Market wrap: Wall Street rebounded sharply on Wednesday after six straight days of large declines caused by China worries, while long-dated bond prices fell after a top Federal Reserve official scaled back expectations of a September rate increase. - Reuters
The DJIA rose 619.07 points, or 3.95%, to 16,285.51, the S&P 500 gained 72.9 points, or 3.9%, to 1,940.51 and the Nasdaq added 191.05 points, or 4.24%, to 4,697.54.
Forex summary
*The ringgit rose 0.37% to 4.2305 per US$
*It increased 1.40% to 4.8018 per euro
*Up 1.56% to 6.5499 to the pound sterling
*0.30% higher to 3.0200 per Singapore dollar
*Up 0.48% higher to 3.0130 per Aussie
*Up 0.44% to 3.5257 per 100 yen
Energy
Oil prices fell almost 2% on Wednesday after a huge drawdown in US crude stockpiles was offset by a larger-than-expected build in gasoline and distillates, which include diesel. Brent, the global oil benchmark, finished down 7 cents at US$43.14. - Reuters
Top foreign news
Strong capital spending plans boost growth outlook: A gauge of US business investment plans recorded its largest increase in just over a year in July, suggesting the United States was in good shape to withstand growing strains in the global economy. The Commerce Department said on Wednesday non-defence capital goods orders excluding aircraft, a closely watched proxy for business spending plans, increased 2.2% last month, the biggest rise since June last year. - Reuters
Tsipras softens stand on Greek debt relief before election: Outgoing Prime Minister Alexis Tsipras signalled on Wednesday he would accept an easing of Greece's huge debt burden if he wins elections expected next month without any of the write-offs he has long demanded. Tsipras told Alpha TV that he favoured longer repayment periods and lower interest rates on the debt, now that Greece has secured a new 86 billion euros (US$98 billion) bailout. - Reuters
Top local stories
Thumbs up to Special Economic Committee: The market has warmed up to Prime Minister Datuk Seri Najib Tun Razak’s initiative in forming a Special Economic Committee. The panel will be headed by Minister in the Prime Minister’s Department Datuk Seri Abdul Wahid Omar. The other members of the committee are CIMB chairman Datuk Seri Nazir Razak, Khazanah Nasional Bhd deputy chairman Tan Sri Nor Mohamed Yakcop, Khazanah managing director Tan Sri Azman Mokhtar, Malayan Banking Bhd CEO Datuk Abdul Farid Alias, China Banking Regulatory Commission chief adviser Tan Sri Andrew Sheng. Symphony Life Bhd chief executive Tan Sri Mohamed Azman Yahya, RAM Holdings Bhd CEO Datuk Seri Dr K Govindan, Universiti Kebangsaan Malaysia vice-chancellor Professor Datuk Dr Noor Azlan Ghazali and Federation of Malaysian Manufacturers president Datuk Seri Saw Choo Boon.
Silverlake shares slump: Shares in Singapore-listed Silverlake Axis Ltd tumbled 17.5 cents to 46 Singapore cents, it's lowest since February 2013, after a two-day trading halt, as investors remained concerned over allegations made by an anonymous report released last Thursday. - StarBiz
Mah Sing prepares for challenging times: Mah Sing Group Bhd, which posted a net profit of RM90.49mil in the second quarter, has scaled back property launches and revised its sales target in view of the challenging market condition. In the notes accompanying its financial results, the developer said the “operating environment in the short term was expected to stay challenging”. - StarBiz
Sime earnings down but better than estimates: Sime Darby Bhd said net profit fell 31% to RM2.3bil for the full year ended June 30, joining its peers in the plantation sector hit by a slump in commodity prices. The drop in profit, which was widely expected, was less severe than what the market had predicted. Consensus estimate before the results were released was at RM2.1bil. - StarBiz
??
IHH net profit for Q2 rises to RM228mil: Hospital operator IHH Healthcare Bhd posted a 9% rise in net profit to RM228.1mil for the second quarter on higher revenue contributions from three newly opened hospitals. Revenue for the quarter jumped to RM2.09bil compared to a year ago. - StarBiz
HLB eyes 9% loan growth: Hong Leong Bank Bhd (HLB) is targeting a flat loan growth of between 8% and 9% for the year ended June 30, 2016 (FY16) after seeing an expansion of some 8.9% in FY15. Group managing director and CEO Tan Kong Khoon said at a results briefing that while the general business outlook remained challenging, the outlook for the banking sector would remain stable. For the fourth quarter, HLB's net profit rose 14.4% to RM614.85mil on better in net interest income, impairment write-back and higher profit contribution from associates. Revenue was RM1.04bil against RM1bil a year ago. - StarBiz
MSM to invest RM1.1bil in sugar refinery: Sugar refiner MSM Malaysia Holdings Bhd is expanding its business. It intends to build a RM1.1bil refinery in Tanjung Langsat, Johor - Malaysia's largest - and is also optimistic of winning a mill development project in Indonesia. - StarBiz
Naza TTDI to launch RM440m project: Naza TTDI Sdn Bhd is targeting to launch a residential project in Kwasa Damansara by the end of next year. The RM440mil gross development value, contemporarily-designed project will feature a theme park, private green courtyards and recreational club facilities. - StarBiz
1MDB denies binding agreement with IPIC is off: 1Malaysia Development Bhd (1MDB) has denied a news report from Singapore, citing an unnamed source, that Abu Dhabi’s International Petroleum Investment Co (IPIC) is considering pulling out of a plan to help restructure its debts. “1MDB strongly denies this unproven allegation. We, in fact, confirm that 1MDB remains engaged in discussions with IPIC, to conclude the transaction per the terms as officially announced by IPIC to the London Stock Exchange on 10 June 2015,” it said in a statement. - StarBiz
AGMs/EGMs
QL Resources Bhd
Time: 10am
Venue: Holiday Inn Kuala Lumpur Glenmarie, Shah Alam
Ingenuity Consolidated Bhd
Time: 10am
Venue: Persoft Tower, Persiaran Tropicana, Tropicana Golf & Country Resort, PJ
Panasonic Manufacturing Malaysia Bhd
Time: 10.30am
Venue: 3, Jalan Sesiku 15/2, Section 15, Shah Alam Industrial Site
Lingkaran Trans Kota Holding Bhd
Time: 2pm
Venue: Kota Permai Golf and Country Club, Kota Kemuning, Shah Alam
Already a subscriber? Log in.
Limited time offer:
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!