1H2020 Financial Results Briefing28 July 2020
Tan Sri Abdul Wahid Omar
Chairman
Datuk Muhamad Umar Swift
Chief Executive Officer
Rosidah Baharom
Chief Financial Officer
Agenda
2
• Market Recap
• Key Financial Highlights & Market Performance
• Financial Review
• Appendices
Market Recap
3
Our Operating Environment Remains Challenging
IMF and World Bank projected global 2020 GDP growth of -4.9% and -5.2%, respectively
Global economic conditions remain weak
Further waves of infections could lead to re-imposition of containment measures
Uncertainty over pathway of the pandemic
Malaysia’s unemployment rate rose to 5.3% in May 2020 (Dec 2019: 3.3%)
Weaknesses in labour market conditions
Consumer Sentiment Index* for 1Q 2020 fell sharply to 51.1 (4Q 2019: 82.3)
Fragile consumer confidence
Re-escalating tensions between major economies
Global geopolitical uncertainties
Pace and strength of domestic economic
recovery is subject to downside risksNonetheless, pockets of
opportunities are emerging from
the pandemic and transition
towards the “new normal”
Surge in demand for medical-related products (e.g. gloves, pharmaceutical) provides a strong lift for healthcare sector. Healthcare sectoral index advanced by 86.9% in 1H 2020.
Greater push towards digital transformations can accelerate growth in the technology-related companies
Overnight Policy Rate is at a record low
to stimulate economic recovery amid
concerns that impact of COVID-19 on
the global economy is severe
0
1
2
3
4
Jul-
04
Jul-
05
Jul-
06
Jul-
07
Jul-
08
Jul-
09
Jul-
10
Jul-
11
Jul-
12
Jul-
13
Jul-
14
Jul-
15
Jul-
16
Jul-
17
Jul-
18
Jul-
19
Jul-
20
%
Source: CEIC data* Refers to Malaysian Institute of Economic Research’s (MIER)
Consumer Sentiment Index (CSI)
Low interest rate is driving “search for yields” and assets diversification, including into stocks
4
Pandemic is exerting pressure on the already soft earnings performance
Softer corporate earnings
Market Performance for 1H2020Bursa Malaysia’s performance is one of the best in the region for 1H2020
5
523,424 495,386
270,544
541,381
399,864
187,476
82,870
388,943 381,783
216,921
448,069
351,446
166,921 87,906
-26% -23% -20% -17% -12% -11%6%
-500%
-400%
-300%
-200%
-100%
0%
0
100,000
200,000
300,000
400,000
500,000
600,000
700,000
800,000
900,000
IDX SGX PSE SET BURSA HOSE HNX
ASEAN Market Cap Growth (USD million)
31 Dec 2019 30 June 2020 YTD (%)
Q1
2020 vs
2019
Q2 2020
vs Q1
2020
YTD
JUNE
2020
HNX 9.6% 18.5% 7.1%
FBMKLCI 15.0% 11.1% 5.5%
HOSE 31.1% 24.5% 14.1%
SET 28.7% 18.9% 15.2%
STI 23.0% 4.4% 19.6%
PCOMP 31.9% 16.7% 20.6%
JCI 27.9% 8.1% 22.1%
MSCI EM 23.9% 17.3% 10.7%
ASEAN Indices Growth
Exchange 2019
YTD
JUNE
2020
GROWTH
(% pts)
SET 64.8% 103.6% 38.8%
SGX 35.8% 68.4% 32.6%
BURSA 27.9% 50.0% 22.1%
HOSE 16.4% 22.6% 6.3%
IDX 21.7% 24.9% 3.3%
PSE 10.6% 12.9% 2.3%
ASEAN Velocity Growth
Source: Bloomberg
Source: Bloomberg
472
120 128
1,462
738
436
13
404
117 158
1,934
1,088
692
21
-14% -2%
23% 32% 47%59% 62%
-600%
-500%
-400%
-300%
-200%
-100%
0%
0
500
1,000
1,500
2,000
2,500
IDX PSE HOSE SET SGX BURSA HNX
ASEAN ADV Growth (USD million, YTD Jun 2020)
2019 1H2020 YTD (%)
-102
-1,039
-1,326
-2,441
-3,790
-6,800
-18,842
-21,680
-66,092
Vietnam
Indonesia
Philippine
India
Malaysia
Thailand
Taiwan
Korea
Japan
Foreign Funds Flow in Asian Equity Market YTD June 2020; In USD million
Source: Bloomberg and WFE
22.4% 22.3% 22.3%22.0%
21.7%21.4%
21%
21%
22%
22%
23%
23%
Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20
Foreign Shareholdings (by Market Capitalisation)
Source: Bursa MIS
Bursa Foreign Funds Flow For the past 6 months; In USD million
• Foreign investors retreated from all markets in Asia.
