Market wrap: Wall Street closed lower on Thursday as energy shares were weighed down by falling crude prices while US treasury yields rose and gold prices fell as investors bet US jobs on Friday could help prompt an interest rate hike as soon as next month. - Reuters
The DJIA fell 4.15 points, or 0.02%, to 17,863.43, the S&P 500 lost 2.38 points, or 0.11%, to 2,099.93 and the Nasdaq dropped 14.74 points, or 0.29%, to 5,127.74.
Forex summary
*The ringgit lost 0.07% to 4.3015 per US$
*It fell 0.04% to 4.6829 per euro
*Up 1.17% to 6.5384 to the pound sterling
*0.10% higher to 3.0570 per Singapore dollar
*0.05% lower to 3.0690 per Aussie
*Down 0.13% to 3.5352 per 100 yen
Energy
Oil settled down as much as 2% on Thurday as an oversupply of crude and weak gasoline prices extended the previous session's rout. Brent futures LCOc1 closed down 60 cents, or 1.2% at US$48.68. Brent briefly rose during the session, supported by steady share prices on Wall Street. - Reuters
Top foreign stories
Disney profit rises with gains at cable networks: Walt Disney Co reported higher quarterly profit that beat Wall Street forecasts as cable networks including ESPN brought in higher advertising revenue and collected more fees from pay TV distributors. - Reuters
News Corp's revenue falls for third straight quarter: News Corp reported its third straight quarter of revenue decline, hurt by a strong dollar and lower print ad sales, mainly in Australia. The company, controlled by Rupert Murdoch, said on Thursday revenue from its news and information business fell about 11% to US$1.29 billion in the first quarter.
Top local stories
JCorp swoops on Kulim: Cash-rich Kulim (M) Bhd, which is sitting on RM1.74bil in funds, is subject to a privatisation proposal by its major shareholder Johor Corp (JCorp). In an announcement on Thursday, JCorp said it was offering RM4.10 per share, which is a 80 sen premium to Kulim’s last traded price of RM3.30. - StarBiz
Picorp fails in its plans to develop DoE programme: Environment monitoring and waste management firm Progressive Impact Corp Bhd
(Picorp), which has conducted environmental monitoring and data management activities for the Department of Environment (DoE) for two decades, has failed in its proposal to develop and implement the Environmental Quality Monitoring Programme through a public-private partnership. - StarBiz
Star’s Cityneon lands second household brand: Cityneon Holdings Ltd, 64% owned Star Media Group, has bagged another major international household name in the entertainment world. Victory Hill Exhibitions Pte Ltd, a subsidiary of Cityneon, said following the takeover of Marvel’s Avengers S.T.A.T.I.O.N. (Scientific Training and Tactical Intelligence Operative Network) earlier this year, it is preparing to announce its newest partnership with a well-known “pop culture brand”. - StarBiz
RCE profit soars, proposes capital repayment: RCE Capital Bhd has proposed a capital repayment of an estimated RM98.3mil to its shareholders. After the exercise, the company has proposed to consolidate every four 2.5 sen share into one ordinary share of 10 sen each. - StarBiz
Edra: Concerns over TNB allayed: News that Tenaga Nasional Bhd (TNB) has put in the lowest bid for Edra Global Energy Bhd has allayed concerns that the company may have put in an over- priced bid for the latter’s power assets. The stock surged to its highest since June this year, jumping by as much as RM1.06 in early trade. It closed 56 sen higher at RM13.20, with a market capitalisation of about RM74bil. - StarBiz
Hartalega earnings up 25% on new plants: Glovemaker Hartalega Holdings Bhd has posted a 25% rise in net profit to RM60.41mil for its second quarter on contribution from the company’s Next Generation Integrated Glove Manufacturing Complex plants. Its revenue for the quarter jumped 37.8% to RM379.35mil on the increase in demand following the capacity expansion. A stronger US dollar also helped boost its financial performance. - StrBiz
Handal Resources and Nabors sign MoU: Integrated offshore crane services provider and fabricator Handal Resources Bhd has signed a memorandum of understanding (MoU) with New York-listed Nabors Industries Ltd to explore opportunities in rig services for the local oil and gas industry. - StarBiz
Bank Negara keeps OPR steady at 3.25%: Malaysia’s benchmark interest rate, the overnight policy rate (OPR), has been maintained at 3.25%. The central bank said in a press statement that domestic demand would continue to be the main driver of economic growth as the local economy continues to be affected by external headwinds. - StarBiz
EPF invests RM240m in AIDF-1: The Employees’ Provident Fund (EPF) has invested RM240 million in the RM600 million Area Industrial Development Fund (AIDF-1). “Logistic investment is some- thing we do more now as it provides good returns,” said EPF chief executive officer Datuk Shahril Ridza Ridzuan. “It is a good asset for the long term.” - Edge FD
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