MIDF Research stays neutral on property sector, sees improved buying sentiment on unchanged OPR
Additionally, Low believed that the unchanged OPR is expected to help property developers with financing costs.
Additionally, Low believed that the unchanged OPR is expected to help property developers with financing costs.
The research house’s view contradicts OCBC’s and UOB’s view that BNM will hold the OPR at 3% for the rest of the year, but aligns with MIDF Research's view that an increment will occur in the second half of the year.
Domestically, the central bank noted that following its strong outturn in the first quarter of the year, the local economy has since expanded at a more moderate pace as exports were weighed down by slower external demand in line with expectations.
BNM’s latest OPR decision follows the 25 basis point (bps) hike in May as it moved to further normalise monetary policy in line with resilient domestic growth prospects.
“Core inflation eased to a lesser extent compared to headline inflation but the direction implies that inflationary pressures are easing.
MBSB is in the midst of acquiring MIDF via a RM1.
“We believe there could be one more OPR hike by end-2023 to 3.
The rate hike, after two consecutive pauses in early 2023 at 2.
"We believe loan growth will be supported by the resilient household sector on the back of improved income and steady labour market conditions, as reflected in the lower unemployment rate,” Kenanga said.
“Her talent and experience make her an accomplished business leader, and we look forward to her contributions to PRG.