YTL Corporation's share price rose to a high of RM1.62 early Wednesday what with analysts being upbeat about its outlook with a target price of RM2.
Energy
Brent crude was 0.03% higher to US$32.89 per barrel at 2.27pm.
Forex
Ringgit down 0.68% to 4.1873 versus the US dollar at 2.47pm.
Top foreign stories
Asia trade insurers keep close eye on China, India metals firms: As rock bottom commodities prices and overcapacity weaken balance sheets at beleaguered commodities firms, trade insurers fear further pressure from payment delays and defaults in China and India, particularly in metals. — Reuters
Australian banks under pressure as revenues, dividends seen slowing: Australia’s major banks kick off their reporting season this week with their shares suffering the worst start to a year since the global financial crisis, as a slowing mortgage market and tighter capital rules crimp margins and profits. Several brokers predict the banks’ dividends - among the highest in the world - may be cut as regulators ask them to keep aside more capital and on growing risks of higher loan losses. — Reuters
Now it is Tesla’s turn to confront the bears: Tesla Motors Inc faces a pivotal moment on Wednesday in its fight to convince sceptical investors that it can still win against traditional auto makers in the competition to reshape the auto business. — Reuters
Thai firms flock to bond market into arms of yield-starved investors: The number of Thai corporate borrowers issuing new bonds may surge 15% this year to topple a near decade high in 2015, particularly small and medium-sized companies with problems getting loans from banks. — Reuters
Mexico replaces state oil chief amid sinking prices: Mexico’s president replaced the head of troubled state energy giant Pemex on Monday amid a steep fall in world oil prices that have caused the company to lose millions. Emilio Lozoya, who has led Pemex since President Enrique Pena Nieto took office in December 2012, was succeeded by Jose Antonio Gonzalez Anaya, director of the Mexican Social Security Institute. — AFP
Top local stories
YTL Corp’s exposure to high-speed railway still relevant: The high-speed railway (HSR) linking Kuala Lumpur to Singapore is set to make a comeback in the second half of 2016 and YTL Cop’s exposure is still relevant, says CIMB Equities Research. The research house said the YTL management stressed that despite recent news pointing to the possible participation of Chinese contractors/funders for the HSR, YTL Corp remained committed to its HSR proposal. — StarBiz
Good results from MISC but ‘wow’ factor lacking: Tanker operator MISC Bhd
’s FY15 core earnings exceeded expectations by 8% due to more-than-expected “other gains”, made up of unrealised forex translation gains on its US dollar assets. CIMB Equities Research said the underlying core profit before tax excluding “other gains” came in 3% below expectations, with liquefied natural gas and petroleum tanker earnings lower than forecast. — StarBiz
Matrade ready to reap benefits of TPPA: The Malaysia External Trade Development Corp (Matrade) is ready to reap the benefits of the Trans-Pacific Partnership Agreement (TPPA), especially in markets where Malaysia does not have free trade agreements. — Bernama
CPOPC secretariat to start operations by March: The secretariat for the Council of Oil Palm Producing Countries (CPOPC) based in Jakarta, Indonesia, is expected to start operations by next month. Deputy Minister in the Prime Minister’s Department Datuk Razali Ibrahim said the agreement on this was reached between Malaysia and Indonesia at the CPOPC meeting in Jakarta on Feb 4. — Bernama
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