Stories That Caught Our Attention; BNM Raises OPR By Another 25 BPS To 2.25%, Seng Fong Made Hs Debut On Main Market And US2Q Forecast Slashed By Goldman

BNM Raises OPR By Another 25 BPS To 2.25%

Bank Negara Malaysia decided to increase the Overnight Policy Rate (OPR) by 25 basis points to 2.25 percent. The ceiling and floor rates of the corridor of the OPR are correspondingly increased to 2.50 percent and 2.00 percent, respectively.

“The reopening of the global economy and the improvement in labour market conditions continue to support the recovery of economic activity. However, these have been partly offset by the impact from rising cost pressures, the military conflict in Ukraine and strict containment measures in China,” it said. To read the full story click here

Malaysian Poultry Breeders Warns Of Dire Consequences Of Singapore Export Ban

Malaysia’s poultry industry players have urged the government to lift the chicken export ban, or they will lose out on the Singapore market. 

They also stressed that supply in the domestic market has already stabilised. To read the full story click here

Malaysia’s Terms Of Trade Grew By 1% In May

Malaysia’s terms of trade grew by 1.0 per cent month-on-month to 112.0 points in May 2022, contributed by the increase in the index of miscellaneous transactions & commodities (+22.3%), machinery & transport equipment (+0.57%) and miscellaneous manufactured articles (+0.55%), Department of Statistics Malaysia said.

It said that on a y-o-y basis, Malaysia’s terms of trade performance showed positive growth of 8.2 per cent from 103.5 points in May of the previous year. To read the full story click here

Seng Fong Made its Debut on Main Market, Raised RM68.1Mil

The rubber processor, Seng Fong, has made its maiden debut on the Main Market of Bursa Securities, opening at RM0.75 per share with an opening volume of 10.8 million shares, which is the same as the initial public offering (IPO) price of RM0.75 sen per share.

The newly listed company carries the stock code 5308 with stock name, SENFONG with market capitalisation at listing is RM389.22 million. To read the full story click here

US 2Q GDP Forecast Slashed by Goldman

Goldman Sachs economists have made the forecast on the second quarter (from April to June) of US GDP and expect the U.S. economy grew just barely to pass the mark.

The investment bank hence, has slashed its GDP forecast for the second quarter “to just barely above water”. To read the full story click here

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