ENDED 31 MARCH 2020 - PMB SHARIAH INDEX FUND - PMB Investment Berhad
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Islamic Fund Management Company (IFMC)
PMB SHARIAH
INDEX FUND
ANNUAL REPORT FOR
THE FINANCIAL YEAR
ENDED 31 MARCH 2020>>> ANNUAL REPORT - PMB SHARIAH INDEX FUND >>> (1) Dear Unitholder, MOVING TOWARDS ELECTRONIC COMMUNICATION. We wish to inform that you have been automatically enrolled to receive funds‘ reports via electronic medium effective 31 March 2018. You will receive a notification by SMS/email when the funds‘ report is ready for download on our website at www.pmbinvestment.com.my. Please note that the report will be available to view and download from our website until next financial report. Please inform us in writing if you do not wish to receive the documents electronically. Should you have any queries or need further clarification, please do not hesitate to contact our Investor Relation Careline at 03- 2785 9900 or email at investorrelation@pelaburanmara.com.my Thank you.
>>> ANNUAL REPORT - PMB SHARIAH INDEX FUND >>> (2) Dear Valued Customer PMB INVESTMENT BERHAD – PRIVACY NOTICE UNDER PERSONAL DATA PROTECTION ACT 2010 Effective from 15 November 2013, the Personal Data Protection Act 2010 (PDPA) was introduced to regulate the personal data processed in commercial transactions. PMB INVESTMENT BERHAD respects and is committed to the protection of your personal information and your privacy. This Personal Data Protection Notice explains how we collect and handle your personal information in accordance with the Malaysian Personal Data Protection Act 2010. Please note that PMB INVESTMENT BERHAD may amend this Personal Data Protection Notice at any time without prior notice and will notify you of any such amendment via our website or by email. Privacy Notice content involves matters concerning the processing of your personal information by us in connection with your investment account and/or services with us. Please take time to read and take note of the contents of the Privacy Notice in effect. If you would like to access your personal information, please refer to our Personal Data Access @ www.pmbinvestment.com.my and/or visit our offices whether head office or other branches. If you would like to obtain further information, please do not hesitate to contact us at Customer Care Line 03-2785 9900.
>>> ANNUAL REPORT - PMB SHARIAH INDEX FUND >>> (3)
CORPORATE INFORMATION
MANAGER
PMB INVESTMENT BERHAD
(A member of Pelaburan MARA Berhad)
HEAD OFFICE
Level 20, 1 Sentral
Jalan Rakyat, Kuala Lumpur Sentral
Peti Surat 10701
50722 Kuala Lumpur
Tel: (03) 2785 9800 Fax: (03) 2785 9901
E-mail: investorrelation@pelaburanmara.com.my
Website: www.pmbinvestment.com.my
BOARD OF DIRECTORS
Dato‘ Sri Hj Abd Rahim bin Hj Abdul
Prof. Dr. Faridah binti Hj Hassan
Mansoor bin Ahmad
Nik Mohamed Zaki bin Nik Yusoff
Najmi bin Haji Mohamed
YM Tengku Ahmad Badli Shah bin Raja Hussin
CHIEF EXECUTIVE OFFICER
Najmi bin Haji Mohamed
COMPANY SECRETARIES
Mohd Shah Bin Hashim (BC/M/148)
(Effective from 19 August 2019)
INVESTMENT COMMITTEE MEMBERS
Mansoor bin Ahmad
Nik Mohamed Zaki bin Nik Yusoff
Prof. Dr. Mohamed Aslam bin Mohamed Haneef
TRUSTEE
AMANAHRAYA TRUSTEES BERHAD
SHARIAH ADVISER
BIMB SECURITIES SDN BHD
AUDITORS
JAMAL, AMIN & PARTNERS>>> ANNUAL REPORT - PMB SHARIAH INDEX FUND >>> (4)
TABLE OF CONTENTS
1. FUND INFORMATION 6
1.1 FUND NAME 6
1.2 DATE OF LAUNCH 6
1.3 FUND CATEGORY/TYPE 6
1.4 FUND INVESTMENT OBJECTIVE 6
1.5 FUND PERFORMANCE BENCHMARK 6
1.6 FUND DISTRIBUTION POLICY 6
1.7 UNIT HOLDINGS AS AT 31 MARCH 2020 6
2. FUND PERFORMANCE DATA 7–8
2.1 PORTFOLIO COMPOSITION 7
2.2 PERFORMANCE DETAILS 7
3. MANAGER’S REPORT 9 – 27
3.1 FUND PERFORMANCE 9
3.2 INCOME DISTRIBUTION/UNIT SPLIT 10
3.3 CHARACTERISTIC AND COMPARISON OF 10
INVESTMENT COMPONENTS OF FBMSHA AS AT 31
MARCH 2020
3.4 POLICY AND INVESTMENT STRATEGY 10
3.5 ASSET ALLOCATION OF THE FUND 11
3.6 ECONOMIC REVIEW 12
3.7 EQUITY MARKET REVIEW 13>>> ANNUAL REPORT - PMB SHARIAH INDEX FUND >>> (5)
TABLE OF CONTENTS
3.8 MONEY MARKET REVIEW 16
3.9 INTEREST OF UNIT HOLDERS 17
3.10 SOFT COMMISSIONS AND REBATES 17
4. TRUSTEE’S REPORT 28
5. SHARIAH ADVISER’S REPORT 29
6. STATEMENT BY MANAGER 30
7. AUDITOR’S REPORT 31 – 34
8. FINANCIAL STATEMENT 35 – 64
9. BUSINESS INFORMATION NETWORK 65 – 68
10. INFORMATION OF INVESTOR RELATION 69
11. INVESTOR PROFILE UPDATE FORM 70>>> ANNUAL REPORT - PMB SHARIAH INDEX FUND >>> (6)
1. FUND INFORMATION
1.1 FUND NAME
PMB SHARIAH INDEX FUND – PMB SIF.
1.2 DATE OF LAUNCH
15 Januay 2013.
1.3 FUND CATEGORY/TYPE
Equity (Shariah)/ Index.
1.4 FUND INVESTMENT OBJECTIVE
The objective of the Fund is to provide investors with an opportunity to
gain reasonable return and capital growth in the medium to long term
period by investing in Shariah-compliant securities whilst at the same time
the Manager will attempt to match closely its performance with the
performance of the FBMSHA.
1.5 FUND PERFORMANCE BENCHMARK
FTSE Bursa Malaysia EMAS Shariah Index (FBMSHA)
1.6 FUND DISTRIBUTION POLICY
The distribution is annual, subject to the total returns of the Fund,
availability of income for the financial period, cash flow of the distribution
and stability and sustainability of the distributon of returns. The distribution
of income, if any, will be made in the form of cash or additional units.
1.7 UNIT HOLDINGS AS AT 31 MARCH 2020
No. of Unit No. of Units
Size of Holdings % %
Holders Held
5,000 and below 2,016 78.26 3,541,571.11 12.29
5,001 - 10,000 291 11.29 2,077,647.01 7.21
10,001 - 50,000 240 9.32 4,152,513.60 14.41
50,001 - 500,000 27 1.05 2,162,981.90 7.51
500,001 and above 2 0.08 16,881,150.00 58.58
Total 2,576 100.00 28,815,863.62 100.00
* Note: Excluding manager’s unit>>> ANNUAL REPORT - PMB SHARIAH INDEX FUND >>> (7)
2. FUND PERFORMANCE DATA
2.1 PORTFOLIO COMPOSITION
FINANCIAL YEAR ENDED 31 MARCH
SECTOR 2020 2019 2018
Main Market % % %
Consumer Products & Services 1.95 12.46 5.90
Industrial Products & Services 7.48 9.84 17.08
Construction 5.91 4.60 4.20
Trade & Services - - 43.15
Financial Services 1.42 1.16 0.25
Property 3.42 2.53 2.92
Islamic Real Estate Investment Trust - 1.08 0.88
(i-REIT)
Energy 6.96 3.08 -
Healthcare 8.95 12.86 -
Telecommunications & Media 14.78 13.63 -
Transportation & Logistic 3.56 4.18 -
Utilities 14.64 15.68 -
Infrastructure - - 0.60
Plantation 10.35 11.86 13.71
Technology 2.52 1.09 2.35
Ace Market
Technology 1.26 - -
Quoted Shariah-compliant Warrant - - 0.01
Islamic Deposit / Cash / Others 16.80 5.95 8.95
Total 100.00 100.00 100.00
2.2 PERFORMANCE DETAILS
FINANCIAL YEAR ENDED 31 MARCH
2020 2019 2018
Net Asset Value (NAV) - xD (RM‘000) 11,410 12,913 14,413
Unit in circulation (‘000) 28,816 28,822 28,517
NAV per unit - xD (RM) 0.3960 0.4480 0.5054
NAV per unit - xD: Highest (RM) 0.4874 0.5150 0.5303
NAB Seunit - xD: Lowest (RM) 0.3718 0.4406 0.4878
Total Return * (%) (8.04) (8.29) 5.80
- Capital Growth * (%) (11.61) (11.36) 3.25
- Income Return (%) (3.57) (3.07) 2.55
Gross Distribution per unit (sen) ^ 1.60 1.55 1.25
Net Distribution per unit (sen) ^ 1.60 1.55 1.25
Management Expenses (%) 0.75 0.72 0.82
Ratio (MER) ¹
Portfolio Turnover Ratio (PTR) ² (times) 0.93 0.53 0.21
* Source: Lipper
^ The distribution is in the form of unit. Unit split (if any) are not eligible for income distribution
for the current financial year.
