It is one of the earliest indicators of where the economy is heading before official GDP figures arrive. And manufacturers are holding prices down even as their own costs stay elevated, likely to protect market share in a still-uncertain environment. But analysts from Kenanga Research warned that energy prices remain a key upside risk. Sector Remains Resilient In The Face Of HeadwindsMalaysia’s position as a net importer of crude oil and condensate leaves domestic fuel costs exposed to global swings. It is, however, expanding cautiously – absorbing costs instead of raising prices, and sitting on hiring decisions instead of scaling up.