• We recorded net outflow of USD 3.8 billion.
-33
-469
-1,288
-612 -690 -698
-2,000
-1,000
0
Jan-20 Feb-20 Mar-20 Apr-20 May-20 Jun-20
Foreign Funds Flow
Foreign ShareholdingsFor the past 6 months
Market Performance for 1H2020Foreign Funds Outflow: A regional phenomena, NOT just Malaysia being impacted
6
17% 19% 18% 21%29%
Local Retail Net Buy/Sell Position 5-year Net Buy RM11.9bil
Total Retail Trading Value Contribution By Age
Aged between 25 – 44 years old is the largest contributor to
Total Retail TTV (34% or RM77.44 bil) in 1H2020
Interesting Developments In Our Market
Retail ADVHighest retail ADV recorded in history
New Individual CDS AccountsAged between 25-44 years old contributed 64% of accounts opened in 1H2020
1%
13%
21%
26%
22%
15%
2%
< 25 25 - 34 35 - 44 45 - 54 55 - 64 > 65 Others
305
442 430 400
912
200
400
600
800
1000
2016 2017 2018 2019 YTD June2020
RM
mil
• An Encouraging Trade Patterns from Our Retail Investors.
• More Millennials Entering Into Our Market.
4-year CAGR 0f 32%
82
-1,229
3,992
2,605
6,398
-2,000
-
2,000
4,000
6,000
8,000
RM
mil
2016 2017 2018 2019 YTD June
2020
61,440
88,080
52,225
-
20,000
40,000
60,000
80,000
100,000
120,000
2019 YTD June
2020
1H
2H
43%
7
Rising percentage contribution to total ADV
Market Measures Undertaken By Bursa
8
• Working in partnership with POs to ensure good market conduct
• Real-time Surveillance and robust detection method of unusual
market activities
• Close monitoring of material announcements by PLCs to ascertain
genuinity of material announcements
Managing Investors Confidence
• Engage & assist POs to mitigate system disruption
• Monitor system connectivity, capacity and stability of POs’
trading system
• Monitor POs’ cyber security through BMCERT
Stakeholder Engagement
• Dynamic Limit/Last Price Limit
• Static Limit
• Circuit Breaker
• Suspension on Short Selling
Robust Market Controls
• Actively push information to investors through our digital platforms
to keep investors informed
• Active collaboration with brokers to ramp up online seminars
• Constant engagement with retails investors through social &
electronic mediums
Investor Education
Various Measures Were Undertaken To Ensure Our Market Continue to Operate In A
Fair And Orderly Manner
Key Financial Highlights & Market Performance• Financial Highlights for 1H2020
• Half-yearly Financial Trend
• Dividends
• Securities Market Overview
• Derivatives Market Overview
• Islamic Capital Market Overview9
10
Financial Highlights for 1H2020Strong financial results driven by strong performance in Securities
and Derivatives Markets
▪ Increase in operating revenue contributed by higher trades in the Securities and
Derivatives Market.
▪ Increase in operating expenses due to higher manpower and technology costs.
▪ Declared interim dividend of 17.0 sen. The entitlement and payment dates for the
dividend are 14th and 26th August 2020 respectively.
1H2020 vs. 1H2019:
Operating
Expenses
RM127.1m
3.7%
Operating
Revenue
RM320.7m
33.6%
PATAMI
RM151.0m
62.0%
Dividend
17.0 sen
63.5%
Cost to Income
Ratio
39%
10 p.p.
Annualised
ROE
39%
18 p.p.