Past performance is not necessarily indicative of future performance,
unit prices and investment returns may fluctuate.>>> ANNUAL REPORT - PMB SHARIAH INDEX FUND >>> (8)
2.2 PERFORMANCE DETAILS (CONT.)
¹ MER for PMB SIF was slightly up by 0.03 percentage points to 0.75% from
0.72% in the corresponding period last year. The increase due to reduction
in the average size of fund by 2.34% to RM13.31 million from RM13.63
million. Meanwhile, total expenditure was unchanged.
² The PTR percentage increased by 75.50% to 0.93 times from 0.53 times
for the financial year ended 31 March 2020, as compared to the same
period of the previous year. This was due to the increasing buy and sell of
shares activities in line with the market conditions during the reviewed
period. Purchase and sell activities were carried out based on a changing
investment strategy in accordance with market conditions.
* AVERAGE TOTAL RETURN (31 MARCH)
1-year 3-year 5-year
PMB SIF (8.01%) (3.72%) (2.81%)
BENCHMARK (13.51%) (7.60%) (5.09%)
* ANNUAL TOTAL RETURN (31 MARCH)
2020 2019 2018 2017 2016
PMB SIF (8.04%) (8.29%) 5.80% 0.58% (3.39%)
BENCHMARK (13.54%) (11.66%) 3.27% 2.50% (4.75%)
* Source: Lipper
Past performance is not necessarily indicative of future performance,
unit prices and investment returns may fluctuate.>>> ANNUAL REPORT - PMB SHARIAH INDEX FUND >>> (9)
3. MANAGER’S REPORT
We are pleased to present the Manager‘s report of PMB SIF for the
financial year ended 31 March 2020 (1 April 2019 until 31 March 2020).
3.1 FUND PERFORMANCE
Fund has met its objective, which is to gain reasonable return and capital
growth in the long term period. However, for the medium term not met.
Based on data from Lipper, the Fund's returns for 10-year recorded an
increase of 28.47%. Meanwhile for 5 and 3-year period, the Fund
recorded a negative return of 13.29% and 10.77% respectively. For the
1-year financial period, the Fund's return fell by -8.04%.
Fund‘s performance measured against benchmark FBMSHA for 3-year
ended 31 March 2020 is as follows:-
Source: Lipper
The graph illustrates the movement of the Fund‘s return against the
benchmark. For the 3-year period ended 31 March 2020, the Fund‘s
NAV/unit decreased 10.77% whereas its benchmark also decreased
21.12%.
Source: Lipper
The graph illustrates the movement of the Fund‘s return against the
benchmark. For the 5-year period ended 31 March 2020, the Fund‘s
NAV/unit recorded a negative return of 13.29%. In comparison, its
benchmark fell 22.99%.
For 1-year financial period ended 31 March 2020, NAV/unit decreased by
RM0.0360 or -8.04% to RM0.4120 (cD) from RM0.4480 (xD) as at 31
March 2019.>>> ANNUAL REPORT - PMB SHARIAH INDEX FUND >>> (10)
3.2 INCOME DISTRIBUTION/UNIT SPLIT
The Fund has declared an income distribution of 1.60 sen (net) per unit in
the form of new unit except for Yayasan Sarawak (cash) for the financial
year ended 31 March 2020.
The Fund did not carry out any unit split exercise during the financial year
ended 31 March 2020.
3.3 CHARACTERISTIC AND COMPARISON OF INVESTMENT COMPONENTS OF
FBMSHA AS AT 31 MARCH 2020
The FBM Shariah comprises the constituents that are Shariah-compliant
according to the Shariah Advisory Council (SAC) of the Securities
Commission Malaysia (SC) screening methodology. The FBM Shariah has
been designed to provide investors with a broad benchmark for Shariah-
compliant investment. It was launched on 22 January 2007 and developed
using a base value of 6,000 as of 31 March 2006. As of 31 March 2020,
FBM Shariah contains 180 components.
% %
Components Components
Industry Breakdown*
FBMSHA PMB SIF
31/3/20 31/3/20 31/3/19
Shariah-compliant Equity
Consumer Products & Services 14.06 1.95 12.46
Industrial Products & Services 8.77 7.48 9.84
Construction 4.12 5.91 4.60
Financial Services 1.01 1.42 1.16
Property 2.33 3.42 2.53
Plantation 12.60 10.35 11.86
Technology 3.17 2.52 1.09
Energy 5.73 6.96 3.08
Healthcare 11.95 8.95 12.86
Utilities 16.06 14.64 15.68
Transportation & Logistics 4.23 3.56 4.18
Telecommunications & Media 15.42 14.78 13.63
ACE Market : Technology - 1.26 -
99.45 83.20 92.97
Islamic Real Estate Investment 0.55 - 1.08
Trust (i-REIT)
Islamic Deposits and others - 16.80 5.95
Total 100.00 100.00 100.00
* the industry breakdown is based on the classification by Bursa Malaysia
3.4 POLICY AND INVESTMENT STRATEGY
It is a passively managed index fund whereby the Fund Manager
constructs the Fund‘s investment portfolio based on an index sampling
approach by investing not less than 60% of the Fund‘s NAV in the top 15
constituent stocks of the FBM Shariah that represent approximately 64%
of the market capitalization of the index. The balance will be invested in
the next remaining constituent stocks of FBM Shariah and any other
Shariah-compliant securities listed on Bursa Malaysia. The Fund shall
invest in the Shariah–compliant equity at 90% to 99.5% of its NAV.>>> ANNUAL REPORT - PMB SHARIAH INDEX FUND >>> (11)
3.4 POLICY AND INVESTMENT STRATEGY (CONT.)
Top 15 Constituents Of The FBMSHA Versus Top 15 Stocks Of The Fund
As At 31 March 2020
Constituent % FBMSHA % PMB SIF
1. Tenaga Nasional Bhd 12.91 9.57
2. Sime Darby Plantation Bhd 4.85 4.78
3. Digi.Com Bhd 4.39 4.57
4. IHH Healthcare Bhd 4.22 0.00
5. Axiata Group Bhd 4.14 4.18
6. Maxis Bhd 4.04 3.98
7. Petronas Chemicals Group Bhd 3.93 4.74
8. Dialog Group Bhd 3.83 3.82
9. IOI Corporation Bhd 3.49 3.90
10. PPB Group Bhd 3.03 0.00
11. Top Glove Corp Bhd 3.00 3.50
12. MISC Bhd 2.94 3.56
13. Hartalega Holdings Bhd 2.78 2.48
14. Kuala Lumpur Kepong Bhd 2.66 0.00
15. Petronas Gas Bhd 2.42 3.31
62.64 52.39
Other constituents 36.81 30.83
Shariah-compliant Equity 99.45 83.22
Islamic Real Estate Investment Trust
(i-REIT) 0.55 -
Liquidity - 16.78
Total 100.00 100.00
* the industry breakdown is based on the classification by Bursa Malaysia
3.5 ASSET ALLOCATION OF THE FUND
Comparison of investment components based on NAV is as follows:-
ASSET ALLOCATION
Investment
31 March 31 March Exposure
2020 2019 Change Average
(%) (%) (%) (%)
Shariah-compliant Equity 83.20 92.97 (9.77) 88.09
Islamic Real Estate
- 1.08 (1.08) 0.54
Investment Trust (i-REIT)
Islamic Deposits/ cash/
16.80 5.95 10.85 11.37
others
As at 31 March 2020, 83.20% of the Fund‘s NAV was invested in Shariah-
compliant equity market. The balance of 16.80% was held in Islamic deposits
and/or other permitted investments.>>> ANNUAL REPORT - PMB SHARIAH INDEX FUND >>> (12)
3.6 ECONOMIC REVIEW
The Malaysian economy was driven by higher private sector spending
(7.4%; 3Q 2019: 5.4%) in the fourth quarter of 2019. Private consumption
grew strongly by 8.1% (3Q 2019: 7.0%), while private investment
registered a higher growth of 4.2% (3Q 2019: 0.3%). However, growth
was affected by supply disruptions in the commodities sector.
