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KLCI Slides as Profit-Taking Hits Blue Chips, Ringgit Holds Firm

Malaysia’s benchmark index retreated as  profit-taking in key heavyweights  weighed on sentiment, while overall market activity remained active. Summary FBM KLCI fell 0.83% to 1,684.93 , dragged by losses in banking and selected large-cap names, despite steady trading participation. Market Performance FBM KLCI :  1,684.93 (-0.83%) FBM Mid 70:  -0.00% (flat) FBM Small Cap:  -0.23% FBM ACE:  +0.20% Broad market was mixed , with weakness concentrated in large caps. Market Breadth & Trading Activity Total volume:  3.54 billion shares Total value:  RM4.19 billion Gainers:  456 Losers:  678 Unchanged:  550 Market breadth turned negative , reflecting cautious sentiment. Top Movers – KLCI Gainers Axiata (6888.MY)   +1.54% Petronas Gas (6033.MY)   +1.18% Sunway (5211.MY)   +1.15% Losers Hong Leong Bank (5819.MY)   -3.29% Maybank (1155.MY)   -3.02% CIMB (1023.MY)   -2.47% Banking sector weakness was the main ...
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Analysts Say Singapore to Wait on Trump’s Trade Moves Before Easing Policy

Slowing inflation in Singapore has created some room for the Monetary Authority of Singapore (MAS) to ease monetary policy in January, but analysts believe the central bank may delay any action until later in 2025 to better assess the impact of US President-elect Donald Trump's policies.

Key Highlights

Inflation Outlook

  • November core inflation is expected to hold steady at 2.1%, a three-year low, according to analysts in a Reuters poll.
  • MAS has forecast core inflation at around 2% for Q4 2024, with DBS Bank predicting it to average 1.8% in 2025.

Monetary Policy Approach

  • Singapore uses the Singapore dollar nominal effective exchange rate (S$NEER) to manage policy, adjusting the slope, midpoint, or width of the currency band.
  • While some analysts expect an easing at the January review, a MAS survey showed the number of economists anticipating a reduction in the S$NEER slope dropped from 50% to one-third.

Analyst Perspectives

  • DBS Bank: MAS is unlikely to ease in January and may wait to see Trump's policies in action.
    • "Chances are MAS will mirror the Fed in basing decisions on actual policies rather than speculation," said DBS economist Chua Han Teng.
  • Moody’s Analytics: MAS may wait for core inflation to fall below 2% for a few months before easing, giving time to assess global trade disruptions from US tariffs.
  • Maybank: MAS could reduce the slope in January, as lower import prices from Trump’s tariffs on China may lead to a deflationary shock and further ease inflation.

Growth Projections

  • Maybank’s Chua Hak Bin: Expects Singapore’s growth to slow to 2.6% in 2025 from 3.6% in 2024 amid trade flow disruptions.
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