Palm oil prices rose to the highest level in 35 months on Feb. 2 amid concern that La Nina weather conditions may persist for another four months. The phenomenon has caused flooding in Asia and drought in South America, damaging crops and supply.
MARKETS: * Malaysia’s FTSE Bursa Malaysia KLCI Index rose 0.8 percent on Feb 2. The market was closed on Feb. 3-4 for public holidays. * The MSCI Asia Pacific Index rose 0.3 percent. * The Dow Jones Industrial Average rose 0.25 percent. * Palm oil April-delivery futures advanced 2.3 percent to 3,895 ringgit ($1,285) a metric ton on Feb. 2 ahead of last week’s trading holidays.
EQUITY PREVIEW: * Telekom Malaysia Bhd. (T MK) and Axiata Group Bhd. (AXIATA MK), two state-controlled phone companies, said independent panels had concluded internal investigations after Alcatel- Lucent SA admitted to making improper payments to officials in countries including Malaysia. Reports will be presented to their boards and the Malaysian Anti-Corruption Commission by the end of this month, they said in separate exchange filings. Telekom said investigations and a forensic audit will be continued by KPMG Corporate Services Sdn. to help identify the names of employees concerned. * DFZ Capital Bhd. (DFZ MK): The duty-free retailer said in a statement that Esmart Holdings Ltd. extended the deadline for its unconditional takeover offer to March 1. * Ho Wah Genting Bhd. (HWG MK): The Malaysian maker of wires and cables said it aims to soon commence tin-ore mining in Pengkalan Hulu. This should start contributing to revenue this fiscal year, it said in a statement. * Rimbunan Sawit Bhd.(RSAW MK): The palm oil producer will increase its stakes in three Sarawak plantation companies for a total 16 million ringgit, according to an exchange filing.
http://www.bloomberg.com/news/2011-02-06/malaysia-daybook-exports-surprise-rise-palm-at-35-month-high.html