MARKET UPDATES :
- The International Monetary Fund has cut its growth projections for emerging and developing Asian economies, including Malaysia.In its latest World Economic Outlook, it said the Asean 5 – Indonesia, Malaysia, the Philippines, Thailand and Vietnam — will likely grow by 4.5 per cent in 2014 ( a 0.2 per cent cut from its previous outlook) and 5.2 per cent in 2015 ( a 0.1 per cent cut from previous outlook) .These five countries are projected to grow by 5.3 per cent in 2016.In its latest outlook versus the previous one in October, the Fund said the growth is projected to remain broadly stable at 4.3 percent in 2015 and to increase to 4.7 per cent in 2016 — a weaker pace than the October forecast.
- Mass Rapid Transit Corporation Sdn Bhd (MRT Corp) applauds the government’s decision to maintain the development expenditure of RM48.5 billion for 2015, and to proceed with the implementation of various infrastructure projects including MRT Line 2.”A second MRT line for the city is the logical step especially as we have taken the position of making urban rail as the backbone of public transportation for the Klang Valley.
- The central bank said the current interest level at 3.25 per cent is still accommodative.”We’ll review the risks to growth and inflation at this point,” Bank Negara governor Tan Sri Dr Zeti Akhtar Aziz said during an analyst briefing here. The government announced a downward revision in growth forecast to 4.5 – 5.5 per cent for 2015.”The midpoint at 5 per cent in this challenging conditions is still a positive.”She said credit growth will also benefit households and businesses especially the small and medium enterprises.
- There will not be any exodus of funds from Malaysia, says Bank Negara Malaysia Governor Tan Sri Dr Zeti Akhtar Aziz.Despite the ringgit’s fall, Malaysia’s current account surplus was healthy while foreign direct investments continued to flow into the economy.Zeti said this phenomenon included fluctuations in the foreign exchange market which was not unique to Malaysia.
- Malaysia’s export of crude palm oil in 2014 slipped to 17.27 million tonnes, worth RM44.43 billion, against an offtake of 18.14 million tonnes, valued at RM45.26 million, registered in 2013.Output rose to 19.67 million tonnes in 2014 from 19.22 million produced in 2013, said the Malaysian Palm Oil Board (MPOB).Chairman Datuk AR Wan Khair-il Anuar Wan Ahmad said exports this year was expected to hover around that of last year’s level.“It will depend on demand from importing countries,” he told Bernama when commenting on the latest export figures.Meanwhile, Phillip Futures Sdn Bhd said demand for CPO was likely to record a marginal increase only in 2015 in view of weaker demand.
- Maybank has partnered with Asia Miles, a leading travel and lifestyle reward programme, that will enable Maybank cardmembers in Malaysia, Singapore, Indonesia and the Philippines to redeem Asia Miles with their Treats points.Maybank cardmembers can now charge their Maybank cards and use their Treat points to redeem an array of awards from Asia Miles.In a joint statement today, Maybank said to celebrate the partnership, a 33 per cent top-up bonus will be offered to cardmembers when they convert their Treats points to Asia Miles from today till February 28.
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