Bank Negara Raises OPR By 25 Basis Points
Bank Negara Malaysia yesterday inched up the Overnight Policy Rate (OPR) by 0.25%, after keeping it a record low for about a year. The central bank’s governor Tan Sri Dr Zeti Akhtar Aziz said “At the new level, the stance of monetary policy continues to remain accommodative and supportive of economic growth,” the central bank said in a statement yesterday. Bank Negera expects inflation to remain moderate in 2010 driven by external factors such as rising global commodity and food prices.

No Changes To Fuel Subsidies
Domestic Trade Minister Ismail Sabri Yaakob said the current subsidy of 30 sen a liter for gasoline will be maintained, and that there are no plans to “fully float” gasoline prices without a subsidy from the government. The government had initially intended to implement a new plan on 1 May involving a complex two-tier fuel subsidy system that would rely on national identity cards, to exclude foreigners from enjoying the subsidy. But it has backed down since receiving negative feedback from the public.

Maybank Keeps WCT At Buy
Maybank Investment Bank reiterated its “Buy” call on WCT saying it remains upbeat on the group as it is expected to secure more contracts both locally and in overseas. “WCT’s lean cost structure and extensive fleet of heavy equipment place it on a very competitive perch. It’s our top pick in construction, with a RM3.40 target price,” Maybank IB said in a report this week. WCT is still in the running for two letter of intent jobs in Sabah and Sarawak worth RM500m in total and is also bidding for at least two jobs in the Middle East, valued at RM500m each.

Bomb Scare At SC
The Securities Commission (SC) in Kuala Lumpur evacuated its occupants after receiving an anonymous bomb threat. The SC received the call at around 3.15pm according to an official at the SC and its was only around 6pm was the building declared safe.