already expected

Petronas may slash domestic investment 30 pct as crude slumps - sources

Some domestic and international projects that may become unprofitable due to the continued decline in oil prices could be shelved by Petronas, or Petroliam Nasional Bhd, three sources with knowledge of the matter said.

"There's a series of projects over the next few years, some of which they will defer, some they will cut," the source added, without naming specific projects.

Two sources said the cost cuts could also curb operations abroad. Petronas has foreign operations in Africa, Asia, the Americas and the Middle East.

Projects put on ice could be reactivated once financial conditions made them feasible again.

"In a way we're just saving money because the oil is there," a second source familiar with investment matters said, adding several expansion projects under his watch had already been cut and some of them would have to be redesigned to tighten costs.

CIMB and RHB are considering changing the terms of a proposed $12.9 billion merger that would create Malaysia’s largest banking group, people with knowledge of the matter said.

RHB investors may oppose the all-stock deal after CIMB shares tumbled 24 percent as of today’s close since the transaction was announced in October, said the people, who asked not to be identified because the deliberations are private. RHB shares dropped 14 percent in the same period.

FBM KLCI rose 4.38 points or 0.25% to 1,732.44. Turnover was 1.71 billion shares valued at RM1.81bil. There were 424 gainers, 342 losers and 319 counters unchanged.

Late buying of selected stocks including Petronas Chemicals, IHH Healthcare and Maxis helped shore up the FBM KLCI to close higher for the second day on Friday.

Ringgit to weaken to RM3.65 against USD in 2Q & likely to strengthen at the end of the year - Standard Chartered Global Research

banks reasearch sometimes cannot pakai one

anyway, what your opinion on this?

good inside

so true about "these local banks, researchers, developers assocs - they get paid or privileges by powerful ones to paint nice stories"

What I know, oil won't return to USD60 anytime soon. Next year maybe got slim chance

what u mean?

yalo.. really con job.. misleading pipu only

Kenanga Investment head of research Chan Ken Yew is targeting the FBM KLCI to hit as high as 1,905 by end-2015 despite the current weakening in the crude oil prices and the ringgit.

This is lower from his previous target of 1,980.

"This is base on 17.7 times financial year 2016 price earnings ratio," he said.

He however said that the KLCI would trade as low as 1,860 if the crude oil prices stay weak and softer corporate earnings.

Foreign funds continued to exit Malaysian equities with net selling rising to RM214.9mil on Tuesday, according to BIMB Securities Research.

It said that retail investors were also net sellers at RM13.5mil. However, the market was shored up by local funds.

“Notwithstanding this, we presume domestic liquidity will continue to prop up the market with the 1,750 as the immediate resistance level,” it said.

OKA CORPORATION BHD?

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KLCI fell 1.43 points or 0.08% to 1,743.57 points. The index had earlier fallen to an intraday low of 1,732.35 points.

Areca Capital CEO Danny Wong said that "the marginally higher crude oil prices have provided short-term support to the KLCI."

“The weaker ringgit may see fund inflows into equities and fixed income assets, as investors begin to see Malaysian market as attractive,” Wong said over telephone.

Across Bursa Malaysia, 1.78 billion shares worth RM1.88 billion were traded. Market losers led gainers by 426 versus 366, while 296 counters were unchanged.

The ringgit was traded at RM3.56 to the US dollar, and 2.69 versus the Singapore dollar.

The benchmark FBM KLCI hit a two-week high today to close 9.74 points or 0.56% higher at 1,753.31 points, ahead of Prime Minister Datuk Seri Najib Razak's announcement of economic revisions and interventions amid the changing global economic landscape.

Overall, the market saw a total of 1.92 billion shares, valued at RM1.91 billion, traded during the day.

Market breadth was mixed with 507 gainers against 302 decliners, while 303 counters remained unchanged.

Oil and gas (O&G) counters saw some rebound in trading activity today, as Maybank Investment Bank Bhd (IB) said in a note that a stronger US dollar versus the ringgit favours O&G players with rigs, floaters, tank terminal and shipbuilding operations.

I also donno why now.. maybe got to do with local funds buying EPF quite active buying O&G stocks nowadays

tomorrow we shall know what najib going to do about our economy

naik to 10% I hope not

Actually Malaysia export High Quality Crude Oil (Tapis Crude) & import low quality crude oil (Fateh, Saudi Light etc.)
Malaysia's Tapis Crude command some premium over the world market

I tot now they got less money now, need to cut expenditure to preserved cash

JPMorgan Chase Bank was surprised that Prime Minister Datuk Seri Najib Razak made no mention of the government’s off-balance sheet fiscal liabilities in the revised budget announced today.

"There was no reference to the off-balance sheet fiscal liabilities which has been on the minds of investors, especially following concerns around 1Malaysia Development Bhd (1MDB)," said the bank’s economist Sin Beng Ong, in a note.

Besides, Ong said the other surprise was that the fiscal development expenditure will not be trimmed, and that the current investment programmes relating to Petroliam Nasional Bhd’s (Petronas) RAPID project will also not be delayed, despite the drop in energy prices which could impact oil and gas related cash flows.

“The implication here is that the [country’s] current account position will not improve much,” he explained.