In Maybank’s 2024 Feng Shui report, Mr. Thilan Wickramasinghe, the bank’s head of research in Kuala Lumpur, Malaysia, and Feng Shui expert Ken Koh have provided insights into the industries that are expected to thrive and those that may face challenges in the upcoming year.

FAVORABLE INDUSTRIES: FIRE, EARTH, METAL ELEMENTS

The report highlights that 2024 is the year of the “wooden dragon,” characterized by positive energies associated with masculinity, bold decisions, and far-reaching choices. This year marks the beginning of a new 20-year Feng Shui cycle, with fire as the dominant element. Therefore, industries aligned with fire elements, such as technology, artificial intelligence (AI), energy, pharmaceuticals, and insurance, are expected to benefit.

Fire symbolizes economic activity, faith, and optimism, making businesses in technology, pharmaceuticals, entertainment, tourism, and insurance likely to thrive. Maybank predicts that adjusted interest rates from June onward will enhance business confidence, leading to increased activity in the stock market, including mergers, acquisitions, and initial public offerings (IPOs). However, the report cautions that the first year of a new energy cycle in fire-element industries may bring about challenging changes and transitions.

Earth-based industries, including waste management, real estate, data storage, and urban agriculture, are also expected to benefit from the dominance of the fire element. Despite challenges such as high interest rates and inflation, these industries have demonstrated stability and are poised for growth. Maybank anticipates increased support for land-based industries, especially real estate, with prospects of reduced interest rates, lower inflation, and improved fiscal management in 2024.

Metal-element industries, such as banking, engineering, mining, and automobiles, are projected to prosper in the Year of the Dragon. Maybank believes that individuals with knowledge and courage will find favor, with potential luck peaking in November 2024. The bank sees significant investment opportunities in metal-related industries, particularly during the first half of the year.

CHALLENGES FOR WATER AND WOOD SECTORS

While fire, earth, and metal sectors are predicted to benefit, Maybank anticipates challenges for water and wood sectors in 2024.

Businesses in the water element may face difficulties, but adaptability can lead to profitability. The shipping industry, in particular, may encounter obstacles in sea routes. Sectors like airlines, cruise ships, accommodation services, and theme parks might experience less favorability due to changes in consumer demand, though growth is expected throughout the year. Fishing and aquaculture industries, on the other hand, are anticipated to witness increased productivity and output.

Industries aligned with the wood element are forecasted to face struggles in 2024 due to the strong influence of fire, earth, and metal elements. Nevertheless, there are bright spots, including the education sector, fund management, and estate management offices. The report suggests that businesses in the wood industry should focus on sharing experiences, transparent knowledge sharing, and swift goal achievement to overcome challenges.

Maybank emphasizes that signature industries in the wood sector may encounter difficulties in the second half of the year, requiring businesses to allocate sufficient resources and exert substantial effort to improve their prospects.