RM28 billion Bid For High Speed Rail Project

With the regional bourses closing 1% to 2% higher, the FBM KLCI managed to eke out a gain of nearly 6 points to 1218.61. Market breadth was positive, with 479 gainers against 178 losers on volume of 879m shares. After chalking up gains in the previous 2 days, the US market retreated 5 points last night. Crude oil also retraced to below US$70 with the US dollar’s rebound. Among the local headlines, Tenaga is to buy renewable power from Pesaka Technologies for RM14.89m per year for 21 years, and privately-held Global Rail and its Chinese partner have submitted a RM28bn bid for a high-speed rail project to link economic corridors, airports and seaports.