麦格理-马来西亚-宏观策略-马来西亚投资策略-20180213-8页

Pleaserefertopage6forimportantdisclosuresandanalystcertification,oronourwebsitewww.macquarie.com/research/disclosures.MALAYSIAMGSbondyieldvs.MGSforeignholdingSource:BNM,MacquarieResearch,February2018USDMYRvs.BrentoilpriceSource:Bloomberg,MacquarieResearch,February2018Malaysia:exportandimportgrowth(USD,y-y)Source:Bloomberg,MacquarieResearch,February2018Analyst(s)AnandPathmakanthan+60320598993anand.pathmakanthan@macquarie.com13February2018MacquarieCapitalSecurities(Malaysia)Sdn.Bhd.MalaysiaStrategyHavenappealintactConclusion?Ringgitassetswererelativelyresilientamidstpreviousweek’sglobalmarketvolatility,withthebenchmark10yrMGSyieldbarelybudgingwhiletheKLSEtangiblyoutperformedregionalpeers.WithBankNegaraappearingtohaverevertedtoneutralmodepost-25thJanratehikeandsystemliquidityample,domesticcostofmoneyremainsstableandunderlyin