ECONOMIC FACTORS supporting wednesday

ECONOMIC FACTORS:

• The ringgit rebounded to open slightly higher against the US dollar today, supported by mild interest in the local unit.
• Crude prices rose on Tuesday on expectations U.S. shale oil output will record its first monthly decline in over four years, but analysts warned that the broader market remained oversupplied as China’s exports rose.
• Malaysia's economic growth is expected to slow down to 4.7% in 2015 before normalising to 5% in 2016, while the current account would remain in a small surplus, according to the World Bank's East Asia Pacific Economic Update.
• Foreign funds mopped up RM354.4 million last week, the highest in three weeks, to continue the gradual rebuilding of their Malaysian equity portfolio, MIDF Research said.
• OldTown Bhd's earnings could be reduced by RM8 million in the event that the 10% service charge is removed.
• The move by Time dotCom Bhd (TdC) to disposed of 49.9 million DiGi shares or a 0.64% stake in DiGi through private placement comes as a `positive surprise, bringing forth speculation that merger and acquisition (M&A) may be in the works.
• Malaysian Resources Corporation Berhad (MRCB) said the recent share swap deal with DMIA (M) Sdn Bhd will enhance the group's current development projects.
• RHB Capital Bhd (RHBCap) is planning a rights issue to raise up to RM2.5 billion under a proposed restructuring that will see the RHB Banking Group moving towards a "bank holding company" structure, in line with major banking groups across Asean.
• Petronas Chemicals Group Bhd (PCG) has set aside RM3 billion in capital expenditure (capex) for 2015, of which bulk of it will be for the Sabah Ammonia Urea (Samur) project.
• Mechanical and electrical (M&E) engineering service provider Bintai Kinden Corp Bhd is bidding for RM1.2 billion worth of projects in Malaysia and is working with various parties to participate in the MRT project.