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Stock market could be near turnaround, says Aussie financial services company

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Macquarie expects similar developments to happen with MRT 3 and the Singapore-Kuala Lumpur high-speed rail project, as well as in the telecom sector.

SINGAPORE: Malaysian equities, the world’s worst major market this year, might be close to a turnaround on the back of the government’s increasing support, according to Macquarie Group Ltd.

Malaysian stocks have bucked the global rally this year, losing more than 3% in 2019 while the MSCI Asia Pacific Index gained 11%. Prime Minister Dr Mahathir Mohamad has shown signs of moving away from his earlier budget-cutting stance to revive large state projects and seek foreign investments. “Fiscal stimulus, per resurrection of ECRL and Bandar Malaysia projects, is returning, oil prices are exceeding target and liquidity is ample,” the bank said in the report. “Government policy-centric catalytic news flow alone could allow the KLCI to recover to 12-month highs of 1,850.”

 

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