25 26
25
22
26 25
28
23 21
22
39
46 46 47 46 44
4642
46 49 49
39
240 247 248
225
269
253
279
244 240 240
321
97 102 99 95
116 107
122
102 93 93
151
1H2015 2H2015 1H2016 2H2016 1H2017 2H2017 1H2018 2H2018 1H2019 2H2019 1H2020
11
Half Yearly Financial TrendHighest first half financial performance since listing
Operating Revenue
(RM mil)
PATAMI
(RM mil)
Cost to Income
Ratio (%)ROE (%)
12
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
Mala
yan B
ankin
g
CIM
B G
roup H
old
ings
RH
B B
ank
KLC
CP
Tenaga N
asi
onal
Genti
ng M
ala
ysi
a
Petr
onas
Gas
Sim
e D
arb
y
Sim
e D
arb
y P
lanta
tion
DiG
i.C
om
Public B
ank
MIS
C
Maxis
Hong L
eong B
ank
HA
P S
eng C
onso
lidate
d
Genti
ng
Hong L
eong F
inancia
l G
roup
Petr
onas
Dagangan
Petr
onas
Chem
icals
Gro
up
Axia
ta G
roup
Tele
kom
Mala
ysi
a
Kuala
Lum
pur
Kepong
Nest
le M
ala
ysi
a
IOI C
orp
PPB G
roup
Pre
ss M
eta
l A
lum
iniu
m H
old
ings
Dia
log G
roup
IHH
Healt
hcare
Top G
love C
orp
Hart
ale
ga H
old
ings
BU
RSA
MA
LA
YSIA
Dividend Yield (annualised) – Bursa vs. FBMKLCI Constituents
4.1
Source: Bloomberg and Bursa Malaysia
11.3 13.3 14.010.4
17.0
11.312.3 11.6
10.4
10.0 8.0
2016 2017 2018 2019 1H20
Special Dividend (sen)Final Dividend (sen)
* Exclude special dividend
Payout
91%
Payout
94%
Interim Dividend (sen)
DividendsHighest interim dividend since listing
%
Payout
93%*
Payout
91%
Payout
92%*
Declared interim dividend of 17.0 sen. The entitlement and payment dates are on the 14th and 26th of August 2020
respectively.
Note: Comparative figures have been adjusted to reflect the bonus issue exercise completed on 13 April 2018.
10.1%
Total Shareholders’
Return (annual)
20.4% 6.4% -7.9% 22.4%
13
1.4
0.2
1.7
1.6
1H2019
1H2020 1.8
3.1
1,753
1,580
30 JUNE 2019
30 JUNE 2020
929
1,467
495
1,021
620
635
1H2019
1H2020
2,044
3,123
Securities Market OverviewHigh trades driven by higher volatility
Average Daily Value (“ADV”) (OMT)
(RM mil)
Velocity (%)
Fund raised from new listings Fund raised from secondary market
ADV - Domestic Institutions ADV - Retail ADV - Foreign Institutions
Market Capitalisation
Note: OMT – On Market Trades
52.8%
ADV
9.9%Market Cap
Market Capitalisation (RM bil)
41.9%Fund Raised
Fund Raised from New Listings &
Secondary Market (RM bil)
50
29
FBMKLCI
1,501
1,672
No. of New Listing
7
14
Number of new
CDS Accounts
167,321
83,840
14
8,990
15,042
38,595
61,125
1,766
789
1H2019
1H2020
ADC - Crude Palm Oil Futures (“FCPO”)
Derivatives Market OverviewIncrease in derivatives trades resulting from higher volatility in the
underlying
ADC - OthersADC – FBMKLCI Futures (“FKLI”)
78%18%
Average Daily Contracts (“ADC”) & Volatility
79%20% 1%
76,956
49,351
4%
55.9%
ADC
1 Sept 2010
111,548
30 Jun 2020
243,382
19 Aug 2019
200,757
Open Interest (No. of Contract)
Volatility of Crude Palm
Oil Prices (%)
36
18
Volatility of
FBMKLCI (%)
17
7
15
Islamic Capital Market OverviewMarginal ADV growth
26.7
26.9
5.4
6.1
1H2019
1H2020 33.0
32.1