Consequently, the Malaysian economy expanded by 3.6% in the fourth
quarter of 2019. On a quarter-on-quarter seasonally-adjusted basis, the
economy grew by 0.6% (3Q 2019: 0.9%). For 2019 as a whole, the
economy expanded by 4.3% (2018: 4.7%). During the quarter, headline
inflation averaged lower mainly reflecting the lapse in the impact from
Sales and Services Tax (SST) implementation. Core inflation, excluding
the impact of consumption tax policy changes, was stable at 1.4%.
The Ringgit appreciated by 2.3% against the US Dollar in the fourth
quarter, supported mainly by the resumption in non-resident portfolio
inflows. This was due to improved investor sentiments following positive
developments on global trade negotiations. Synchronised policy rate cuts
by several major central banks also contributed to the improvement in
global investor risk appetite during the quarter. As a result, for 2019 as a
whole, the Ringgit recorded an appreciation of 1.1% against the US
Dollar, in line with the trend of regional currencies. The performance of
Ringgit in 2020 will continue to be influenced by external developments.
While the Phase One trade deal between the US and PR China
contributed to an improved outlook on global trade, investor sentiments
are also affected by concerns over the recent coronavirus outbreak. As a
result, the Ringgit depreciated by 1.3% against the US Dollar this year up
to 10 February, amid weaker sentiments in global financial markets.
Net financing expanded by 4.7% on an annual basis, supported by
sustained growth in outstanding loans. Growth in outstanding business
loans improved, while outstanding household loans grew at a stable pace.
Demand for both business and household loans sustained its momentum
from improvements since the second quarter. However, growth of
outstanding corporate bonds moderated slightly amid higher redemptions.
Going into 2020, growth, particularly in the first quarter of the year, will be
affected by the coronavirus outbreak. The overall impact of the virus on
the Malaysian economy will, however, depend on the duration and spread
of the outbreak as well as policy responses by authorities. For the year as
a whole, growth will be supported by household spending, the realisation
of approved private investment projects in recent periods, and higher
public sector capital spending. Nevertheless, there are downside risks to
growth. These include uncertainties in external conditions arising from the
ongoing coronavirus outbreak, the various trade negotiations and
geopolitical risks, as well as domestic factors, including weakness in the
commodities sector and delays in project implementation. Thus, two-way
capital flows and exchange rate volatility should be expected. Headline
inflation in 2020 is projected to average higher than in 2019, but remain
modest. The trajectory of headline inflation will be dependent on global oil
and commodity price developments and the timing of the lifting of the
domestic retail fuel price ceilings. Underlying inflation is expected to be
broadly stable, reflecting the continued expansion in economic activity and
the absence of strong demand pressures.>>> ANNUAL REPORT - PMB SHARIAH INDEX FUND >>> (13)
3.6 ECONOMIC REVIEW ( CONT.)
Gross Domestic Product (GDP) Growth For 4th Quarter 2019
Sector 2019 2019 2018
Sector 2019 2019 2018
Production Q4 Q3 Q4
Expenditure Q4 Q3 Q4
Private Final
Agriculture -5.7% +3.7% -0.4% +8.1% +7.0% +8.5%
Consumption
Government
Construction +1.0% -1.5% +2.6% Final +1.3% +1.0% +4.0%
Consumption
Gross Fixed
Services +6.1% +5.9% +6.9% Capital -0.7% -3.7% +0.3%
Formation
Manufacturing +3.0% +3.6% +4.7% Export -3.1% -1.4% +1.3%
Mining &
-2.5% -4.3% +0.5% Import -2.3% -3.3% +0.2%
Quarrying
GDP +3.6% +4.4% +4.7% GDP +3.6% +4.4% +4.7%
(Source: Bank Negara Malaysia Website)
Inflation
Overall, inflation went up by 1.0% for 1-year period ended February 2020, higher
than 0.5% growth recorded during the same period in the preceding year. The
slower growth for 1-year period ended February 2020 was due to the drop in
transport (-1.4%).
Industrial Production Index (IPI)
IPI in February 2020 registered a growth of 5.8% over the same month in the
previous year. The growth in February 2020 was driven by the increase in all
sectors; electricity (6.8%), mining (6.1%) and manufacturing (5.6%).
Balance of Trade
For 1-year period ended February 2020, trade surplus stood at RM139.2 billion,
an expansion of RM15.0 billion (+12.0%) when compared to the same period a
year ago. Total trade for 1-year period ended February 2020 which was valued at
RM1,846.8 billion, a drop of RM22.8 billion (-1.2%) when compared to RM1,869.6
billion at the same period a year ago. For the same period, total export shrunk
0.4% to RM993.0 billion while total import also shrunk 2.2% to RM853.8 billion.
(Source: Department of Statistics Malaysia, Official Portal)
3.7 EQUITY MARKET REVIEW
For the year ending 31 March 2020, the main benchmark for the
Malaysian Shariah-compliant equity, FBM Shariah Index, had dropped by -
1,582.98 points or -13.54% to 10,105.08 while the main benchmark for
Malaysian stock market, FBM KLCI, had dropped by -292.74 points or -
17.81% to 1,350.89.
During that period, the FBM Shariah Index recorded its highest level of
12,334.29 on 4 July 2019 and its lowest of 9,120.49 on 19 March 2020.
Meanwhile, FBM KLCI posted its highest level of 1,691.00 on 2 July 2019
while the lowest level of 1,219.72 was recorded on 19 March 2020. The
movement range for the FBM Shariah Index during the stipulated financial
period was 3,213.80 points as compared to 2,362.98 points during the
same period in the previous year.>>> ANNUAL REPORT - PMB SHARIAH INDEX FUND >>> (14)
3.7 EQUITY MARKET REVIEW ( CONT.)
Market continues to weaken in April 2019 as it lacked fresh catalyst.
Moreover, market was weighed down by FTSE Russel announcement that
Malaysia was under its watchlist for potential removal from WGBI (FTSE
World Government Bond Index). Malaysia — currently assigned a '2' and
included to the WGBI since 2004, is being considered for a potential
downgrade to '1' which would render Malaysia ineligible for inclusion in the
WGBI. If this materialize, Malaysia is facing fund outflow of USD6.0 billion
to USD8.0 billion or approximately RM24.0 billion to RM33.0 billion and
this would consequently put pressure on Malaysian Ringgit.
Foreign funds staged a commendable return to Bursa in last week of May
after the deadlock in trade talks since the start of May had caused disarray
in the markets. Trade talks failed after US raised levies to 25% from 10%
on $200 billion worth of Chinese goods and Beijing retaliated by imposing
higher tariffs on $60 billion worth of U.S. goods.
Trade tensions between China and the US escalated further after the U.S.
Commerce Department moved to add Huawei and 70 affiliates to its so-
called "Entity List", effectively banning the Chinese telecoms giant from
buying parts and components from U.S. companies without a government
approval. However, US temporarily eased restrictions on China's Huawei
Technologies. Washington granted Huawei Technologies Co Ltd a licence
to purchase U.S. goods until August 2019, a move intended to give
telecom operators that rely on the Chinese firm time to make other
arrangements.
Domestically, Bank Negara Malaysia (BNM) had cut its overnight policy
rate (OPR) by 25 basis points to 3.00%, its first since 2016. Meanwhile,
Malaysia's economy in the first three months of the year grew at a slower
pace at 4.5% than the prior quarter of 4.7%.
