 Minister Datuk Seri Anwar Ibrahim in June this year to make share trading on Bursa Malaysia
03:06 more accessible, affordable and inclusive for retail investors, particularly the young investors.
03:13 Sky World Development's wholly owned subsidiary, Sky World Development Vietnam Co., is acquiring
03:22 1.3 acres or 0.53 hectares of land in Ho Chi Minh City, Vietnam.
03:27 In a boss filing, the company said it acquired the land through the purchase of 100% stake
03:31 in Toan Tha Trading Production and Real Estate Trading Joint Stock Company
03:35 for about 350 billion Vietnamese dong or 67.9 million ringgit.
03:41 The project company is the sole and lawful user of a parcel of land located at Ward 16,
03:46 District 8, and simultaneously the vendors are in the process of procuring the transfer
03:51 of land use rights for another two adjoining parcels of land owned by several individuals.
03:57 Sky World said the land is about 12km from the Central Business District in District 1
04:01 and well connected to one of the major arterial roads, namely Vo Van Ket Street,
04:07 linking the west of the city to the CBD.
04:09 The developer said the project is estimated to have a gross development value of 310.4 million
04:15 ringgit. Founder and non-independent EC Datuk Sri Ngo Tien Phinh says that this is a key milestone
04:22 in the developer's history as it is Sky World's first venture overseas and feels that the group
04:27 is in a good position to benefit from the trend of urbanization in Vietnam.
04:37 National carmaker Proton Holding said its sales crossed the 100,000 unit threshold for a fifth
04:42 consecutive year in August, a month ahead of when it reached that milestone in 2022.
04:47 In a statement, Proton said with 13,955 units delivered last month,
04:53 year-to-date sales for 2023 now stand at 104,602 units, 19.6% higher than the volume recorded
05:01 for the first eight months of the previous year. With total industry volume of the month estimated
05:06 to be at 74,200 units, Proton said its market share is projected to be at 18.8% for August,
05:13 with year-to-date market share of 20.8%. The carmaker said its volume growth, however,
05:19 remains ahead of TIV, which is now estimated at 12.2% for 2023. Proton said the X90, X50,
05:27 Persona and Xzora continue to lead their respective segments. For the first eight
05:32 months, 45,836 units have been delivered, which is an increase of 34.2% over the same period in 2022.
05:40 Proton EDA CEO Roslan Abdullah said that after setting a new volume record the previous year,
05:46 Malaysia's automotive industry is on a trajectory to reset the record books again in 2023,
05:52 as Proton and other brands continue to compete for sales. He said that for Proton, the sales growth
05:58 is a reflection of how the company's focus on delivering better quality products paired with
06:03 premium experience have a positive effect on customers. Roslan adds that going forward,
06:08 its efforts towards better products and services will be boosted by its latest ISO accreditation,
06:14 as well as the carmaker's impending entry into the electric vehicle space.
06:23 Malaysia will limit retail purchases and boost enforcement to prevent locally produced rice
06:28 being sold as the more expensive variation as the fallout from India's export curbs continue
06:33 to upend the market, Bloomberg reports. Purchases will be capped at 100 kilos per person,
06:39 effective immediately until supply concerns ease. Agriculture and Food Security Minister
06:44 Datuk Sri Mohamad Sabu was quoted as saying that he receives complaints almost every day from people
06:50 about their difficulty in getting white rice. He adds that the issue is being looked into
06:54 seriously by his ministry to ensure supplies are sufficient. According to Bloomberg,
06:59 export restrictions by a top shipper India have sent shockwaves across Asia and Africa,
07:04 prompting worried consumers to implement measures to secure supply and contain rising food costs.
07:10 Malaysia started checks on wholesalers and commercial millers last month after allegations
07:15 that local grain was being sold as imported rice at higher prices, according to the minister. He
07:20 says that stockpiles are currently sufficient and local white rice prices are still among the lowest
07:25 in Southeast Asia. Malaysia, which consumes about 200,000 tons a month, has inventories equivalent
07:31 to one and a half months of consumption. Padipuras Nasional or Burnas last week announced a 36%
07:37 price hike for all imported white rice. Malaysia buys about a third of its supply from overseas,
07:43 mainly from India, Thailand, Pakistan and Vietnam.