Bursa Suq Al-Sila’ (“BSAS”) ADV
(RM bil)
Domestic Foreign
2.5%
ADV
1,114
1,092
30 JUNE 2019
30 JUNE 2020
Market Capitalisation of Shariah Compliant Stocks
2.0%Shariah
Market Cap
No. of Trading
Participants
236
199
No. of Shariah
Compliant Stocks (%)
79
76
Market Capitalisation of Shariah Compliant Stocks
(RM bil)
Financial Review• Financial Snapshot
• Operating Revenue
• Operating Expenses
16
17
46.3
86.293.2
151.0
2Q2019 2Q2020 1H2019 1H2020
118.6
175.2
240.0
320.7
2Q2019 2Q2020 1H2019 1H2020
62.0%
60.6 63.6
122.6 127.1
2Q2019 2Q2020 1H2019 1H2020
Financial SnapshotImproved performance for first half of 2020
Operating revenue (RM mil) Operating expenses (RM mil)
PATAMI (RM mil)
49
35
49
39
2Q2019 2Q2020 1H2019 1H2020
Cost to income ratio (%)
+47.8%
+33.6%
+5.0%
+3.7%
+86.1%
+62.0%
-14 p.p-10 p.p
18
Growth contributed by higher securities and derivatives trading
revenue
Operating Revenue
Revenue Stream (RM mil)
Total
(RM mil)Securities
Trading
Revenue
Derivatives
Trading
Revenue
BSAS
Trading
Revenue
Listing &
Issuer
Services
Depository
ServicesMarket Data
Member
Services &
Connectivity
Conference
Fee & Other
Related
Income
1H2020 188.2 (59%) 48.0 (15%) 6.3 (2%) 24.0 (7%) 21.3 (7%) 22.6 (7%) 10.3 (3%) Nil (0%) 320.7
1H2019 117.8 (49%) 33.3 (14%) 7.6 (3%) 25.2 (11%) 21.2 (9%) 19.0 (8%) 10.9 (5%) 5.0 (2%) 240.0
YoY
240.0
320.7
1H2019 1H2020
Growth contribution by revenue streams (RM mil) :
59.7% 44.3% 17.2% 4.7% 0.2% 18.9% 4.5% 100.0% 33.6%
+70.4
+14.7 -1.3-1.2 +0.1
+3.6 -0.6 -5.0
▪ Increase in securities trading revenue mainly due to higher
ADV-OMT.
▪ Increase in derivatives trading revenue due to higher number
of FCPO and FKLI contracts.
▪ Decrease in BSAS trading revenue despite higher BSAS ADV due
to lower effective fee despite higher trades under the volume
based pricing.
▪ Decrease in listing & issuer services mainly due to rebates for
annual listing fees.
▪ Increase in market data revenue due to increase in
subscriptions.
▪ Decrease in conference income due to the cancellation of POC
event.
19
Expenses (RM mil)
Total
(RM mil)Manpower
Costs
Depreciation
&
Amortisation
Marketing &
Development
IT
MaintenanceService Fees
Other
Operating
Expenses
1H2020 70.0 (55%) 10.9 (9%) 2.3 (2%) 12.2 (10%) 12.1 (10%) 19.6 (15%) 127.1
1H2019 68.6 (56%) 10.2 (8%) 8.6 (7%) 10.0 (8%) 9.2 (8%) 16.0 (13%) 122.6
YoY
Operating ExpensesCosts increased marginally by 4%
2.1% 6.2% 73.5% 22.9% 31.2% 22.5% 3.7%
1H2019 1H2020
122.6
127.1
Movement of expenses (RM mil):
+1.4+0.7 -6.3
+2.2
+2.9
+3.6 ▪ Increase in manpower cost due to higher provision of
variable costs.
▪ Lower marketing & development cost as there were lesser
activities due to MCO and cancellation of POC.
▪ Increase in IT Maintenance due to additional licensing fee.
▪ Increase in Globex fees due to higher number of derivatives
contracts traded.
▪ Increase in other operating expenses due to higher
professional fees and impairment loss on receivables.
