MarketWrap: Wall Street rallied sharply on Monday, juiced by a jump in Apple shares and gains from energy stocks that were backed by stronger oil prices. - Reuters
DJIA fell rose 175.39 points, or 1%, to 17,710.71, the S&P 500 gained 20.05 points, or 0.98%, to 2,066.66 and the Nasdaq added 57.78 points, or 1.22%, to 4,775.46.
Forex summary
*The ringgit rose 0.09% to 4.0273 per US$
*It gained 0.23%% to 4.5491per euro
*Down 0.69% to 5.8225 to the pound sterling
*0.01% down to 2.9432 per Singapore dollar
*0.07% higher to 2.9349 per Aussie
*Up 0.09% to 3.6904 per 100 yen
Energy
Oil prices hit six-month highs on Monday on worries about global supply outages and as long-time bear Goldman Sachs sounded more positive on the market, although a stockpile build at the US storage hub for crude futures limited gains. Brent crude futures settled up US$1.14, or 2.4%, at US$48.97 per barrel. It rallied to US$49.47 earlier, its highest since early November, in a test towards US$50. - Reuters
Top foreign stories
Warren Buffett's Berkshire takes US$1b bite of Apple: Warren Buffett's Berkshire Hathaway Inc revealed a more than US$1 billion stake in Apple Inc in a rare foray into the technology sector, which the billionaire has largely shunned apart from a poorly performing investment in IBM. - Reuters
Fed's Lacker says June hike should be on the agenda: The Federal Reserve should consider raising rates at its June meeting, Richmond Fed president Jeffrey Lacker told the Washington Post in an interview published on Monday, saying inflation was moving toward two percent and labour markets had tightened. - Reuters
Domestic focus may limit clout of US$2 trillion Saudi fund: Saudi Arabia aims to create the world's biggest sovereign wealth fund, a US$2 trillion behemoth that can throw its weight around global markets, but the fund's growth abroad is likely to be slowed by its responsibility for aiding the economy at home. - Reuters
Venezuela says better oil loans deal reached with China: Venezuela has reached a deal with its main financier China to improve the conditions of an oil-for-loans deal, giving the Opec member's crisis-hit economy "oxygen" ahead of heavy debt payments, its top economic official said on Monday. - Reuters
Pfizer to buy Anacor in US$5.2b deal: Pfizer Inc is buying Anacor Pharmaceuticals Inc in a US$5.2 billion deal to add an eczema gel to its portfolio, just a month after the US drug major scrapped plans to acquire Allergan Plc. - Reuters
Top local stories
FGV puts M&As on hold: Felda Global Ventures Holdings Bhd (FGV) chief executive officer Datuk Zakaria Arshad said mergers and acquisitions (M&As) were no longer the key focus for its growth, at least till the year-end. Instead, it wants to squeeze more returns out of existing assets as outlined in its new transformation plan unveiled on Monday. - StarBiz
Cahya Mata profit tumbles 98%, shares fall: Cahya Mata Sarawak Bhd
on Monday posted a 98% fall in net profit for the first three months of this year to RM1.05mil from RM57.42mil a year earlier, weighed down by its cement business. Its shares shed 48 sen RM3.30. Its revenue fell 29.3% RM346.91mil. - StarBiz
Signature gets RM80mil compensation from Selangor: The Selangor government has paid Signature International Bhd a compensation of RM79.95mil for the compulsory acquisition land to make way for the construction of the Damansara-Shah Alam Elevated Expressway. Separately, Signature reported its net profit for the third quarter more than halved to RM5.01mil. Revenue fell to RM54.69mil from RM87.55mil a year earlier. - StarBiz
Netx unit ties up with Rockville Technologies: Netx Holdings Bhd unit Payallz Sdn Bhd has entered into a technology collaboration agreement with Islamabad-based Rockville Technologies LLC, a mobile services and solutions provider, to develop a electronic payment industry in the Greater Middle East region. - StarBiz
Good take-up rate for EcoWorld-Ballymore’s UK project: EcoWorld-Ballymore, a 75:25 joint venture between Eco World International Bhd and UK-based Ballymore Group, has sold more than half of the units in the first residential block in its single-largest property project in London – Embassy Gardens Phase 2. - StarBiz
KLK earnings down on unrealised forex loss: Plantation firm Kuala Lumpur Kepong Bhd (KLK)’s net profit fell 24.3% to RM168.53mil in the second quarter on lower profits from the plantation segment due to a net unrealised foreign exchange (forex) loss. Its revenue rose 20.8% to RM3.7bil. KLK declared a single-tier interim dividend of 15 sen per share. - StarBiz
Two crucial factors for healthy growth: Economic integration and strong trade links are crucial to help Malaysia achieve healthy and sustainable growth, says Bank Negara deputy governor Dr Sukhdave Singh. - StarBiz
LKL makes strong debut in weak market: LKL International Bhd made a strong debut on the Ace market on Monday, opening at 35 sen despite a weaker broader market. The counter closed the day at 28 sen, an eight-sen premium over the initial public offering price of 20 sen a share, on volume of 132.9 million. - StarBiz
April vehicle sales down 6.7%: Stricter hire-purchase loan approvals and cautious consumer sentiment continued to weigh on vehicle sales, driving them 6.7% lower to 42,177 units in April. - StarBiz
Tien Wah, Lum Chang to jointly develop mixed-use project: Printing firm Tien Wah Press Holdings Bhd is teaming up with Singapore-listed Lum Chang Holdings Ltd to jointly develop a 13,040 sq m piece of land in Jalan Semangat, Petaling Jaya, Selangor into a mixed-use commercial development. - Edge FD
LCC alliance unlikely to pose major threat to AirAsia: AirAsia Bhd, the largest low-cost carrier (LCC) in Asia, will most likely be able to defend its turf within Malaysia despite eight of its peers in the continent forming an alliance, say analysts. - Edge FD
Westports CEO sees no immediate direct effect from new alliance: A new shipping alliance, which sees German container shipping firm Hapag-Lloyd teaming up with five Asian companies, would not have any significant direct impact on Malaysian ports for now, said Westports Holdings Bhd chief executive officer Ruben Gnanalingam. - Edge FD
Moody’s says GMR deal credit negative for TNB: Moody’s Investors Service sees Tenaga Nasional Bhd (TNB)’s move to acquire a 30% stake in India’s GMR Energy Ltd for US$300 million (RM1.21 billion) as credit negative because it will reduce TNB’s liquidity and may increase its adjusted debt. - Edge FD
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