Cost management: CIMB is a stock loved by investors for its liquidity, but they are also quick to punish it at the slightest hint of bearish sentiment.
Energy
Brent crude was 0.11% higer to US$55.99 per barrel at 2.48pm.
Forex
Ringgit down 0.15% to 4.4453 versus the US dollar at 2.55pm.
Top foreign stories
Saudi wants oil prices to rise to around US$60 in 2017: Saudi Arabia wants crude oil prices to rise to around US$60 a barrel this year, five sources from Opec countries and the oil industry said. This is the level the Opec heavyweight and its Gulf allies - the United Arab Emirates, Kuwait and Qatar - believe would encourage investment in new fields but not lead to a jump in US shale output, they said. — Reuters
China says economy faces global uncertainties, overcapacity at home: China’s economy faces risks from international uncertainties and excess factory capacity this year, an official said on Tuesday. “The international situation is still complex and volatile, there are still many uncertainties and there are contradictions between domestic overcapacity and structural upgrading,” said Li Xiaochao, vice-head of the National Bureau of Statistics. — Reuters
China’s ‘glass king’ to complete US expansion despite Trump tensions: China’s largest auto glass manufacturer, Fuyao Glass Industry Group, will press ahead with investments worth about US$1 billion in the United States this year despite criticism at home amid growing China-US tensions, the company’s chairman said. The company also expects to invest a further US$130 million in Germany and Russia this year as it looks to tap into more high-end overseas markets, says Cao Dewang. — Reuters
Australia’s economy to extend growth run as exports boom: Australia’s economy is expected to have returned to growth last quarter as exports boomed and consumers and the government spent more, extending the resource rich nation’s remarkable 25-year run of uninterrupted expansion. Figures on gross domestic product due on Wednesday are forecast to show growth of 0.7% in the fourth quarter, bouncing from a shock 0.5% contraction in the third. — Reuters
Japan factory output unexpectedly falls as exports of cars to US slow: Japan’s industrial output unexpectedly fell in January for the first time in six months, pressured by a slowdown in shipments of cars to the United States in a sign of an economy grappling for a more sure-footed recovery. Data showed industrial output fell 0.8% in January, versus a median market forecast for a 0.3% increase and a revised 0.7% gain the previous month. — Reuters
Top local stories
CIMB posts stellar FY16 earnings: CIMB Group Holdings Bhd’s earnings rose 25% to RM3.56bil for the financial year ended Dec 31, 2016, versus RM2.85bil in FY15, driven by continued momentum in the consumer franchise. Revenue increased 4.3% to RM16.06bil from RM15.39bil a year earlier. For the fourth quarter, earnings rose 3.4% to RM854.38mil on a 6.7% higher revenue of RM4.31bil. — StarBiz
Bank Negara: Malaysia’s reserves remain usable: The detailed breakdown of Malaysia’s international reserves under the International Monetary Fund’s Special Data Dissemination Standard indicates that as at end-January 2017, the country’s reserves remain usable. Bank Negara said the official reserve assets amounted to US$94.98 billion, while other foreign currency assets were at US$348.6 million as at end-January 2017. — Bernama
Malaysia Airports FY16 earnings up 72% to RM70m: Malaysia Airports Holdings Bhd (MAHB)’s earnings rose 72% to RM70.38mil for the financial year ended Dec 31, 2016 (FY16), boosted by a stronger Malaysian operations but negated by the higher losses from its overseas operations. Revenue increased 7.8% to RM4.17bil from RM3.87bil. — StarBiz
Press Metal plans downstream expansion: Press Metal Bhd is targeting to spend about RM100mil of capital expenditures this year to come out with new aluminium products. CEO Datuk Paul Koon Poh Keong said the largest aluminium smelter in South-East Asia is targeting to produce higher margins products such as billets and tapping into automotive sector. — StarBiz
Property market to consolidate further: Malaysia’s property market is expected to continue consolidating this year in view of the challenging economic environment, said Socio-Economic Research Centre executive director Lee Heng Guie. “There is still some overhang in certain segments and oversupply in the commercial sector space,” he said, adding the local property sector will continue its flattish trend since 2013. — StarBiz
Felda Global Ventures Q4 earnings at RM110.6: Felda Global Ventures Holdings Bhd (FGV) posted earnings of RM110.59mil in the fourth quarter of 2016, down 21.4% from RM140.70mil a year ago. Earnings per share were three sen per share compared with 3.9 sen before. For the full year, its earnings were at RM29.61mil compared with RM188.79mil in FY15. Revenue rose 11.1% to RM17.28bil. — StarBiz
Eversendai slips into the red in Q4: Eversendai Corp Bhd posted a net loss of RM193.07mil in the fourth quarter, compared with a net profit of RM7.28mil a year ago, mainly due to provisions for doubtful debts and higher costs resulting from delays in project funding and low utilisation of the fabrication factory in the oil and gas segment. Revenue was lower at RM340.9mil against RM489.32mil previously. — StarBiz
Boustead posts RM120.7mil Q4 net profit, declares 3.5 sen dividend: Boustead Holdings Bhd’s net profit jumped to RM120.7mil in the fourth quarter compared with RM4.2mil a year earlier. Revenue was nearly flat at RM2.42bil against RM2.44bil previously. Its earnings per share was higher at 5.95 sen from 0.26 sen a year earlier. Boustead declared a fourth interim dividend of 3.5 sen per share for the financial year ended Dec 31, 2016. — StarBiz
January Producer Price Index jumps 10.2%: The Producer Price Index jumped 10.2% in January 2017 from a year ago, driven by the mining sector and agriculture, the Statistics Department said. — StarBiz
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