Malaysia was amongst the worst performing market in the region for the month of May 2015, with the FBM KLCI falling 3.89% m-o-m or 70.75 points to 1,747.52 points. In USD terms, the lost was more profound at 5.7% given the depreciation of RM versus the USD. The main culprits to the underperformance were the weaker than expected reporting season and foreign outflow, stemming from the nagging concerns over the potential impact of an impending rating agency downgrade. Year to date, foreign outflows reached the largest monthly net sell position, amounting to RM2.5bil for the month. The main laggard for the month was plantation industry, which continued to weaken alongside the poor crude palm oil prices and productions. Against the FBM KLCI, the broader market, FBMEMAS Index was also down by 3.52% m-o-m while the FBM 70 Index and FBM Small Cap Index were impacted less severely with a decline of 2.0% and 3.0% respectively.