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Fri, Jan. 3, 9:34 AM
- The SET Index (THD, TF, TTF) falls 0.5%, adding to Thursday's 5.2% decline — Thursday marked the worst start to a year for the country's equity market in at least two and a half decades.
- Thai shares are now trading at around 10.5X forward earnings, which is the cheapest they've been since the summer of 2012.
- "Market sentiment is very weak with no foreseeable solution on the current political deadlock in the near future,” the CIO of the country's largest private money manager tells Bloomberg.
- In other regional action, Indonesian shares (IDX, IDXJ, EIDO) are lower by 1.6% and stocks in Malaysia (EWM) fall nearly 1%.
Dec. 9, 2013, 10:43 AM| Comment!
Oct. 31, 2013, 10:37 AM
- Indonesian shares (IDX, IDXJ, EIDO) fall 1.4% to two-week lows, in a move attributed to underwhelming quarterly earnings. Nevertheless, the JCI closes out the month with a solid gain of nearly 5%.
- Other regional shares are weaker as well, with Singapore (EWS, EWSS) and Malaysia (EWM) off by more than 0.5% — in the absence of an identifiable catalyst, the underperformance is (of course) blamed on U.S. monetary policy being "less dovish than anticipated."
- Meanwhile, Thai shares (THD, TF, TTF) rebound, rising 0.8% after falling 1.7% on Wednesday.
Oct. 25, 2013, 9:56 AM
- Malaysian shares (EWM) end largely flat after hitting all-time highs Thursday. Notably, Prime Minister Najib Razak's 2014 budget has been released. Highlights include: Property tax raised to 30%, 20%, and 15% on properties disposed within three, four, and five years respectively; goods and sales tax (implemented 17 months from now) of 6%; subsidy programs will be "gradually restructured." (more details here)
- Elsewhere, the Bank of Thailand has cut its 2013 GDP forecast to 3.7% from 4.2% citing a "slowdown in private consumption [and] fiscal stimulus [that] fell short of expectations." (full report) SET (THD, TF, TTF) -0.8%.
Oct. 24, 2013, 9:24 AM
- Two straight days of foreign inflows help Indonesian shares (IDX, IDXJ, EIDO) close at five-week highs, as the JCI rises 1% in Jakarta.
- Meanwhile, Malaysian stocks (EWM) are sitting at record highs as investors seem optimistic about the possibility that Prime Minister Najib Razak's will take steps — including reducing fuel subsidies and instituting a consumption tax, although implementation of the latter option is likely years away — to cut the country's fiscal deficit.
- Other regional movers: PSEi (EPHE) -0.8%, Vietnam (VNM) -0.6%
Oct. 17, 2013, 9:18 AM
- Not surprisingly, Southeast Asian shares are moderately stronger on the heels of the debt deal in Washington. Regional stocks are higher across the board, although some markets trimmed gains after the midday break.
- Across the region: Philippines (EPHE) +1.2% as the PSEi hits a four-week high; Indonesia (IDX, IDXJ, EIDO) +0.6%, Singapore (EWS, EWSS), Thailand (THD, TF, TTF) +0.3%, Malaysia (EWM) +0.3%
Oct. 11, 2013, 9:35 AM
- Southeast Asian markets are higher across the board on optimism regarding the U.S. political stalemate.
- Shares in Thailand (THD, TF, TTF), Indonesia (IDX, IDXJ, EIDO), The Philippines (EPHE), Singapore (EWS, EWSS), and Malaysia (EWM) rise 0.4%, 0.75%, 0.8%, 0.3%, and 0.55% respectively.
- Virtually all indices are sitting at multi-week highs.
Oct. 7, 2013, 8:44 AM
- Malaysia's state oil firm Petronas plans to spend $35B to develop shale gas assets in Canada and build a liquefied natural gas export terminal linking the country to Asian markets.
- Petronas had previously said it would spend $20B to build two LNG trains on Canada's west coast, including a pipeline to be built by TransCanada (TRP) from fields in the shale-rich Montney region; the trains are expected to be ready by 2018 or 2019.
- Petronas is in talks to sell stakes in the entire project to potential LNG buyers and has finalized one such deal with Japex (JPTXF.PK).
- ETF: EWM.
Sep. 25, 2013, 9:18 AM
- It's another down day for Indonesian equities (IDX, EIDO, IDXJ) as foreign investors dump nearly $50B worth of shares, according to Reuters. The JCI is off 1.2% in Jakarta.
- Elsewhere, Thai shares (THD, TF, TTF) jump 1.4%, recouping some Monday and Tuesday's losses.
- Malaysian (EWM) and Philippine (EPHE) markets are weaker by 0.5% and 0.6% respectively, while Vietnamese shares (VNM) extend their rally.
Sep. 23, 2013, 9:57 AM
- Extrapolating the Fed's more dovish stance to emerging markets, JPMorgan upgrades Turkey (TUR) and Peru (EPU) to overweight, where they'll join Mexico (EWM), Thailand (THD, TTF, TF), The Philippines (EPHE), and Taiwan (EWT).
