Malaysian Market Summary : 13 Feb, 2015

KLCI closes at 1,800 as Maybank & Tenaga advance.

Fund buying of Maybank and a rebound in Tenaga Nasional saw the FBM KLCI close just above the critical 1,800 level on Friday, as investor's sentiment was glavanised by firmer oil prices and key regional markets.

RHB Capital - MD resigns.

RHB Capital Bhd’s (RHB Cap) group managing director (MD) Kellee Kam (pic) has tendered his resignation after more than three years at the helm. His resignation also comes after a plan to merge with two other rivals to form what would have been the country’s biggest financial group by assets was called off last month.

Oil to account for about 22% of govt revenue this year.

The oil and gas (O&G) sector is projected to account for 22% of Government revenue this year, due to the diversification of the economy over the last few years that has resulted in lesser dependence on the mining sector and lower oil prices.

Surprising 4th quarter growth despite weak oil prices.

Malaysia’s economy unexpectedly expanded by 5.8% in the fourth quarter of 2014, bolstered by strong domestic demand.

Economists had earlier anticipated that growth in the last quarter of 2014, which saw a steep drop in global oil prices, would be slower at 5% compared to the gross domestic product (GDP) of 5.6% recorded in the third quarter.

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