The stock market rallied in June, boosted by U.S.-China trade optimism
and dovish comments from the various central banks. However, the stock
market closed lower in July, August and September despite Malaysia
posted Gross Domestic Product (GDP) growth of 4.9% for the second
quarter of 2019. The contributing factors were mainly due to uninspiring
second quarter Malaysia‘s corporate earnings, the 10-year US treasury
yield inverted and briefly fell below the 2-year yield, tit-for-tat retaliation
between US and China had escalated the trade tensions, geopolitical
concerns and China allowed the yuan to weaken beyond 7 per US dollar.
In October, the FBMKLCI up 14.07 points or 0.9% month-on-month (MoM)
as key banking heavyweights led gains after the US central bank cut rates
for the third time in 2019 by 25 basis points. In addition, the U.S. and
China agreed to finalise the first phase of a trade agreement, which
includes a pause in tariff escalation and China buying U.S. agriculture
products. The IMF cut its global growth forecast for 2019 to 3.0% from
3.2% due to falling manufacturing activity and trade. The forecast for 2020
was lowered to 3.4% from 3.6%. Locally, the budget 2020 was considered
as an expansionary budget and market neutral.>>> ANNUAL REPORT - PMB SHARIAH INDEX FUND >>> (15)
3.7 EQUITY MARKET REVIEW ( CONT.)
The third-quarter corporate earnings reporting season had been somewhat
underwhelming, yielding a mixed bag of results and few catalysts to drive
the market. Externally, hopes of a Sino-US trade deal were dimmed after
China warned the US of retaliation after US President Donald Trump
signed the Hong Kong Bill. Also, worries remained as some reports
suggested Beijing and Washington were unable to agree on terms of tariff
rollbacks and President Donald Trump threatened fresh tariffs.
For most of December, investors reacted positively to news that the U.S.
and China are on the verge of signing a Phase One trade deal. In the UK,
Boris Johnson won the U.K.‘s general election and subsequently set the
country on track to leave the European Union in January 2020.
Meanwhile, Organization of the Petroleum Exporting Countries (OPEC)
agreed to cut production by 500,000 barrels per day until March 2020, with
Saudi Arabia also offering up to an additional 400,000 barrel cut of its own.
Profit-taking and selling pressure continued to drag the local blue-chip
benchmark FBM KLCI lower in January 2020, with investors seemingly
reluctant to make significant moves amid lack of positive catalyst to spur
the local market sentiment. Market sentiment was also rattled by the
geopolitical tension between US - Iran and the outbreak of a new
coronavirus stemming from Wuhan, China. World Health Organization
(WHO) declared a global health emergency but did not recommend
restricting the movement of people and goods and said the country had
the situation under control. The World Bank projected Malaysia's
economic growth to inch down to 4.5% in 2020 and 2021, with weak
export expansion partly offset by strong domestic demand. Meanwhile,
BNM cut OPR to 2.75% in pre-emptive measures to secure improving
growth trajectory.
The stock market extended its sell-off in February in a volatile session, as
a domestic political crisis and the widening spread of the coronavirus
heightened pessimism among investors. After Pakatan Harapan (PH) lost
its Parliamentary majority, Tun Dr. Mahathir tendered his resignation as
Prime Minister. However, he was appointed as Interim Prime Minister by
the King. The political turmoil plaguing Malaysia was resolved when the
King appointed Tan Sri Muhyiddin Yassin as Malaysia‘s 8th Prime
Minister. On the economic front, Malaysia‘s economy expanded by 3.6% in
the 4Q 2019, dragging the full-year GDP growth to 4.3%, the lowest since
the 2009 financial crisis amid supply disruptions in the commodity sector
during the quarter. Meanwhile, 4Q2019 corporate earnings saw more
disappointing performances than outperformances.
In March 2020, FBMKLCI tumbled -8.9% MoM to close at 1,350.89
(rebounding off low of 1,220). The FBMKLCI Index started the month on a
weaker tone due to (a) the rising number of COVID-19 infections across
the region had reduced investors‘ appetite for riskier assets, (b) oil prices
tanked after OPEC led by Saudi Arabia, failed to reach agreement with the
world‘s No. 2 oil producer Russia to deepen production cuts and later on
Saudi Arabia initiated a price war, (c) WHO termed the coronavirus
outbreak a pandemic, and (d) The Dow Jones Industrial Average closed
2,352.60 points lower, or 9.99%, at 21,200.62 on 12 March, its worst drop
since the 1987 ―Black Monday‖ market crash, when it collapsed by more
than 22%.>>> ANNUAL REPORT - PMB SHARIAH INDEX FUND >>> (16)
3.7 EQUITY MARKET REVIEW ( CONT.)
By mid-month, FBMKLCI rallied on the news that (a) US Federal Reserve
pledged an unlimited quantitative easing to stabilise the economy, (b) US
Senate approved the $2 trillion fiscal stimulus package for the economy,
(c) Malaysia has unveiled a landmark comprehensive rescue plan worth a
total of RM250 billion, and (d) Securities Commission and Bursa Malaysia
have suspended short selling until 30th April.
In this volatile market sentiment, the NAV/unit decreased by 8.04% within
a 1-year period ended 31 March 2020.
(Source: Bank Negara Malaysia Website)
3.8 MONEY MARKET REVIEW
Throughout 1-year period ended 31 March 2020, the Monetary Policy
Committee (MPC) of BNM decided to reduce the OPR by 25 basis points
to 2.50% in their meeting held on 3 March 2020. The ceiling and floor rates
of the corridor of the OPR are correspondingly reduced to 2.75% and
2.25%, respectively.
Global economic conditions have weakened in the recent period. The
ongoing COVID-19 outbreak has disrupted production and travel activity,
especially within the region. This has also led to greater risk aversion,
resulting in tighter financial conditions and a resurgence in financial market
volatility. Downside risks to the global growth outlook have increased,
particularly in the near term. However, a number of countries have
implemented policy responses. With further anticipated policy measures,
these actions are expected to mitigate the economic impact of COVID-19.
The Malaysian economy grew at a moderate pace of 4.3% in 2019.
Looking ahead, growth, particularly in the first quarter, will be affected by
the COVID-19 outbreak primarily in the tourism-related and manufacturing
sectors. The weakness in the agriculture sector is also likely to persist in
the first quarter. For 2020, private and public sector activities will be
supportive of growth. Household spending is expected to grow at a slower
pace amid moderate employment and income growth. Investment activity
is projected to record a modest recovery, underpinned by ongoing and
new projects, both in the public and private sectors. The 2020 economic
stimulus package will also provide some support to economic activity.
Although domestic growth is expected to gradually improve in the second
half of the year, there are key downside risks, mainly stemming from the
evolving nature and prolonged impact of the COVID-19 outbreak, and
continued weakness in commodity-related sectors.
In 2020, headline inflation is expected to average higher but remain
modest. The trajectory of headline inflation will be dependent on global oil
and commodity price developments and the timing of the lifting of the
domestic retail fuel price ceilings. Underlying inflation is expected to be
more moderate, amid limited demand pressures despite the continued
expansion in economic activity.
The reduction in the OPR is intended to provide a more accommodative
monetary environment to support the projected improvement in economic
growth amid price stability. The MPC will continue to monitor and assess
the balance of risks surrounding the outlook for domestic growth and
inflation.
(Source: Bank Negara Malaysia Website)>>> ANNUAL REPORT - PMB SHARIAH INDEX FUND >>> (17)
3.9 INTEREST OF UNIT HOLDERS
For the financial year under review, there is no circumstances that
materially affect any interest of the unit holders other than business
transaction in accordance with the limitations imposed under the Deeds,
Securities Commission‘s Guidelines, the Capital Markets and Services Act
2007 and other applicable laws during the financial period then ended.
3.10 SOFT COMMISSIONS AND REBATES
During the 1-year financial period ended 31 March, the Fund Manager
received services from one of the stockbroking institutions that indirectly
assists in the decision-making process pertaining to the fund's investment.
The services received are in the form of advisory services on Shariah
matters. In addition, the Fund Manager also received soft commission
from brokers in term of software and computer hardware related to fund‘s
investment, stock market and economic matters.>>> ANNUAL REPORT - PMB SHARIAH INDEX FUND >>> (18)
3. LAPORAN PENGURUS
Bagi tempoh kewangan berakhir 31 Mac 2020 (1 April 2019 hingga 31
Mac 2020).
