As expected, 2Q17 results could not sustain the past two quarters’ earnings upgrades and continued to reveal generally subdued domestic consumption trend. While a market lull will persist as foreign capital flows turn more cautious to reflect in part subdued corporate earnings expectations beyond 2017 and the large expiry of Malaysian Government Securities (MGS), selected investment themes – mega infrastructure, E&E and tourism related - will gain more traction.

Source: UOB Kay Hian Research - 6 Sept 2017