RHB Research Securities has upgraded the consumer sector to "overweight" from its previous "neutral" stance. 

This is as “consumer companies with exposure to the re-opening of domestic activities, such as those in retail and food & beverage services, should see some earnings recovery in 2021F, from a low base in 2020,” analyst Juliana Cai explains in a Dec 8 note.

She adds that a further push would come from locals’ pent-up demand, increase in savings from the lack of travel opportunities as well as being accustomed to the social distancing measures.

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