Market Chat - Budget 2023 - All-Inclusive Budget Before The GE15

The all-inclusive RM372.3bn budget is likely to be positive for Malaysia with the approach of providing necessary assistance to targeted groups, support for business and many other aspects of the nation. Key focus is the development expenditure, which saw a jump of 25.6% to RM95bn. Some positive surprises for the M40 include the reduction of 2% tax and cash aids under the e-Pemula initiatives. We expect some optimism to build up within the construction and building material segments, while other beneficiaries include automotive, consumer, telecommunication, technology, tourism, logistics and healthcare sectors.