Energy
Brent Crude was tarding 0.81% higher at US$57 per barrel at 2.24pm.
Forex
The ringgit was up 0.02% to 3.8085 versus the US dollar at 2.50pm.
Top foreign news
China economic uncertainty a potential risk for US chipmakers: Tumbling markets and economic uncertainty in China pose a risk to major chipmakers such as Qualcomm Inc that derive a big portion of their sales from the world’s second-largest economy. Consumer electronics giant Apple Inc could also be vulnerable - 17% of the company’s overall revenue last fiscal year came from China, and in the most recent quarter it sold more iPhones in the country than in the United States for the first time. But the slowing pace of China’s economic growth - on top of already weakening demand for mobile devices - could deliver a particularly tough blow to chipmakers, analysts said. — Reuters
Gold dips below US$1,170 despite Greek debt crisis: Gold fell today as markets awaited news from a eurozone summit to see whether progress would be made in the Greek debt crisis, even as increasing short positions in the precious metal underlined bearish sentiment towards bullion. Gold has so far failed to see significant safe-haven bids sparked by the ongoing Greek crisis as fears of contagion seem to be limited. Strength in the dollar has also capped gains. Spot gold fell 0.2% to US$1,167.21 an ounce by 0343 GMT. The metal rose as much as 0.6% early on Monday following Greek rejection of the terms of a bailout package, but gave up most gains to close up just 0.2%. — Reuters
Global chip sales rise 5% to US$28bil: The global semiconductor industry recorded worldwide sales of US$28.2bil in May, up 5.1% from US$26.8bil a year ago, with the Americas taking the lead. According to US-based Semiconductor Industry Association, global sales in May 2015 rose 2.1% from April’s US$27.6bil. - StarBiz
Court rejects bid to block Samsung treasury stock sale: A South Korean court today rejected a US hedge fund’s request to block the sale of treasury stocks by construction firm Samsung CT, clearing the path for the US$8bil merger of two Samsung affiliates. The Seoul Central District court had already dismissed an Elliot demand to prevent a July 17 Samsung shareholders’ meeting called to approve the proposed merger. Today’s ruling rejected a second demand to halt Samsung CT’s sale of treasury stocks to a “friendly” shareholder, chemicals maker KCC Corp. Elliot said it would appeal the ruling. — AFP
Australia holds rates steady: Australia’s central bank held interest rates at record lows today as sliding commodity prices, a still-high currency and mounting economic uncertainty in China argue for continued stimulus, and even the chance of more cuts. The Reserve Bank of Australia (RBA) underlined the need for a lower currency after its monthly policy meeting, even though it had only just hit a six-year trough on the US dollar. - Reuters
Top local news
Bursa queries HB Global
over share price spike: Bursa Malaysia has queried HB Global over the unusual market activity (UMA) in the trading of its shares after they surged to the highest since March 2014. HB Global, a convenient food specialist, is a Practice Note 17 company. — StarBiz
Tenaga, IJM, DiGi, QL Resources top buys: Amid the volatile equities markets, BIMB Securities Research said n its strategy report issued today that power giant Tenaga Nasional, IJM Corp, DiGi and QL Resources offered solid entry at current levels. - StarBiz
Maybank Kim Eng maintains neutral call on regional plantation sector: Maybank Kim Eng has maintained its “neutral” call on the regional plantation sector, taking into consideration the El Nino effect and below average rainfall forecast. In a research note, it said the total oil palm area in Malaysia and Indonesia that could be affected by below-average rainfall forecast is estimated at 5.01 million hectares. In terms of production, the area produced about 14.2 million tonnes or 30% of production in the region. — Bernama
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