- "Turkey feels like the tapering trade," says the team. "The suffering this summer turns to euphoria as the Fed returns to dovishness and retreats from tapering."
- Taiwan and Mexico rate an overweight because of their exposure to developed world growth, but what about Korea (EWY, FKO, KORU, KORZ)? Typically, the country belongs in this group, but JPMorgan is cautious on high-end tech and thus on Samsung. Taiwan, on the other hand, should benefit from the growth in low-priced smartphones.
- Moved to underweight are Russia (RSX, ERUS, RBL, RSXJ, RUDR) and Colombia (GXG, COLX, ICOL).
- Top 10 individual stock picks include ICICI Bank (IBN), Southern Copper (SCCO), and Cemex (CX).
Sep. 20, 2013, 10:28 AM
- A rather steep last minute decline sends Philippine (EPHE) shares 1.3% lower. As is often the case when no one really knows what happened, the move is being attributed to "profit taking" and "uncertainty."
- Meanwhile, shares in Indonesia (IDX, IDXJ, EIDO) give back some of Thursday's post-Fed gains, falling 1.9% in Jakarta.
- Other regional markets: KLCI (EWM) +0.5%, Straits Times (EWS, EWSS) -0.4%
Sep. 19, 2013, 3:50 AM
- As expected, emerging market stocks post big gains on the back of the Fed's decision to keep the size of its asset purchase program unchanged for the time being.
- Indonesian shares rose as much as 7.4% in early action before retreating a bit to trade around 4% higher. Stocks likewise rallied sharply in India (+3%), Thailand (+3%), the Philippines (+2.8%), Malaysia (+1%), and Turkey (+6.2%).
- Emerging market ETFs: AGEM, EEM, ADRE, SCHE, GMM, VWO, DEM, EWEM, PXH, PIE, EWX, DGS, EMLB, EDC, EET, EMSA, EDZ, EEV, EUM, TLTE, HILO, EELV, EEMA, EMFT, DVYE, FEMS, EVAL, EGRW, EMCR, IEMG, EMDR, EEME.
- Indonesia: EIDO, IDX, IDXJ.
- India: INDY, EPI, PIN, INP, INDA, INXX, SCIF, SCIN, INDL, SMIN.
- Turkey: TUR.
- The Philippines: EPHE.
- Thailand: THD, TTF, TF
- Malaysia: EWM
Sep. 10, 2013, 9:14 AM
- Indonesian stocks (IDX, EIDO, IDXJ) log their biggest gains in nearly two years, rising 4% in Jakarta, a welcome follow-up to Monday's rally for a market that has suffered mightily of late on Fed taper fears and currency woes.
- Elsewhere, Thai shares (THD, TTF, TF) add to Monday's outsized gains, rising 0.6% in Bangkok. The SET is sitting at its highest levels since August 19.
- Other regional action: KLCI (EWM) +1%, Straits Times (EWS, EWSS) +1.2%, PSEi (EPHE) +1.55%, VNIndex (VNM) +0.93%
Sep. 9, 2013, 10:07 AM
- Upbeat export data out of China gives emerging markets in Southeast Asia a lift, as Indonesian (IDX, EIDO, IDXJ) and Thai (THD, TTF, TF) shares lead, up 2.9% and 3.6% respectively in Jakarta and Bangkok.
- Most regional markets are higher: Straits Times (EWS, EWSS) +1.3%, KLCI (EWM) +1.4%, PSEi (EPHE) +0.4%
Sep. 5, 2013, 9:21 AM
- The market "spooked because of the rupiah," one trader in Jakarta says, explaining late selling pressure that sent Indonesian shares (IDX, EIDO) lower by 0.55%. The currency remains under pressure amid Fed and Syria jitters. Indonesia SmallCap ETF: IDXJ
- Elsewhere, Malaysia's central bank keeps its overnight policy rate on hold (3%) as expected, noting that likely upward pressure on prices will be "from a low level and will be mitigated" by a number of factors. The bank also notes that in the Malaysian economy, "domestic demand has continued to support growth amid the weaknesses in external demand." (PR) Last month, data showed the country avoided slipping into a deficit in Q2. KLCI (EWM) +0.25%.
- Across the region: SET (THD, TTF, TF) +0.8%, Ho Chi Minh (VNM) +1.3%, Straits Times (EWS, EWSS) +0.8%.
Sep. 4, 2013, 9:05 AM
- The JCI's Tuesday respite proves fleeting as Indonesian stocks (IDX, EIDO) fall 2.2% in Jakarta, more than erasing yesterday's gains.
- Two factors likely weighed on regional shares. First, news that some key members of Congress will support President Obama's call for military action in Syria makes a strike look more likely. Second, Morgan Stanley has downgraded its 2013/2014 outlook for ASEAN-4 GDP growth to 4.5-4.6% from 4.8-5.3% citing, among other factors, "a more clouded outlook."
- Across the region: Straits Times (EWS, EWSS) -1.3%, SET (THD, TTF, TF) -0.9%, PSEi (EPHE) -1.9%, KLCI (EWM) -0.4%
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