KUALA LUMPUR (June 1): The headline IHS Markit Malaysia Manufacturing Purchasing Managers’ Index (PMI) rose sharply to 45.6 in May 2020 from the record low of 31.3 in April 2020 survey.

In a note today, IHS Markit said Malaysia’s manufacturing sector showed signs of approaching stabilisation midway through the second quarter, with rates of reduction in output, new orders and employment all easing considerably.

Commenting on the latest results of the survey, chief business economist Chris Williamson said a strong rise in the PMI provided the first major indication that the economic downturn caused by the Covid-19 pandemic appears to have bottomed out.