3.1 PRESTASI DANA
PMB Shariah Index Fund telah mencapai objektifnya, iaitu untuk
memperolehi pulangan yang berpatutan dan pertumbuhan modal dalam
jangka panjang. Walau bagaimanapun, untuk jangka sederhana Dana
tidak dapat mencapai objektifnya. Berdasarkan data daripada sumber
Lipper, pulangan Dana untuk jangkamasa 10-tahun mencatat pulangan
sebanyak 28.47% manakala bagi jangkamasa 5 dan 3-tahun Dana
masing-masing mencatat penyusutan sebanyak 13.29% dan 10.77%.
Untuk tempoh setahun kewangan berakhir 31 Mac 2020, pulangan Dana
menyusut sebanyak 8.04%.
Prestasi Dana berbanding tanda aras sejak bagi tempoh 3-tahun adalah
seperti berikut:-
Sumber: Lipper
Graf di atas mencerminkan pergerakan pulangan Dana untuk jangkamasa
3-tahun berakhir 31 Mac 2020. Sepanjang tempoh tersebut, NAB/unit
Dana menyusut 10.77% berbanding penyusutan penanda aras sebanyak
21.12%.
Prestasi Dana berbanding tanda aras sejak bagi tempoh 5-tahun adalah
seperti berikut:-
Sumbe r: Lipper
Graf di atas mencerminkan pergerakan pulangan Dana untuk jangkamasa
5-tahun berakhir 31 Mac 2020. Sepanjang tempoh tersebut, NAB/unit
Dana menyusut 13.29% berbanding penyusutan penanda aras sebanyak
22.99%.
Sepanjang tempoh setahun kewangan berakhir 31 Mac 2020, NAB/unit
Dana menyusut sebanyak RM0.0360 atau -8.04% kepada RM0.4120 (cD)
daripada RM0.4480 (xD) pada 31 Mac 2019.>>> ANNUAL REPORT - PMB SHARIAH INDEX FUND >>> (19)
3.2 PENGAGIHAN PENDAPATAN/TERBITAN UNIT PECAHAN
Bagi tahun kewangan berakhir 31 Mac 2020, Dana telah mengisytiharkan
pengagihan pendapatan dalam bentuk unit sebanyak 1.60 sen (bersih)
seunit kecuali Yayasan Sarawak (tunai).
Tiada sebarang unit pecahan dicadangkan sepanjang tempoh setahun
kewangan berakhir 31 Mac 2020.
3.3 CIRI-CIRI DAN PERBANDINGAN KOMPONEN PELABURAN DANA DENGAN
TANDA ARAS FBMSHA PADA 31 MAC 2020
FBM Shariah mengandungi komponen yang berlandaskan Syariah seiring
dengan metodologi penapisan Majlis Penasihat Syariah Suruhanjaya
Sekuriti Malaysia (MPSSS). FBM Shariah telah direka untuk memberi para
pelabur satu penanda aras yang menyeluruh bagi pelaburan patuh
Syariah. Ianya telah dilancarkan pada 22 Januari 2007 dan
menggunapakai nilai asas di paras 6,000 pada 31 Mac 2006. Setakat 31
Mac 2020, FBM Shariah mengandungi 180 komponen.
% %
Komponen Komponen
Pecahan Industri*
FBMSHA PMB SIF
31/3/2020 31/3/2019 31/3/19
Ekuiti Patuh Syariah
Barangan Pengguna & Perkhidmatan 14.06 1.95 12.46
Barangan Industri & Perkhidmatan 8.77 7.48 9.84
Pembinaan 4.12 5.91 4.60
Perkhidmatan Kewangan 1.01 1.42 1.16
Hartanah 2.33 3.42 2.53
Perladangan 12.60 10.35 11.86
Teknologi 3.17 2.52 1.09
Tenaga 5.73 6.96 3.08
Penjagaan Kesihatan 11.95 8.95 12.86
Utiliti 16.06 14.64 15.68
Pengangkutan & Logistik 4.23 3.56 4.18
Telekomunikasi & Media 15.42 14.78 13.63
Pasaran ACE : Teknologi - 1.26 -
99.50 83.20 92.97
Amanah Pelaburan Hartanah Islam 0.55 - 1.08
(i-REIT)
Deposit Islam dan lain-lain - 16.80 5.95
Total 100.00 100.00 100.00
*Pecahan industri adalah berdasarkan klasifikasi oleh Bursa Malaysia
3.4 POLISI DAN STRATEGI PELABURAN
Dana diurus secara pasif yang mana Pengurus membina portfolio
pelaburan berdasarkan pendekatan pensampelan indeks dengan melabur
tidak kurang 60% daripada nilai aset bersih Dana dalam 15 saham utama
komponen FBM Shariah yang mewakili lebih kurang 64% modal pasaran
FBM Shariah. Selebihnya dana dilabur dalam lain-lain saham komponen
FBM Shariah dan lain-lain sekuriti patuh Syariah dalam pasaran modal
Malaysia. Dana melabur dalam ekuiti patuh Syariah antara 90% hingga
99.5% daripada nilai aset bersih.>>> ANNUAL REPORT - PMB SHARIAH INDEX FUND >>> (20)
3.4 POLISI DAN STRATEGI PELABURAN ( SAMB.)
15 Saham Konstituen Terbesar FBMSHA Berbanding PMB SIF
Pada 31 Mac 2020
Saham Konstituen % FBMSHA % PMB SIF
1. Tenaga Nasional Bhd 12.91 9.57
2. Sime Darby Plantation Bhd 4.85 4.78
3. Digi.Com Bhd 4.39 4.57
4. IHH Healthcare Bhd 4.22 0.00
5. Axiata Group Bhd 4.14 4.18
6. Maxis Bhd 4.04 3.98
7. Petronas Chemicals Group Bhd 3.93 4.74
8. Dialog Group Bhd 3.83 3.82
9. IOI Corporation Bhd 3.49 3.90
10. PPB Group Bhd 3.03 0.00
11. Top Glove Corp Bhd 3.00 3.50
12. MISC Bhd 2.94 3.56
13. Hartalega Holdings Bhd 2.78 2.48
14. Kuala Lumpur Kepong Bhd 2.66 0.00
15. Petronas Gas Bhd 2.42 3.31
62.64 52.39
Saham –saham Konstituen lain 36.81 30.83
Ekuiti Patuh Syariah 99.45 83.22
Amanah Pelaburan Hartanah Islam
(i-REIT) 0.55 -
Kecairan - 16.78
Jumlah 100.00 100.00
*Pecahan industri adalah berdasarkan klasifikasi oleh Bursa Malaysia
3.5 PERUMPUKAN ASET DANA
Pecahan seunit mengikut kelas aset adalah seperti berikut:-
PECAHAN SEUNIT MENGIKUT KELAS ASET
Purata
31 Mac 31 Mac Perubahan Pendedahan
2020 2019 Peratus Pelaburan
(%) (%) Mata (%)
Ekuiti Patuh Syariah 83.20 92.97 (9.77) 88.09
Amanah Pelaburan
Hartanah Islam (i- - 1.08 (1.08) 0.54
REIT)
Deposit Islam dan lain-lain 16.80 5.95 10.85 11.37
Pada 31 Mac 2020, pegangan ekuiti patuh Syariah Dana ialah sebanyak
83.20%. Baki 16.80% berada dalam deposit Islam dan pelaburan-pelaburan
lain yang dibenarkan.>>> ANNUAL REPORT - PMB SHARIAH INDEX FUND >>> (21)
3.6 SUASANA EKONOMI NEGARA
Ekonomi Malaysia telah dipacu oleh perbelanjaan sektor swasta yang
lebih tinggi (7.4%; S3 2019: 5.4%) pada suku keempat 2019. Penggunaan
swasta meningkat dengan kukuh sebanyak 8.1% (S3 2019: 7.0%),
manakala pelaburan swasta mencatatkan pertumbuhan yang lebih tinggi
sebanyak 4.2% (S3 2019: 0.3%). Walau bagaimanapun, pertumbuhan
telah menerima kesan daripada gangguan bekalan dalam sektor komoditi.
Berikutan itu, ekonomi Malaysia berkembang sebanyak 3.6% pada suku
keempat 2019. Berdasarkan pelarasan bermusim suku tahunan, ekonomi
meningkat sebanyak 0.6% (S3 2019: 0.9%). Bagi keseluruhan tahun
2019, ekonomi negara berkembang sebanyak 4.3% (2018: 4.7%). Pada
suku keempat, purata inflasi keseluruhan adalah lebih rendah,
mencerminkan terutamanya luputnya kesan daripada pelaksanaan Cukai
Jualan dan Perkhidmatan (Sales and Services Tax, SST). Inflasi teras,
yang tidak mengambil kira kesan perubahan dasar cukai penggunaan,
stabil pada kadar 1.4%.
