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KUALA LUMPUR (Jan 5): Nomura said it expects Malaysia's general election to be held between March and May, 2018 and the nation's fiscal policy to be significantly tightened in the second half of the year.
As such, more interest rate hikes in 2018 are unlikely following the anticipated 25-basis-point overnight policy rate (OPR) hike by Bank Negara Malaysia when the central bank's monetary policy committee meets on Jan 25, 2018. Bank Negara had in November 2017 maintained the OPR at 3%.
Today, Nomura wrote this in a note following today's announcement on Malaysia's November 2017 external trade numbers.
Malaysia's Statistics Department said in a statement that the country's November 2017 exports rose 14.4% year-on-year (y-o-y) to RM83.5 billion on higher electrical and electronic exports and as commodity sales improved.
Nomura said: "Export growth moderated to 14.4% y-o-y in November from 18.7% in October, in line with expectations (Consensus: 14.5%; Nomura: 14.0%). The moderation was mainly driven by an unfavourable base effect. There was little indication from the export data that severe flooding in Penang, a key electronics manufacturing state, caused significant disruptions in manufacturing activity."
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