Assalamu Alaykum,
Welcome to our monthly economic and market update! As we enter a new month, here’s a recap of the key economic and market developments in Malaysia from March. Let’s get started.
Stock market updates
March was a challenging month for Malaysia’s stock market, with all major indices posting notable declines. The FTSE Bursa Malaysia KLCI fell by 1.95%, closing at RM1,526. The FTSE Bursa Malaysia Mid 70 Index saw a sharp drop of 7.90%, ending at RM16,197, while the FTSE Bursa Malaysia Top 100 Index declined by 3.86% to close at RM11,129. The broad-based downturn reflected heightened market volatility and investor caution amid persistent economic headwinds.
- Petronas is staying tight-lipped amid reports that it’s considering an exit from Argentina by selling its stake in the La Amarga Chica shale oil venture in the Vaca Muerta region. While the company did not confirm or deny the Bloomberg report, it stated that it “continuously reviews its business portfolio in all countries” to align with its evolving growth strategy.
- Westports Holdings Bhd achieved a record-breaking fiscal year 2024, reporting the highest-ever revenue of RM2.3 billion, driven by handling a record container volume of 10.98 million TEUs. The company also saw a significant increase in import-export volumes, reaching 4.91 million TEUs, while bulk cargo throughput hit 12.19 million MT.
- Nestlé Malaysia has launched NESTLÉ OMEGA GOLD, a product designed to help individuals aged 50 and above manage the “3 Highs” (high cholesterol, high blood pressure, and high blood sugar), key risk factors for heart disease. The product contains Acticol® to lower cholesterol, Potassium to support blood pressure, and Inulin to help control blood sugar.
- HI Mobility Bhd, a recently listed company on Bursa Malaysia, has secured a RM134.94 million contract from the Land Public Transport Agency (APAD) to operate an intracity bus service in Johor Bahru under the Stage Bus Service Transformation programme. The contract, awarded to HI Mobility’s subsidiary, Handal Indah Sdn Bhd, spans two years, with no renewal clause stated.
Top gainer and top loser Halal stocks in Malaysia
Malaysia Economic updates
- Malaysia forecasts its economy to grow between 4.5% and 5.5% in 2025, slightly lower than the 5.1% growth in 2024, according to the central bank’s latest report. Bank Negara Malaysia highlighted rising global uncertainties—including potential U.S. tariffs, geopolitical tensions, and protectionist policies—as key risks for the small, open economy.
- Malaysia’s central bank kept its key interest rate steady at 3%, as expected, maintaining the rate since May 2023. Bank Negara Malaysia said the current monetary policy remains supportive of growth and in line with inflation outlook, with no rate changes anticipated until at least the end of 2025.
- Malaysia should not panic or rush decisions over the recently announced 24% U.S. tariffs, said Finance Minister II Amir Hamzah. He emphasized the need for further analysis and dialogue with the U.S. to assess the impact on industries and inflation. He also highlighted that regional cooperation through ASEAN could help find a consensus.
- The Malaysian International Chamber of Commerce and Industry (MICCI) has issued a strong warning that up to 50,000 jobs are at risk due to the newly imposed 24% U.S. tariff on Malaysian exports, urging the government to urgently form a national-level mitigation council.
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