MarketWrap: The Dow and the S&P 500 eked out record high closes on Wednesday ahead of the Thanksgiving holiday, helped by gains in industrial stocks, though losses in technology shares limited the advance and weighed on the Nasdaq. - Reuters
The DJIA rose 59.31 points, or 0.31%, to end at 19,083.18, while the S&P 500 gained 1.78 points, or 0.08%, to 2,204.72 and the Nasdaq dropped 5.67 points, or 0.11%, to 5,380.68.
Forex summary
*The ringgit lost 0.27% to 4.4563 per US$
*It was 0.41%% higher at 4.6947 per euro
*Down 0.62% to 5.5411 per pound sterling
*Down 0.62% to 5.5411 per Singapore dollar
*0.61% higher to 3.2836 per Aussie
*Down 0.18% to 3.9581 per 100 yen
Energy
Oil prices fell slightly on Wednesday amid investor doubts that Opec will agree to a production cut large enough to make a significant dent in the global glut of crude as US drilling rises. Brent crude futures LCOc1 settled down 17 cents, or 0.35% at US$48.95 a barrel. - Reuters
Top foreign stories
Japan stocks rise to near 11 month high, dollar bulls continue charge: Japanese stocks rose to a near 11-month high on Thursday on a weaker yen and after Wall Street shares closed at record highs overnight, while the dollar's bull run continued as upbeat economic data took US bond yields to multi-year highs. - Reuters
ECB seeks to lend out more bonds to avert market freeze: The European Central Bank is looking for ways to lend out more of its huge pile of government debt to avert a freeze in the 5.5 trillion-euro short-term funding market that underpins the financial system, central bank sources say. - Reuters
Japan flash Nov manufacturing PMI falls to 51.1 from 51.4, new orders ease: Japanese manufacturing activity grew in November at a slightly slower pace than the previous month as growth in new orders eased in a sign that the sector has lost a little momentum. The Flash Markit/Nikkei Japan Manufacturing Purchasing Managers Index (PMI) for November, released on Thursday, fell to a seasonally adjusted 51.1 from a final 51.4 in October. - Reuters
Microsoft set to win EU approval for LinkedIn buy: Microsoft is set to gain EU approval for its US$26 billion buy of professional social network LinkedIn with tweaks to concessions aimed at addressing competition concerns, three people close to the matter said on Wednesday. - Reuters
Top local stories
Bank Negara leaves rates unchanged at 3%: Bank Negara has kept the overnight policy rate unchanged at 3% in the face of a weakening ringgit, which fell for a seventh consecutive day. The central bank said the risk of financial imbalances being destabilised had been contained, while the monetary policy’s ‘accommodativeness’ remained supportive of Malaysia’s economic growth. - StarBiz
KTMB president denies being investigated: KTM Bhd (KTMB) president Datuk Sarbini Tijan has denied that he is being investigated and said he was on “long leave after dealing with flood-related issues that have affected KTM services”. Its chairman Datuk Nawawi Ahmad, when asked about the status of several top KTM officials, however, said an investigation was under way but declined to comment further. - StarBiz
Malakoff unit seeks arbitration: Malakoff Corp Bhd subsidiary Tanjung Bin Power Sdn Bhd is seeking claims totalling RM785mil from a consortium engaged to construct its 2,100-MW power plant in Johor. The independent power and water producer said the subsidiary on Wednesday began arbitration proceedings against Sumitomo Corp, Zelan
Holdings (M) Sdn Bhd and Sumi- Power Malaysia Sdn Bhd. - StarBiz
AppAsia plans to list 4 companies on ASX: Technology firm AppAsia Bhd is planning to list four of the company’s units on the Australian Securities Exchange (ASX) via an investment holding company to be incorporated in Australia. The units are all primarily involved in e-commerce and mobile applications.
