Malaysia's manufacturing firms lose further growth momentum in November

The Malaysian manufacturing sector moderated further midway through the final quarter of 2022 with waning demand, a central feature within the latest survey data revealed by S&P Global Market Intelligence on Thursday.

In a statement, S&P Global said the seasonally adjusted S&P Global Malaysia Manufacturing Purchasing Managers' Index (PMI) posted at 47.9 in November, down from 48.7 in October.

The latest reading pointed to a more marked slowdown in business conditions which was the strongest since August 2021, it said.

It also said the latest PMI reading is representative of approximately 5 percent year-on-year growth in Malaysian gross domestic product (GDP), thereby signaling a slowdown in growth from the situation in the third quarter of 2022.

S&P Global Market Intelligence economist Laura Denman said the Malaysian manufacturing sector displayed further signs of waning in November. According to her, there was a solid slowdown in production levels and the fastest scaling back in order book volumes since August 2021.

"The aforementioned fragility in demand became a running theme throughout the survey data and was reportedly the primary factor driving moderations in input buying, stocks and business confidence which, though still positive, slipped to a fivemonth low," she said.

Hong Kong stocks surged as fears about unrest in China gave way to hopes authorities will start to roll back some of their tough, economically painful zero-Covid policies.

The Hang Seng Index jumped 5.24 percent, or 906.74 points, to 18,204.68. The Shanghai Composite Index rose 2.31 percent, or 71.20 points, to 3,149.75, while the Shenzhen Composite Index on China's second exchange gained 2.14 percent, or 42.15 points, to 2,016.22.

Property firms were among the best performers after China said it would end a ban on companies raising cash by selling stocks, marking the latest measure to ease pressure on the sector, which has seen several companies collapse and threatens the wider economy

Over the weekend, China was rocked by demonstrations calling for more political freedoms and an end to the country's long-running zero-Covid strategy, which has seen millions thrown into lockdown for months.

Several arrests were made and security forces were out in force Monday to prevent a repeat of the demonstrations, which were the most widespread since pro-democracy protests were crushed in 1989.

Earlier, the Shanghai Composite Index added 1.72 percent, or 52.98 points, to 3,131.53, while the Shenzhen Composite Index on China's second exchange put on 1.50 percent, or 29.55 points, to 2,003.62.

Property firms were among the best performers after China said it would end a ban on firms raising cash by selling stocks, marking the latest measure to ease pressure on the sector, which has seen several companies collapse and threatens the wider economy.

China was rocked by demonstrations calling for more political freedoms and an end to the country's longrunning and economically painful zeroCovid strategy that has seen millions thrown into lockdown for months.

However, several arrests were made and security forces were out in force Monday to prevent a repeat of the flare-ups that were the biggest since pro-democracy protests were crushed in 1989. Brazil's Business Confidence Index for industry fell across the 29 industrial sectors in November, according to a report by the National Confederation of Industry.