Ringgit menambah nilai sebanyak 2.3% berbanding dengan Dollar
Amerika Syarikat (AS) pada suku keempat, disokong terutamanya oleh
aliran masuk semula portfolio bukan pemastautin. Hal ini disebabkan oleh
sentimen pelabur yang bertambah baik berikutan perkembangan yang
positif dalam rundingan perdagangan global. Langkah yang diambil oleh
beberapa buah bank pusat utama dengan mengurangkan kadar dasar
secara serentak turut meningkatkan kesanggupan pelabur global untuk
mengambil risiko pada suku tersebut. Hasilnya, Ringgit menambah nilai
sebanyak 1.1% berbanding dengan Dollar AS bagi keseluruhan tahun
2019. Perkembangan ini sejajar dengan trend mata wang serantau.
Prestasi Ringgit pada tahun 2020 akan terus dipengaruhi oleh
perkembangan di luar negara. Meskipun perjanjian perdagangan Fasa
Satu antara AS dengan Republik Rakyat China (RR China) telah
menyumbang kepada prospek perdagangan global yang bertambah baik,
namun sentimen pelabur juga terjejas oleh kebimbangan terhadap
penularan wabak koronavirus baru-baru ini. Berikutan itu, Ringgit
menyusut nilai sebanyak 1.3% berbanding dengan Dollar AS pada tahun
ini sehingga 10 Februari dalam keadaan sentimen pasaran kewangan
global yang bertambah lemah.
Pembiayaan bersih berkembang sebanyak 4.7% pada asas tahunan
disokong oleh pertumbuhan pinjaman terkumpul yang berterusan.
Pertumbuhan pinjaman perniagaan terkumpul bertambah baik manakala
pinjaman isi rumah terkumpul meningkat pada kadar yang stabil.
Permintaan untuk pinjaman perniagaan dan pinjaman isi rumah
mengekalkan momentumnya yang bertambah baik sejak suku kedua.
Walau bagaimanapun, pertumbuhan bon korporat terkumpul menjadi
sederhana sedikit berikutan penebusan yang lebih tinggi.
Menjelang tahun 2020, khususnya pada separuh tahun pertama,
pertumbuhan dijangka terjejas akibat penularan wabak koronavirus.
Walau bagaimanapun, impak keseluruhan daripada wabak tersebut ke
atas ekonomi Malaysia bergantung pada tempoh masa dan penyebaran
wabak tersebut serta langkah tindak balas dasar yang diambil oleh pihak
berkuasa. Bagi keseluruhan tahun 2020, pertumbuhan akan disokong
oleh perbelanjaan isi rumah dan pelaksanaan projek pelaburan swasta
yang diluluskan baru-baru ini serta perbelanjaan modal sektor awam yang
lebih tinggi.>>> ANNUAL REPORT - PMB SHARIAH INDEX FUND >>> (22)
3.6 SUASANA EKONOMI NEGARA (SAMB.)
Namun demikian, masih terdapat risiko yang boleh mengakibatkan
pertumbuhan menjadi lebih perlahan. Risiko-risiko ini termasuklah
ketidakpastian mengenai keadaan luaran akibat wabak koronavirus yang
sedang menular, pelbagai rundingan perdagangan dan risiko geopolitik,
dan juga faktor-faktor dalam negara, termasuk kelemahan sektor komoditi
dan kelewatan pelaksanaan projek. Maka, volatiliti dalam aliran masuk
dan keluar modal serta kadar pertukaran dijangka berlaku. Purata inflasi
keseluruhan bagi tahun 2020 diunjurkan lebih tinggi berbanding dengan
tahun 2019 tetapi kekal pada tahap yang sederhana. Trajektori inflasi
keseluruhan akan bergantung pada perkembangan harga minyak dan
harga komoditi sedunia serta masa pemansuhan harga siling bagi harga
runcit bahan api domestik. Inflasi asas pada amnya dijangka stabil,
mencerminkan kegiatan ekonomi yang terus berkembang dan ketiadaan
tekanan permintaan yang besar.
(Sumber: Laman sesawang Bank Negara Malaysia)
Pertumbuhan Keluaran Dalam Negara Kasar Malaysia untuk Suku Keempat
2019
Aktiviti 2019 2019 2018 komponen 2019 2019 2018
Ekonomi S4 S3 S4 Perbelanjaan S4 S3 S4
Pertanian Penggunaan
-5.7% +3.7% -0.4% +8.1% +7.0% +8.5%
Akhir Swasta
Pembinaan Penggunaan
+1.0% -1.5% +2.6% Akhir +1.3% +1.0% +4.0%
Kerajaan
Perkhidmatan Pembentukan
+6.1% +5.9% +6.9% Modal Tetap -0.7% -3.7% +0.3%
Kasar
Pembuatan +3.0% +3.6% +4.7% Eksport -3.1% -1.4% +1.3%
Perlombongan -2.5% -4.3% +0.5% Import -2.3% -3.3% +0.2%
KDNK +3.6% +4.4% +4.7% KDNK +3.6% +4.4% +4.7%
(Sumber: Laman sesawang Bank Negara Malaysia)
Inflasi
Secara keseluruhannya, inflasi berkembang pada kadar 1.0% untuk
tempoh setahun berakhir Februari 2020 lebih tinggi berbanding 0.5% yang
dicatat dalam tempoh yang sama tahun lalu. Pertumbuhan inflasi yang
perlahan ini ekoran penyusutan dalam kumpulan pengangkutan (-1.4%).
Indeks Pengeluaran Perindustrian (IPP)
IPP meningkat sebanyak 5.8% pada bulan Februari 2020 berbanding
bulan yang sama tahun sebelumnya. Pertumbuhan pada bulan Februari
2020 disokong oleh pertumbuhan dalam semua indeks; elektrik (6.8%),
pembuatan (5.6%) dan perlombongan (6.1%).
Perdagangan Luar Negara
Untuk tempoh 1-tahun berakhir Februari 2020, imbangan dagangan
Malaysia mencecah nilai RM139.2 bilion berkembang RM15.0 bilion
(+12.0%) berbanding tempoh yang sama tahun sebelumnya. Jumlah
perdagangan untuk tempoh 1-tahun berakhir Februari 2020 bernilai
RM1,846.8 bilion menguncup RM22.8 bilion (-1.2%) berbanding
RM1,869.6 bilion yang dicatatkan dalam tempoh yang sama tahun lepas.
Untuk tempoh yang sama, jumlah eksport menguncup 0.4%, mencecah
nilai RM993.0 bilion manakala jumlah import turut menguncup 2.2%,
mencecah nilai RM853.8 bilion.
(Sumber data: Portal Rasmi Jabatan Perangkaan Malaysia)>>> ANNUAL REPORT - PMB SHARIAH INDEX FUND >>> (23)
3.7 SUASANA BURSA SAHAM TEMPATAN
Bagi tempoh setahun berakhir 31 Mac 2020, penanda aras utama ekuiti
patuh Syariah Malaysia iaitu Indeks FBM Shariah menurun 1,582.98 mata
atau -13.54 % kepada 10,105.08 manakala penanda aras utama Bursa
Malaysia iaitu FBM KLCI menurun 292.74 mata atau -17.81% kepada
1,350.89.
Bagi tempoh tersebut, Indeks FBM Shariah mencatat paras tertinggi
12,334.29 pada 4 Julai 2019 dan paras terendah 9,120.49 pada 19 Mac
2020. Sementara itu, FBM KLCI mencatat paras tertinggi 1,691.00 pada 2
Julai 2019 manakala paras terendah pula ialah 1,219.72 yang dicatat
pada 19 Mac 2020. Julat pergerakan Indeks FBM Shariah untuk tempoh
tersebut ialah 3,213.8 mata berbanding 2,362.98 mata pada tempoh yang
sama tahun sebelumnya.
Pada bulan April 2019, pasaran saham berterusan lemah akibat
kekurangan pemangkin baru di pasaran. Satu lagi faktor yang kurang
memberangsangkan membabitkan tindakan penyedia indeks global FTSE
Russell yang meletakkan Malaysia dalam senarai pemantauannya. Pada
masa ini, Malaysia yang diberikan kedudukan ‗2‘ (tahap akses tertinggi)
Indeks Bon Kerajaan Dunia FTSE (WGBI) semenjak tahun 2004,
berpotensi dipertimbang untuk diturunkan kepada tahap ‗1‘ yang akan
menjadikan Malaysia tidak lagi layak untuk disenaraikan dalam WGBI.
