Energy
Brent crude was 0.70% lower to US$46.91 per barrel at 2.50pm.
Forex
Ringgit down 0.11% to 4.4630 versus the US dollar at 2.56pm.
Top foreign stories
Unexpected fall in Thailand’s October exports adds to gloom: Thailand’s customs-cleared exports unexpectedly dropped in October after two months of gains, adding to pressure on the struggling, trade-reliant economy in the face of tepid global demand. Exports fell 4.2% from a year earlier compared with the median forecast for a rise of 2.15% in a Reuters poll and a 3.4% increase in September. — Reuters
China will stick to ‘going out’ strategy amid outflow concerns: China said on Monday it will stick to its opening up policy and “going out” strategy on investment even while a slide in the yuan to 8-1/2-year lows revives worries about capital fleeing the country. Officials said the country will continue to encourage healthy development of outbound investment, the Xinhua news agency reported. — Reuters
Islamic finance body approves standard for gold-based products: The Bahrain-based Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) said on Monday it had approved a sharia standard for gold-based products, a move aimed at expanding the use of bullion in Islamic finance. — Reuters
Moody’s: China residential property market outlook stable in 2017: The outlook for China’s residential property market in 2017 is stable, Moody’s Investors Service said in a report on Monday. A sharp decline in home prices is “unlikely” in the next six to 12 months, given relative low inventory levels in first- and second-tier cities, the report said. — Reuters
Gold rises from multi-month lows as dollar weakens: Gold rose over 1% on Monday, recovering from 9-1/2 month lows, as the US dollar extended losses after touching a near 14-year high last week. Spot gold had gained 0.92% to US$1,193.80 an ounce by 0532 GMT after climbing as high as US$1,197.54 earlier in the session. — Reuters
China approves US$36b railway plan for Jing-Jin-Ji mega-city: China has approved a 247 billion yuan (US$36 billion) railway plan to improve transport links between the capital Beijing, the port city of Tianjin, and the neighbouring province of Hebei, part of plans to integrate the three areas into a mega-city. — Reuters
Top local stories
KFit Group buys Groupon Malaysia: KFit Group announced on Monday the acquisition of Groupon Malaysia, paving the way for the group to further consolidate its position as the region’s online-to-offline commerce leader. — Bernama
Matang inks underwriting deal with M&A Securities: Matang Bhd
has signed an underwriting agreement with M&A Securities Sdn Bhd as the plantation company seeks a listing on the ACE Market of Bursa Malaysia. The IPO will involve the issuance of 130 million new shares of 10 sen each in Matang, or 7.18% of the company’s enlarged share capital after listing. — StarBiz
TH Plantations earnings surge as palm oil prices climb: TH Plantations Bhd’s earnings jumped 209% to RM19.17mil in the third quarter as higher crude palm oil and palm kernel prices more than offset the effects of lower production and yields, which continue to suffer from the lagged effect of El Nino. Revenue increased by 27.5% to RM170.31mil mainly due to higher sale prices of CPO and palm kernel. — StarBiz
Barakah Q3 net profit rebounds to RM1.97mil on cost cuts: Barakah Offshore Petroleum Bhd has chalked up a net profit of RM1.97mil for the third quarter, compared with a net loss of RM15.4mil a year ago, due to a cost-cutting exercise implemented at the start of the current financial year. Its revenue was higher at RM167.2mil against RM110.9mil in the previous corresponding quarter. - StarBiz
Ramsay Sime Darby optimistic of securing tie-ups in China: Ramsay Sime Darby Health Care Sdn Bhd is optimistic of securing partnerships with hospitals in China within six months, says group chief executive officer Bronte Kumm. — Bernama
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