Energy
Brent crude was 0.02% higher to US$55.37 per barrel at 3.41pm.
Forex
The ringgit was down 0.11% to 4.4093 versus the US dollar at 3.49pm.
Top foreign stories
Posco says Q1 profit beats forecasts: South Korean steelmaker Posco posted a first-quarter operating profit of 1.37 trillion won (US$1.20 billion), surpassing a preliminary estimate of 1.2 trillion won, as well as 659.8 billion won a year ago. on solid demand from China. But warned coking coal may now cost up to a third more than forecast because of price surges post-Cyclone Debbie. — Reuters
S. Korea’s Daewoo Shipbuilding unlocks US$2.6b bailout after bondholder approval: South Korea’s Daewoo Shipbuilding & Marine Engineering Co Ltd has won near unanimous agreement from bondholders to swap their debt for equity, meeting a condition that unlocks a US$2.6 billion bank bailout for the world’s biggest shipbuilder. — Reuters
US business group urges Washington to ‘use every arrow’ against China: The United States should “use every arrow” in its quiver to ensure a level commercial playing field in China, a US business lobby said on Tuesday, warning that 2017 could be the toughest year in decades for American firms in the country. — Reuters
China March outbound direct investment slumps 30.1% as capital curbs bite: China’s non-financial outbound direct investment (ODI) slumped 30.1% in March from a year earlier as authorities kept a tight grip on capital outflows to help support the yuan currency and safeguard the country’s foreign exchange reserves. Non-financial ODI totalled US$7.11 billion last month, Commerce Ministry data showed. — Reuters
Top local stories
Property sector posts 11.5% fall in volume in 2016: The local property segment posted a 11.5% decline in volume and 3% drop in value last year compared with 2015, as the market continued to remain soft, said the Valuation & Property Services Department. It said more than 320,000 transactions worth RM145.41bil were recorded last year, with all subsectors, except agriculture, recording a decline in market activity. — StarBiz
I-Bhd posts higher Q1 earnings on strong property demand: I-Bhd posted a strong set of results for the first quarter ended March 31, 2017, underpinned by the property development segment as demand for properties in i-City, Shah Alam remains strong. Its profit before tax came in 43% higher at RM23.03mil compared to RM16.1mil a year ago. Earnings rose 21% to RM18.59mil from RM15.36mil. I-Bhd’s revenue rose 27.8% to RM102.83mil versus RM80.45mil before. — StarBiz
CPO falls deeper into bear market: The Crude palm oil (CPO) price on Bursa Derivatives, the global benchmark, slipped deeper into a bear market over worries about global oversupply of edible oils. The most active CPO futures contract fell RM3 to RM2,495 a tonne on Tuesday - the lowest level since August last year. — StarBiz
KWAP to take up 136.6m edotco shares for RM440m: Kumpulan Wang Persaraan (Diperbadankan) (KWAP) is subscribing to 136.63 million shares in edotco Group Sdn Bhd for a cash consideration of US$100m (RM440.95mil). — StarBiz
Mier puts ringgit’s fair value at RM4.20 versus US$: The Malaysian Institute of Economic Research (Mier) estimates the ringgit’s fair value based on economic fundamentals to be at RM4.20 to the US dollar. Senior research fellow Dr Zulkiply Omar said the value is based on the strength of the economy and the demand for ringgit as exports grow in tandem with the global economic growth. — Bernama
Mier sees stronger exports as external demand picks up: Malaysia is set to benefit from higher exports of goods and services this year as external demand strengthens, said the Malaysian Institute of Economic Research (Mier). It said the country will see stronger demand from major trading partners, leading to the exports to grow by 1.8%, up 0.5 percentage point from its earlier forecast. — StarBiz
Sime Darby’s FY18 net profit to rise 4.6% on Bangi land sale: Sime Darby Bhd could reap gains of RM111mil from the sale of a land in Bangi, CIMB Research said. It said the transaction could further bump up the conglomerate’s financial year 2018 net profit by 4.6%. — StarBiz
Malaysia’s timber exports to improve 5% this year; Malaysia’s timber exports are expected to increase 5% this year from RM21.86 billion in 2016, supported by demand from India, said Plantation Industries and Commodities Deputy Minister Datuk Datu Nasrun Datu Mansur. — Bernama
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