RHB posts 120% profit jump in Q3 on one-off gains: RHB Bank Bhd saw a strong 120% year-on-year net profit growth to RM505.3mil for the third quarter on one-off gains. Its revenue increased to RM2.7bil from RM2.66bil a year ago. - StarBiz
Malaysia, Thailand to discuss rail project: Malaysia and Thailand will soon begin discussions on the feasibility of constructing a 1,400km High Speed Rail connecting Kuala Lumpur and Bangkok, according to the Thai transport minister. Arkom Termpittayapaisith said the project, if it gets the green light, will shorten the journey between the two capitals to six hours. - Bernama
MBM Resources profit jumps 147% in third quarter: Automotive group MBM Resources Bhd posted a 147% jump in net profit to RM21.3mil for the third quarter, mainly due to improved results from associates. The company’s revenue improved by 5% to RM431.9mil from a year earlier. - StarBiz
Bumi Armada incurs RM96.71m net loss in Q3: Bumi Armada Bhd posted a net loss of RM96.71mil for the third quarter versus a net profit of almost RM70mil a year ago, as contribution from floating production, storage and offloading and floating gas solutions (FGS) narrowed. Revenue fell 32.5% to RM377.51mil. - StarBiz
Kitchen-sinking exercise likely for FGV in Q4: Felda Global Ventures Holdings Bhd (FGV) could potentially incur kitchen-sinking exercise in its fourth quarter earnings for financial year 2016, it said during an analyst briefing. Hong Leong Investment Bank says this would mean FGV will record another loss-making year should impairment and provision be made for outstanding debts and consolidation of factories, among others. - StarBiz
PPB earnings up 29.4% on higher contribution from Wilmar: PPB Group Bhd recorded RM381.4mil in earnings for the third quarter, up 29.4% a year earlier, largely due to higher profit contribution from Singapore-listed associate Wilmar International Ltd. Its revenue fell 1.1% to RM983.7mil compared to a year ago. - StarBiz
One-off gain boosts IGB profit: Earnings of property developer IGB Corp Bhd rose three-fold to RM148.1mil for the third quarter due to higher contributions from the property development, prop- erty investment-retail and hotel divisions. The company said the spike in net profit was attributable to a one-off gain of RM136.2mil from the disposal of property, plant and equipment by a subsidiary.
Revenue was also up 18.3% to RM324.7mil. - StarBiz
Ekovest expects to win RM600m construction jobs: Ekovest Bhd expects to secure additional construction jobs worth RM600mil, adding to its RM6.6bil construction order book for the financial year ending June 30, 2017. Managing director Datuk Seri Lim Keng Cheng said the projects would keep the company busy for the next three to four years. - StarBiz
No change in WCT with Lim’s entry: Despite initial hype, the entry of Pavilion group’s Tan Sri Desmond Lim Siew Choon is unlikely to change construction firm WCT Holdings Bhd’s strategic direction. Following an investor briefing with WCT, Hong Leong Investment Bank research said the situation was “largely status quo” at the company. - StarBiz
Green Packet posts RM83.5m net profit in third quarter: Mobile data solutions provider Green Packet Bhd recorded a net profit of RM83.54mil on a revenue of RM91.45mil for the third quarter. It attributed the net profit to gains in dilution on investment in its associate amounting to RM49.49mil and fair value gains of long-term investment on reclassification from interest in associate of RM98.25mil. - StarBiz
UOA Development Q3 profit falls 30%: UOA Development Bhd’s net profit fell 30% to RM110.44 million in the third quarter, from RM158.54 million a year ago, as revenue fell 53% to RM229.57 million, from RM492.18 million a year ago. - Edge FD
Tanjung Offshore narrows losses in Q3: Tanjung Offshore Sdn Bhd narrowed its net loss to RM704,000 in the third quarter, from RM49.68 million a year earlier on lower operating expenses.
Revenue rose 6.1% to RM19.49 million. - Edge FD
Stronger palm product prices boost Genting Plantations Q3 earnings: Genting Plantations Bhd saw its net profit for the third quarter climbed 160% year-on-year to RM97.78 million from RM37.67 million, as it saw stronger palm product selling prices. Revenue grew 24% to RM396.67 million from RM320.4 million previously. - Edge FD
Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.