Sekiranya hal ini terjadi, Malaysia berdepan risiko aliran keluar dana
berjumlah AS$6 bilion hingga AS$8 bilion atau kira-kira RM24 hingga
RM33 bilion dan hal ini boleh memberi tekanan kepada Ringgit Malaysia.
Di minggu akhir Mei, dana asing memasuki semula pasaran tempatan
selepas kebuntuan dalam perbincangan perdagangan telah menyebabkan
kekacauan di pasaran sejak permulaan bulan Mei. Perbincangan
perdagangan gagal selepas AS mempertingkatkan levi ke atas barangan
China yang bernilai AS$200 bilion kepada 25% daripada 10% dan Beijing
bertindak balas dengan mengenakan tarif yang lebih tinggi ke atas
barangan AS yang bernilai AS$60 bilion.
Ketegangan perdagangan antara China dan AS terus meningkat selepas
langkah Jabatan Perdagangan AS menyenaraikan Huawei dan 70
sekutunya ke "Daftar Entiti", seterusnya menyekat syarikat gergasi
telekom China tersebut daripada membeli bahagian dan komponen dari
syarikat AS tanpa kelulusan kerajaan AS. Walau bagaimanapun, selepas
itu AS melonggarkan sekatan ke atas Huawei Technologies China.
Washington telah memberikan kebenaran kepada Huawei untuk membeli
barangan AS hingga Ogos 2019, bertujuan untuk memberi masa kepada
pengendali telekom yang bergantung kepada Huawei untuk mencari
alternatif lain.
Di peringkat domestik, Bank Negara Malaysia (BNM) telah menurunkan
kadar dasar semalaman (OPR) sebanyak 25 mata asas kepada 3.00%,
pemotongan yang pertama sejak 2016. Sementara itu, ekonomi Malaysia
dalam tempoh tiga bulan pertama 2019 tumbuh lebih perlahan pada kadar
4.5% berbanding suku sebelumnya iaitu 4.7%.>>> ANNUAL REPORT - PMB SHARIAH INDEX FUND >>> (24)
3.7 SUASANA BURSA SAHAM TEMPATAN (SAMB.)
Pasaran saham melonjak pada bulan Jun, didorong oleh keyakinan
terhadap perdagangan A.S.-China dan ulasan yang menjurus kepada
pelonggaran dasar dari pelbagai bank pusat. Walau bagaimanapun,
pasaran saham ditutup rendah pada bulan Julai, Ogos dan September
walaupun Malaysia mencatatkan pertumbuhan Keluaran Dalam Negara
Kasar (KDNK) 4.9% pada suku kedua 2019. Di antara faktor penyumbang
kejatuhan disebabkan oleh keputusan korporat Malaysia suku kedua yang
kurang memberangsangkan, hasil perbendaharaan AS untuk 10 tahun
menyongsang atau lebih rendah berbanding hasil 2 tahun, tindakan saling
berbalas antara AS dan China telah meningkatkan ketegangan
perdagangan, kerisauan geo-politik dan China membenarkan
matawangnya jatuh melepasi paras 7 yuan bagi setiap dolar AS.
Pada bulan Oktober, FBMKLCI naik 14.07 mata atau 0.9% bulan ke bulan
(MoM) berikutan saham perbankan mencatatkan peningkatan selepas
bank rizab persekutuan AS memotong kadar faedah buat kali ketiga tahun
2019 sebanyak 25 mata asas. Di samping itu, AS dan China bersetuju
untuk memuktamadkan fasa pertama perjanjian perdagangan, dengan
peningkatan tarif diberhentikan dan China membeli produk pertanian A.S.
IMF telah menyemak unjuran pertumbuhan global untuk 2019 kepada
3.0% daripada 3.2% disebabkan kejatuhan dalam aktiviti pembuatan dan
perdagangan. Ramalan untuk 2020 juga diturunkan kepada 3.4%
daripada 3.6%. Diperingkat tempatan, bajet 2020 dianggap sebagai
belanjawan pengembangan dan neutral kepada pasaran.
FBMKLCI turun 36.24 mata atau 2.3% MoM untuk ditutup pada 1,561.74
mata pada akhir November 2019. Ekonomi Malaysia meningkat sebanyak
4.4% pada suku ketiga berbanding tahun sebelumnya, paling perlahan
dalam setahun tetapi selaras dengan jangkaan. BNM mengurangkan
keperluan rizab berkanun (SRR) bank kepada 3.00% daripada 3.50%,
berkuatkuasa 16 November. Musim pelaporan pendapatan korporat suku
ketiga masih mengecewakan, menghasilkan keputusan yang bercampur
dan menyumbang sedikit pemangkin untuk memacu pasaran. Secara
luaran, harapan perjanjian perdagangan Sino-AS suram setelah China
memberi amaran akan bertindak balas setelah Presiden AS Donald Trump
menandatangani Rang Undang-undang Hong Kong. Di samping itu,
kebimbangan terus wujud ekoran terdapat laporan menyatakan Beijing
dan Washington gagal untuk bersetuju mengenai terma perubahan tarif
dan Presiden Donald Trump mengancam akan mengenakan tarif baru.
Untuk sebahagian besar Disember, pelabur bertindak balas dengan positif
kepada berita bahawa A.S. dan China akan menandatangani perjanjian
perdagangan Fasa Satu. Di UK, Boris Johnson memenangi pilihan raya
umum UK dan seterusnya meletakkan negara itu di landasan untuk
meninggalkan Kesatuan Eropah pada Januari 2020. Sementara itu,
Organisasi Negara Pengeksport Petroleum (OPEC) bersetuju untuk
memotong pengeluaran sebanyak 500,000 tong sehari sehingga Mac
2020, dengan Arab Saudi juga menawarkan potongan tambahan 400,000
tong.
Pengambilan untung dan tekanan jualan terus mengheret indeks penanda
aras, FBM KLCI lebih rendah pada Januari 2020, dengan para pelabur
enggan memasuki pasaran di tengah-tengah kekurangan pemangkin
untuk merangsang sentimen pasaran tempatan. Sentimen pasaran juga
terkesan oleh ketegangan geopolitik antara AS - Iran dan wabak
koronavirus baru yang berpunca dari Wuhan, China.>>> ANNUAL REPORT - PMB SHARIAH INDEX FUND >>> (25)
3.7 SUASANA BURSA SAHAM TEMPATAN (SAMB.)
Pertubuhan Kesihatan Sedunia (WHO) mengisytiharkan kecemasan
kesihatan global tetapi tidak mencadangkan menghadkan pergerakan
manusia dan barangan dan berkata keadaan adalah terkawal. Bank Dunia
mengunjurkan pertumbuhan ekonomi Malaysia mencapai 4.5% pada
tahun 2020 dan 2021, dengan perkembangan eksport yang lemah
diimbangi oleh permintaan domestik yang kukuh. Sementara itu, BNM
memotong OPR kepada 2.75% dalam langkah-langkah awal untuk
memastikan peningkatan pertumbuhan.
Penjualan saham di pasaran berterusan pada bulan Februari dalam
dagangan yang tidak menentu, ekoran berlakunya krisis politik domestik
dan penyebaran wabak koronavirus telah meningkatkan keadaan yang
pesimis di kalangan pelabur. Selepas Pakatan Harapan (PH) kehilangan
majoriti di Parlimen, Tun Dr. Mahathir mengemukakan peletakan
jawatannya sebagai Perdana Menteri. Walau bagaimanapun, beliau
dilantik sebagai Perdana Menteri Interim oleh Yang Dipertuan Agong.
Kemelut politik yang melanda Malaysia telah diselesaikan apabila Yang
Dipertuan Agong melantik Tan Sri Muhyiddin Yassin sebagai Perdana
Menteri Malaysia ke-8. Mengenai ekonomi, KDNK Malaysia berkembang
3.6% pada S4 2019, menyeret pertumbuhan tahun 2019 kepada 4.3%,
yang terendah sejak krisis kewangan 2009 di tengah-tengah gangguan
bekalan di sektor komoditi pada suku tersebut. Sementara itu, pendapatan
korporat S4 2019 menyaksikan prestasi di bawah jangkaan adalah lebih
banyak berbanding yang melebihi jangkaan.