1H2020 Financial Results
Q&A
20
Appendices• 1H2020 Highlights
• Securities Market Trading Activity
• Securities Market Trading Participation
• Securities Market Foreign Ownership
• Foreign Inflow/Outflow
• Derivatives Market Activity
• Derivatives Market Demography
• Islamic Capital Market Activity21
22
Highlights of 1H2020 Initiatives
▪ Introduced world’s first options contract on US denominated palm olein futures
▪ Announced physical delivery settlement methodology for MGS Futures
▪ Amended Main & ACE Market Listing Requirements to facilitate application of specified corporate exercises via electronic means
Strengthening the Core
▪ Implemented ISO20022 messaging standards for corporate announcements
▪ Launched new features on Bursa Anywhere mobile app
Capitalising on Technology & Information
▪ Signed MoU with Shenzhen Stock Exchange and Taiwan Futures Exchange
▪ Hosted the inaugural Shariah Investing Virtual Conference 2020 with CGS-CIMB
Regional and Global Connectivity
▪ Joined the Bloomberg Gender-Equality Index in recognising commitment to advancing women in the workplace
▪ Launched “Equality for Equity” campaign to reduce gender investing gap in the market
▪ Launched Bursa Academy to elevate financial literacy and investor education
Sustainability as a way of Life
▪ Announced the setting up of a regulatory subsidiary
▪ Announced relief measures to alleviate the impact of COVID-19
Corporate Development
23
1,643
2,308
2,002
1,686
2,068 2,053 2,196
1,901 2,081
1,913 1,933 2,042 1,981 1,842 1,740 1,690
2,378 2,621
1,951
2,316
2,716 2,730
2,226
1,912 2,069 2,022
1,855 1,790
2,529
3,758
1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20 2Q20
28
37
3125
30 29 30 28 30 28 29 30 29 27 26 2534 35
2631
35 37
30 27 30 29 27 26
39
62
33 3328 30 29 30 27
32 32 28
50
1,454 1,699 1,573
1,915 2,053 1,991 1,812
2,314 2,392
1,930
3,123
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1H20
Turnover Velocity (%)
Quarterly ADV Traded & Velocity
Average Daily Value Traded (RM mil)
Average Daily Value Traded (RM mil)Turnover Velocity (%)
Annual ADV Traded & Velocity
Securities Market Trading Activity
24
392 442
354 424
530 464
372
525 538
473
1,021
73 74 77 78 74 77 79 77 78 7567
27 26 23 22 26 23 21 23 22 2533
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
1H
20
73 74 74 74 76 73 73 78 73 7079
27 26 26 26 24 27 27 22 27 3021
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
1H
20
For 2009, the statistics were based on Brokers’ submission. From 2010 onwards statistics were based
on Bursa’s internal system.
Retail (%) Institution (%) Local (%)Foreign (%)Retail ADV
Traded (RM mil)
Foreign ADV
Traded (RM mil)
Retail vs. Institution Foreign vs. Local
Securities Market Trading Participation
392 437 404 507 492
544 491 506
647 571
647
25
Securities Market Foreign Ownership
22.3
23.1
24.4
24.0 2
4.3
22.8
22.3
22.9
23.4 23.6
24.2
24.1
24.1
23.9
23.5
23.6
23.6
23.4 2
3.7
23.4
23.5
23.5 23.7
23.4
23.2
23.1
23.2
