Government proposed to allocate RM386.1bn under the revised budget to boost the economy by 4.5% in 2023. Overall, the budget targets to lower down the living costs while ensuring the smooth recovery on the economy.
Key highlights include the (i) higher DE of RM97bn, (ii) changes in selected personal tax structure and (iii) extension of the green energy policies.
Fairly positive to the stock market given no Capital Gain Tax on listed companies was being implemented.
Sectors that we favour include the construction, building material, automotive, consumer, telecommunication, tourism, plantation and healthcare sectors.