MarketWrap: Wall Street bounced back on Tuesday, recouping some recent losses, as investors sought cheap assets after a two-day equities rout sparked by Britain's decision to leave the European Union. - Reuters
The DJIA rose 269.48 points, or 1.57%, to 17,409.72, the S&P 500 gained 35.55 points, or 1.78%, to 2,036.09 and the Nasdaq added 97.42 points, or 2.12%, to 4,691.87.
Forex summary
*The ringgit gained 0.32% to 4.0642 per US$
*It was 0.23% higher at 4.4942 per euro
*Up 0.29% to 5.4056 to the pound sterling
*0.16% higher to 3.0010 per Singapore dollar
*0.44% up to 3.0028 per Aussie
*Down 0.03% to 3.9691 per 100 yen
Energy
Oil rose early on Wednesday as financial traders poured money back into commodities following the initial shock of Britain's vote to leave the European Union, and as a potential strike in Norway and crisis in Venezuela threatened to cut supply. International Brent crude futures were trading at US$48.76 per barrel at 0019 GMT, up 18 cents from their last settlement. - Reuters
Top foreign stories
Merkel sees no chance of British U-turn on Brexit: German Chancellor Angela Merkel said on Tuesday she saw no chance that Britain might go back on its decision to leave the European Union. Speaking at the end of the first day of an EU summit, Merkel described talks with outgoing British Prime Minister David Cameron as "serious" but “friendly”. - Reuters
US first-quarter GDP growth slows, Brexit risk to outlook: US economic growth slowed in the first quarter to 1.1% but not as sharply as previously estimated, and while there are signs of a pickup in the second quarter, analysts worry Britain's vote to leave the European Union could hurt activity later this year. - Reuters
Toyota recalling 1.43 million hybrids worldwide for air bag issue: Toyota Motor Corp said late on Tuesday it is recalling 1.43 million hybrid Prius and Lexus CT200h cars worldwide because of a possible airbag inflator defect. The recall covers 2010-2012 vehicles with air bag inflators that could have a small crack in a weld, which could lead to the separation of the inflator chambers. - Reuters
Top local stories
EWI positive on Brexit: Eco World International Bhd
(EWI) sees opportunities arising from Britain’s decision to leave the European Union. The company, which is privately held and en route to an initial pub- lic offering this year, believes that one of the immediate opportunities arising from Brexit is the depreciation in the pound sterling. - StarBiz
EPF considers partnership with EWB in three projects: The Employees Provident Fund (EPF) has expressed interest on a non-binding basis to participate in Eco World Development Group Bhd’s (EWB) three property projects, including the massive development in Ijok, Selangor. - StarBiiz
Bellew to helm MAS, Mueller join Emirates?: A report in German publication manager magazine and several others including the BoardingArea website stated that outgoing Malaysia Airlines Bhd chief Christoph Mueller would join Emirates as its chief transformation officer. Speculation is rife that the board is likely to name Peter Bellew as the person to helm the airline when Mueller leaves on Sept 1. - StarBiz
Scomi Engineering unit eyes China monorail market: Scomi Engineering Bhd subsidiary Scomi Rail Bhd has been approached by several Chinese railway and engineering firms and infrastructure companies looking to form a partnership to enter the Chinese industry. - StarBiz
Brexit makes Malaysia even more attractive: The Malaysian market looks to be trading at its bottom, and the United Kingdom’s referendum to leave the European Union, or Brexit, has made Malaysia even more attractive, with Nomura upgrading it to an “overweight” as of Monday. - StarBiz
Top Glove closes higher on secondary listing on SGX-ST: Top Glove Corp Bhd, the world’s largest glovemaker, ended higher at S$1.635 on its secondary listing on the Singapore Exchange Securities Trading Ltd (SGX-ST). At the opening bell, Top Glove debuted at S$1.62 for a three-cent premium over Tuesday’s closing price of S$1.59 on Bursa Malaysia. - StarBiz
SapKen posts lower quarterly net income: SapKen reported a lower net income of RM110.31mil for its first quarter on the back of lower revenue and substantial unrealised foreign exchange losses. The group’s bottom line was a decrease from RM260.69mil over the same quarter a year ago. Revenue came to RM1.94bil com- pared to RM2.26bil previously. - StarBiz
Apollo Foods Q4 profit tumbles: Apollo Foods Holdings Bhd posted a 74% plunge in net profit to RM1.75mil in the fourth quarter. Apollo posted a marginal increase in its revenue to RM53.14mil from RM52.58mil a year ago, due to recovery in its Indonesian operation. - StarBiz
RHB Bank reverses loss, ends higher: Shares of RHB Bank Bhd reversed early losses on Bursa Malaysia to end the day higher than its reference price after assuming the listing status of RHB Capital Bhd. The stock was last traded at RM4.84 on volume of 1.1 million shares. This was 15 sen higher than the stock’s adjusted price of RM4.69. - StarBiz
Star unit set to ride on Las Vegas tourism sector: Star Media Group Bhd-owned Victory Hill Exhibitions Pte Ltd looks set to ride on Las Vegas’ growing tourism industry with its newest Marvel Avengers exhibit. - StarBiz
Was Seong: Customs audit ended; PPI didn’t breach any laws: The audit and investigation led by the Royal Malaysian Customs Department into Wah Seong Corp Bhd’s indirect wholly-owned unit PPI Industries Sdn Bhd that began in end-February, have been concluded with no penalties imposed after four months. - Edge FD
OCK secures US$40m loan to build 920 telecom towers in Myanmar: OCK Group Bhd has se- cured a US$40.2 million (RM163.2 million) loan from a consortium of banks to help finance the construction of 920 telecommunications towers in Myanmar — the telecommunications network service provider’s maiden investment in the Asean region outside of Malaysia. - Edge FD
Bina Puri expects order book, earnings to pick up from Q2: Bina Puri Holdings Bhd, whose net profit slumped 34.5% in the first quarter ended March 31, 2016, is condent of getting about RM1 billion new jobs and achieving its net profit growth target of 20% in FY16, underpinned by massive local infrastructure works. - Edge FD
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