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KUALA LUMPUR (May 17): Fund managers expect Malaysia s gross domestic product (GDP) to grow at about 6% or lower this year on the back of the resurgence of Covid-19 cases, as compared with the central bank’s forecast of 6.5% to 7%. However, the local economy and markets are expected to benefit from global trade recovery and high commodity prices. AmFunds Management Bhd (AmInvest) chief investment officer Wong Yew Joe said the recent announcement of the movement control order (MCO) is weighing down the growth of the local economy. “The general expectation is that for every month of lockdown, it lowers about 0.3% of the GDP. We expect this year’s GDP to be dialled down to 5% to 5.5%.” ....
Strongest FBM KLCI earnings growth likely since 2014 PETALING JAYA: Optimism over the Covid-19 vaccine developments and improving corporate earnings will continue to drive global equity markets including Malaysia in 2021, say analysts. AmFunds Management Bhd (AmInvest) equities head Andrew Seah Saik Weng is projecting a double-digit rebound in corporate earnings, and retail participation is expected to stay strong. “We are hopeful of foreign inflows in anticipation of a weaker US dollar versus emerging markets’ currencies, ” said Seah, who was among the presenters at the “What and Where To Invest 2021” online event organised by FSMOne Malaysia. On the bond market, Seah noted that accommodative monetary policies are likely to continue to prevail with the overnight policy rate (OPR) could be maintained at its all-time low at 1.75%, although this scenario is still data dependent. ....