Pada bulan Mac 2020, FBMKLCI jatuh 8.9% MoM untuk ditutup pada
1.350.89 (melantun dari paras terendah 1.220). Indeks FBMKLCI bermula
lemah ekoran (a) peningkatan jumlah jangkitan COVID-19 di rantau ini
telah mengurangkan keinginan pelabur keatas aset berisiko, (b) harga
minyak merosot setelah OPEC yang dipimpin oleh Arab Saudi, gagal
mencapai kesepakatan dengan pengeluar minyak No. 2 dunia Rusia untuk
meningkatkan pemotongan pengeluaran dan kemudiannya Arab Saudi
memulakan perang harga, (c) WHO isytihar wabak koronavirus sebagai
pandemik, dan (d) Dow Jones Industrial Average ditutup 2.352.60 mata
lebih rendah, atau 9.99%, pada 21.200.62 pada 12 Mac, penurunan
terburuk sejak peristiwa "Black Monday" 1987, ketika ia jatuh lebih dari
22%. Menjelang pertengahan bulan, FBMKLCI melantun kembali
didokong oleh (a) Rizab Persekutuan AS akan melaksanakan
pelonggaran kuantitatif tanpa had untuk menstabilkan ekonomi, (b) Senat
AS meluluskan pakej rangsangan fiskal $ 2 trilion, (c) Malaysia telah
mengumumkan rancangan penyelamatan bernilai keseluruhan RM250
bilion, dan (d) Suruhanjaya Sekuriti dan Bursa Malaysia telah
menggantung penjualan singkat sehingga 30 April.
Dalam keadaan pasaran yang tidak menentu ini, nilai NAB/unit Dana
menyusut -8.04% bagi tempoh 1-tahun kewangan berakhir 31 Mac 2020.
3.8 SUASANA PASARAN WANG TEMPATAN SEMASA
Dalam tempoh setahun kewangan berakhir 31 Mac 2020, Jawatankuasa
Dasar Monetari (MPC) BNM dalam mesyuaratnya bertarikh 3 Mac 2020
telah membuat keputusan untuk mengurangkan OPR sebanyak 25 mata
asas kepada 2.50%. Dengan itu, kadar koridor tertinggi dan terendah bagi
OPR masing-masing diturunkan kepada 2.75% dan 2.25%.>>> ANNUAL REPORT - PMB SHARIAH INDEX FUND >>> (26)
3.8 SUASANA PASARAN WANG TEMPATAN SEMASA
Keadaan ekonomi global telah merosot dalam tempoh kebelakangan ini.
Wabak COVID-19 yang sedang menular telah mengganggu aktiviti
pengeluaran dan aktiviti yang berkaitan dengan perjalanan, terutamanya
di rantau ini. Hal ini juga telah mendorong kepada kegiatan penghindaran
risiko yang lebih ketara, lantas mengakibatkan keadaan kewangan
menjadi lebih ketat dan mendadak semula volatiliti pasaran kewangan.
Risiko kepada prospek pertumbuhan global telah meningkat, terutamanya
dalam tempoh terdekat. Walau bagaimanapun, beberapa negara telah
melaksanakan tindak balas dasar. Dengan jangkaan pelaksanaan
beberapa langkah dasar, tindakan ini dijangka boleh mengurangkan
impak ke atas ekonomi akibat wabak COVID-19.
Ekonomi Malaysia meningkat pada kadar yang sederhana sebanyak 4.3%
pada tahun 2019. Pertumbuhan pada masa akan datang, khususnya pada
suku pertama, akan terjejas oleh wabak COVID-19 terutamanya dalam
sektor yang berkaitan pelancongan dan sektor perkilangan. Kelemahan
dalam sektor pertanian juga dijangka berterusan pada suku pertama.
Pada tahun 2020, aktiviti sektor swasta dan sektor awam dijangka terus
menyokong pertumbuhan. Perbelanjaan isi rumah diunjurkan berkembang
pada kadar yang lebih perlahan dalam keadaan pertumbuhan pekerjaan
dan pendapatan yang sederhana. Aktiviti pelaburan dijangka mencatatkan
pemulihan yang sederhana, disokong oleh projek-projek sektor awam dan
swasta yang baharu dan sedang dilaksanakan. Pakej rangsangan
ekonomi 2020 juga akan menyediakan sokongan kepada kegiatan
ekonomi. Walaupun pertumbuhan dalam negara dijangka bertambah baik
secara beransur-ansur pada separuh tahun kedua, terdapat risiko
pertumbuhan menjadi lebih perlahan yang berpunca terutamanya
daripada sifat evolusi dan kesan berpanjangan daripada wabak COVID-19
serta kelemahan yang berterusan dalam sektor yang berkaitan komoditi.
Pada tahun 2020, inflasi keseluruhan dijangka mencatatkan purata lebih
tinggi tetapi kekal pada kadar yang sederhana. Trajektori inflasi
keseluruhan akan bergantung pada perkembangan harga minyak dan
komoditi sedunia serta masa pemansuhan harga siling bagi harga runcit
bahan api domestik. Inflasi asas dijangka lebih sederhana, dalam
keadaan tekanan permintaan yang terhad meskipun kegiatan ekonomi
terus berkembang.
Pengurangan dalam OPR bertujuan untuk menyediakan persekitaran
monetari yang lebih akomodatif bagi menyokong jangkaan pertumbuhan
ekonomi yang bertambah baik dalam keadaan harga yang stabil. MPC
akan terus memantau dan menilai imbangan risiko berhubung dengan
prospek pertumbuhan domestik dan inflasi.
(Sumber: Laman sesawang Bank Negara Malaysia)
3.9 KEPENTINGAN PEMEGANG-PEMEGANG UNIT
Sepanjang tempoh kajian, tiada sebarang kejadian yang menjejaskan
kepentingan Pemegang-Pemegang Unit selain daripada urusniaga-
urusniaga yang dijalankan selaras dengan Surat Ikatan Amanah,
Garispanduan Tabung Unit Amanah, Akta Pasaran Modal dan
Perkhidmatan 2007 dan undang-undang lain yang berkuatkuasa.>>> ANNUAL REPORT - PMB SHARIAH INDEX FUND >>> (27)
3.10 REBAT DAN KOMISEN RINGAN
Sepanjang tempoh setahun berakhir 31 Mac 2020, Pengurus Dana
menerima perkhidmatan daripada salah sebuah institusi broker saham
yang membantu proses membuat keputusan berkaitan pelaburan dana
secara tidak langsung. Perkhidmatan yang diterima adalah dalam bentuk
khidmat nasihat berkaitan hal-hal Syariah. Sebagai tambahan, Pengurus
Dana juga telah menerima komisen ringan daripada syarikat broker
saham dalam bentuk perisian dan perkakasan komputer yang berkaitan
dengan pengurusan pelaburan dana dan pengurusan pasaran saham dan
ekonomi.
Nota: Laporan ini telah diterjemahkan daripada laporan asal (dalam
Bahasa Inggeris). Jika terdapat perbezaan, sila rujuk kepada laporan
Bahasa Inggeris.>>> ANNUAL REPORT - PMB SHARIAH INDEX FUND >>> (28)
4. TRUSTEE’S REPORT
To the Unit Holders of
PMB SHARIAH INDEX FUND
We, AMANAHRAYA TRUSTEES BERHAD , have acted as Trustee of PMB
SHARIAH INDEX FUND for the financial year ended 31 March 2020. In our opinion,
PMB INVESTMENT BERHAD, the Manager, has operated and managed PMB
SHARIAH INDEX FUND in accordance with the limitations imposed on the
investment powers of the management company under the Deed, securities laws
and the applicable Guidelines on Unit Trust Funds during the financial year then
ended.
We are also of the opinion that:
(a) Valuation and pricing is carried out in accordance with the Deed and any
regulatory requirement;
(b) Creation and cancellation of units are carried out in accordance with the
Deed and any regulatory requirement; and
(c) The distribution of income made by PMB SHARIAH INDEX FUND as declared
by the Manager is appropriate and reflects the investment objective of PMB
SHARIAH INDEX FUND.
Yours faithfully
AMANAHRAYA TRUSTEES BERHAD
ZAINUDIN BIN SUHAIMI
Deputy Chief Executive Officer
Kuala Lumpur, Malaysia
17 June 2020You can also read
