This article first appeared in The Edge Malaysia Weekly on October 11, 2021 - October 17, 2021

Malaysians will be keeping a close watch on the vaccination rate for the country’s adult population in the week ahead, as Ministry of Health director-general Tan Sri Dr Noor Hisham Abdullah tweeted last week that the restrictions in place for interstate travel would be lifted in a couple of days.

Putrajaya had previously said the interstate travel ban would be lifted once at least 90% of the adult population — categorised as those aged 18 and above — have been fully vaccinated against Covid-19. At time of writing, 89.1% of the country’s adult population had been fully vaccinated and 94.6% had had at least one dose.

On the economic data front, Malaysia will publish its Industrial Production Index (IPI) for August on Tuesday. In July, the IPI declined 5.2% year on year — the first decline recorded since November 2020. The fall was influenced by a contraction in the manufacturing and electric indices.

As for key Asia-Pacific economies, UOB’s Global Economics and Markets Research weekly outlook report stated that the Bank of Korea (BoK) would hold its policy rate meeting on Tuesday. “While BoK kicked off its first rate hike at the August policy meeting, we expect the central bank to hold this time round, with the next rate hike in November, despite the inflation rate running for the sixth consecutive month in September ahead of BoK’s target.”

Other key data releases for the week include September trade data for India (from Tuesday to Friday) and Indonesia (Friday), while the Philippines will release its August trade data on Tuesday.

China, which was on holiday until last Thursday for the National Day Golden Week, will resume its full working week on Monday. 

“Ahead of its 3Q2021 gross domestic product report the following Monday, the key highlight [for this week] will be China’s suite of data releases for September, including external trade [on Wednesday] and the Consumer Price Index (CPI) [on Thursday]. Also expected during the week are China’s September loans and money supply, and foreign direct investment data,” UOB wrote.

Several Asian markets will be closed for holidays during the week. South Korea observes Hangul Day on Monday while Taiwan observes its National Day. Thailand will observe King’s Memorial Day on Wednesday and Hong Kong celebrates the Chung Yeung Festival on Thursday.

In the US, the September CPI data will be announced on Wednesday and September retail sales on Friday.

Meanwhile, UOB said the annual meetings of the International Monetary Fund (IMF) and World Bank Group will be in a hybrid format from Monday to Sunday to discuss the global economic outlook, developments in financial markets, the impact of Covid-19 and other pressing issues.

“Ahead of the release of the updated World Economic Outlook and Global Financial Stability Report [on Tuesday], IMF chief Kristalina Georgieva said that global economic growth in 2021 is expected to fall slightly below IMF’s July forecast of 6%,” it added.

The US will observe the Columbus Day holiday on Monday. And while some financial markets will remain open as it is not a federal holiday, the bond market will be closed.

At the Malaysian courts, there will be continued submissions throughout the week in the money laundering, criminal breach of trust and corruption case involving former deputy prime minister Datuk Seri Dr Ahmad Zahid Hamidi, which is at the end of the prosecution stage.

Transmile Group Bhd founder and former CEO Gan Boon Aun is expected to appear in the High Court on Wednesday to inform the court of his choice of lawyer. Datuk Tan Hock Chuan, who was his lawyer in the Sessions Court, had discharged himself. Gan was found guilty by the Session Court last year of furnishing misleading financial statements to Bursa Malaysia in 2007.

Companies slated to have their annual general meeting this week include Symphony Life Bhd and Tower REIT on Wednesday and YTL Hospitality REIT on Thursday.

Symphony Life’s AGM will be closely watched as the company is currently embroiled in a corporate tussle involving its CEO Chin Jit Pyng and its former adviser Datuk David Goh Hock Choy. Among the resolutions to be passed at the AGM are the re-election of Chin and other directors to the board: Soon Wing Chong, Teo Chiah Chyi, Tan Sri Tan King Tai @ Tan Khoon Hai, Datuk Chua Heok Wee — who is CEO of Muar Ban Lee Group Bhd, Symphony Life’s largest shareholder with a 17.66% stake — and Teh Eng Aun.

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