KUALA LUMPUR: Malayan Banking Bhd
(Maybank) has clarified that a report by its investment arm entitled "2H2023 Market Outlook - Clearer Skies Ahead" is broadly constructive on the 2H2023 outlook for the Malaysian economy and equity market.
In a statement, the bank referred to social media and media coverage based on an extract from the report, which was emailed on July 20, 2023, as part of a webinar invitation to selected clients.
In the email extract, it was suggested in one paragraph that positive sentiment from the formation of the unity government last year had not continued in 2023, while unclear policies and uncertainties over political stability in the country led to market concerns.
"Alongside fiscal policies that remain unclear, the FBM KLCI ended the H12023 as the second-worst performer in the region," the email continued.
Maybank said the extract in the email was paraphrased and placed out of context, following which the oversight was identified and rectified the next morning.
The bank said it regrets any confusion caused by the incident, and has engaged with its key stakeholders to alleviate their concerns surrounding the controversial email as well as taken actions to prevent a re-occurence.
"The report highlights key factors such as services sector growth driven by tourism recovery as well as the recovery in domestic direct investment (DDI).
"It also mentions attractive thematics like high dividend yield, the country's strengthening commitment to sustainability, and Malaysia’s clear success in attracting FDI," it added.
In addition, Maybank said its research team's earlier views of the positive prospects of the economy is reinforced in Maybank’s commentaries and latest research reports today on the Madani Economy, which highlight it as the way forward in lifting economic growth over the next 10 years.
"The government is hitting the ground running on execution, starting with the National Energy Transition Roadmap (NETR), Part 1 which offers a practical pathway in transforming the economy, and driving the country’s next phase of economic growth and long-term sustainability agenda.
"The transformative thinking behind the NETR underscores the Madani Economy framework which emphasises the leveraging of Malaysia’s many inherent strengths to be a leading Asian economy, by becoming a competitive and world class investment destination," it said.
Yesterday, Prime Minister Datuk Seri Anwar Ibrahim launched Madani Economy, which showcased Malaysia’s economic and social direction over the next 10 years.