23.0
22.9
22.7
22.6
22.3
22.4
22.3
22.3
22.0
21.7
21.4
2010
2011
2012
2013
2014
2015
2016
2017
Jan-1
8
Feb-1
8
Mar-
18
Apr-
18
May-1
8
Jun-1
8
Jul-
18
Aug-1
8
Sep-1
8
Oct-
18
Nov-1
8
Dec-1
8
Jan-1
9
Feb-1
9
Mar-
19
Apr-
19
May-1
9
Jun-1
9
Jul-
19
Aug-1
9
Sep-1
9
Oct-
19
Nov-1
9
Dec-1
9
Jan-2
0
Feb-2
0
Mar-
20
Apr-
20
May-2
0
Jun-2
0
Based on Market Capitalisation (%)
26
-10,000
-5,000
0
5,000
10,000
2017
TNFI: RM10.8 bil
2015
TNFO: RM19.7 bil
2016
TNFO: RM3.2 bil
TNFI: Total Net Foreign Inflow
(RM mil)
TNFO: Total Net Foreign Outflow
Foreign Inflow/Outflow
Monthly foreign inflow/outflow from 2015 to 2020
135
-79
-2,599
-559 -485
-1,542-1,216
-138
-1,969
-5,522
-2,673 -2,996 -2,983
-6,000
-5,000
-4,000
-3,000
-2,000
-1,000
0
1,000Monthly foreign inflow/outflow from June 2019 to June 2020(RM mil)
2018
TNFO: RM11.7 bil
1H2020
TNFO: RM16.3 bil
2019
TNFO: RM11.1 bil
196
213
204196
218
239
288
196
207
229 235
230
283
293
226237
262263
261
295
283
290
306
245
274
247
234
283
259
243
132
152
214
196196
230
237
295
245283
243
27
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
1H
20
1Q
13
2Q
13
3Q
13
4Q
13
1Q
14
2Q
14
3Q
14
4Q
14
1Q
15
2Q
15
3Q
15
4Q
15
1Q
16
2Q
16
3Q
16
4Q
16
1Q
17
2Q
17
3Q
17
4Q
17
1Q
18
2Q
18
3Q
18
4Q
18
1Q
19
2Q
19
3Q
19
4Q
19
1Q
20
2Q
20
22%
Quarterly Average Daily Contracts (’000)
60
Total Annual Contract (mil)
Crude Palm Oil FuturesOthersOpen Interest (’000)
20%
79%
6.2
8.4
9.6
FBMKLCI Futures
`
`
77
%
4542
4642
10.7
50
12.5
44
54
Derivatives Market Activity
55
14.2
62
51
62
56
14.0
58 56
62
55
14.1
57 5754 53
13.7
56 56`
`
1% 1%
58
47
9.4
51
5963
86
13.5
68
Foreign Institutions
28
21 1915 18 20 18
14 11 14 13 13
4442
2828 24
23
1918
2519
27
22
21 2
5
33
3
2
3
3337
55 53 54 55
6468
5866
57
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1H20
(%)FKLI
34 34 36 33 34 31 2823
18 16 16
26 24 1917 15
1516
2024 25
30
11
1 11
1 1 1 1
1
1513
12
10 15 2121 23
2016
11
25 2832
3935 32 34 33
3742 42
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1H20
(%)FCPO
Local
Domestic Retail
Domestic
Institutions
Foreign Institutions Local
Domestic RetailDomestic
Institutions
Foreign Retail
Derivatives Market Demography
3.9 6.9
15.2 16.319.6
24.3
30.6 33.0(RM bil)
29
2.75.5
13.5 13.4 15.118.1
25.1 26.9
1.21.4
1.72.9
4.5
6.2
5.56.1
2013 2014 2015 2016 2017 2018 2019 1H20
BSAS Annual Average Daily Value
Local ADV Foreign ADV BSAS ADV (RM bil)
2.6 2.4 2.7 3.2 3.7 3.7 5.9
8.5 10.4 12.0
14.4 16.9 16.1 12.7 12.2
12.6 13.6 15.1 15.5 16.1 16.2 14.3 15.9
25.7 26.3 27.2 23.9 23.2
26.2 27.6
1.1 1.0 1.1 1.5 1.4 1.5
1.4 1.4
1.5 1.6
1.6 2.1 2.6
2.7 3.0 3.2 3.8
3.7 4.9 5.6 6.4 5.9
5.7
6.8 5.3 5.5 6.5
4.6 4.2
8.1
1Q
13
2Q
13
3Q
13
4Q
13
1Q
14
2Q
14
3Q
14
4Q
14
1Q
15
2Q
15
3Q
15
4Q
15
1Q
16
2Q
16
3Q
16
4Q
16
1Q
17
2Q
17
3Q
17
4Q
17
1Q
18
2Q
18
3Q
18
4Q
18
1Q
19
2Q
19
3Q
19
4Q
19
1Q
20
2Q
20
BSAS Quarterly Average Daily Value(RM bil)
Islamic Capital Market Activity
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