Market wrap: Wall Street declined for a second straight session on Wednesday as the technology sector fell on disappointing results from giants including Apple. - Reuters
The DJIA fell 68.25 points, or 0.38%, to 17,851.04, the S&P 500 lost 5.06 points, or 0.24%, to 2,114.15 and the Nasdaq dropped 36.35 points, or 0.7%, to 5,171.77.
Forex summary
*The local currency declined 0.35% to 3.8070 per US$
*It fell 0.17% to 4.1574 per euro
*It declined 0.20% to 5.9409 to the pound sterling
*0.09% down to 2.7847 per Singapore dollar
*0.23% higher to 2.8033 per Aussie
*Down 0.22% to 3.0670 per 100 yen
Energy
Oil prices fell and US crude settled below US$50 a barrel on Wednesday after government data showed crude inventories in the United States rose last week and as a stronger dollar and weaker global equities applied pressure. Brent September crude fell 91 cents to settle at US$56.13 per barrel. - Reuters
Top foreign news
Qualcomm slashes jobs and costs, says may split itself up: Chipmaker Qualcomm Inc said it may break itself up as it delivered its third profit warning this year and announced plans to slash jobs and spending in the face of rising competition. The company said it would reduce costs by about US$1.4bil, cut about 4,500 full-time staff, or 15% of its workforce, and boost capital returns to shareholders. - Reuters
UPS in talks to buy Coyote Logistics for at least US$1.8bil: Package delivery United Parcel Service Inc is in talks to buy Chicago-based Coyote Logistics LLC for at least US$1.8bil, a source familiar with negotiations said on Wednesday. According to the source, Coyote is backed by Warburg Pincus, the New York-based private equity firm, which may instead opt for an initial public offering as a way to sell its stake in the transportation logistics services provider. - Reuters
After Toshiba scandal, foreign investors want tougher Japan governance steps: Japan needs bolder measures such as harsher criminal sanctions for fraud and whistleblower protections to improve corporate transparency and prevent a repeat of the accounting scandal seen at Toshiba Corp, foreign investors and governance experts said. - Reuters
Opec sees oil drop as short-term, expects stronger demand: A drop in oil prices this month is likely to be short-term and will not deflect the Organisation of Petroleum Exporting Countries from its policy of keeping output high to defend market share, delegates from Gulf Opec members and other nations said. - Reuters
Top local stories
Spotlight on PNB: The inadequate public shareholding spread of port and logistics operator NCB Holdings Bhd has thrust the spotlight on its long-term major shareholder, Perbadanan Nasional Bhd (PNB).
NCB’s public shareholding spread, which was at 22.16% as of yesterday, is below the 25% public shareholding spread as per the listing requirements of Bursa Malaysia. - StarBiz
Kossan Rubber
bounces after EPF raises stake: Shares in Kossan Rubber Industries Bhd rose 23 sen or 3.4% to close at RM7.07, after the Employees Provident Fund (EPF) increased its stake in the glove manufacturer. According to filings with Bursa Malaysia, the EPF currently owns about 42.94 million shares or 6.7% in Kossan. The fund has been gradually acquiring shares in the company since last month from 36.06 million shares or a 5.64% stake. Year-to-date, Kossan’s share price has risen 58%. - StarBiz
MRCB-Quill Reit Q2 profit jumps: MRCB-Quill Real Estate Investment Trust (MQReit, formerly known as Quill Capita Trust) has recorded a net profit of RM13.632mil for the second quarter, a 59.2% jump from a year earlier due to recognition of the full-quarter income contribution from Platinum Sentral. Revenue was up 85.4% to RM32.175mil. - StarBiz
TNB shares ‘oversold’: The current weakness in Tenaga Nasional Bhd’s (TNB) share price is a good opportunity for investors to accumulate shares in the power company. Analysts and fund managers said TNB shares have been "oversold" and investors should take the opportunity to accumulate big-cap stocks with sound fundamentals. “This is a good time to pick up the TNB stock. The company’s fundamentals remain intact and the new power plants would drive its earnings going forward,” a local fund manager said. - StarBiz
Taliworks proposes 2-for-5 share split: Public utilities company Taliworks Corp Bhd has proposed a share split whereby every two of its existing ordinary 50 sen shares would be subdivided into five 20 sen shares. Taliworks is also proposing to issue up to 241.93 million free war- rants on a one-for-five basis after completing the proposed share split. - StarBiz
KIP eyes Bursa listing next year: Plans are already in the pipe- line for Kuala Lumpur-based property company KIP Group to be listed on Bursa Malaysia next year. Executive director Datuk Eric Ong said the company was currently undertaking the necessary steps to prepare itself to become a public-listed entity. - StarBiz
Fitters plans stake buy: Fire protection solutions provider Fitters Diversified Bhd has proposed to acquire a 40% stake in Germany-based renewable energy systems supplier AHT Syngas Technologies NV for 1.6 million euros (RM6.6mil) cash. Fitters said the acquisition, which would entail 600,000 shares of AHT Syngas at 2.665 euros per share, would be undertaken by its wholly owned subsidiary Future NRG Sdn Bhd. - StarBiz
Golden Land plans RM190.33m cash distribution: Golden Land Bhd has proposed to undertake a cash distribution totalling RM190.33mil or 88 sen per share to reward its shareholders, via a share capital reduction and repayment, and the proposed distribution of a special cash dividend of 13 sen per share. This is subject to the completion of a RM655mil disposal of four subsidiaries and a parcel of oil palm plantation land in Beluran, Sabah, to Felda Global Ventures Holdings Bhd’s unit, Pontian United Plantations Bhd. - Edge FD
Matrix Concepts sales target on track: Matrix Concepts Holdings Bhd is on track to achieve its RM70mil sales target for the financial year ending Dec 31, 2015, said chairman Datuk Mohamad Haslah Mohamad Amin. - Edge FD
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