The ringgit rose 0.22% to 4.4600 from 4.4700.
Energy
Brent crude was 1.16% higher to US$46.92 per barrel at 2.41pm.
Forex
Ringgit up 0.02% to 4.4653 versus the US dollar at 2.37pm.
Top foreign stories
US shale greater threat to Opec after oil price war: In a corner of the prolific Bakken shale play in North Dakota, oil companies can now pump crude at a price almost as low as that enjoyed by Opec giants Iran and Iraq. Until a few years ago it was unprofitable to produce oil from shale in the United States. The steep slide in costs could encourage more US shale output if Opec members cut supplies, undermining the producer group’s ability to boost prices. — Reuters
Thai Oct factory output rises for 3rd month, but less than forecast: Thailand’s industrial output rose for a third straight month in October, buoyed by demand for cosmetics, chemicals and petroleum, but the gain was much smaller than expected, suggesting the recovery remains fragile. The Industry Ministry said its manufacturing production index in October was up 0.1% from a year earlier. A Reuters poll had forecast a rise of 0.75%. — Reuters
Australia home building boom fast turning to rubble: Australia is watching a much-needed boom in home building turn to rubble after approvals for new projects collapsed in October, a violent turnaround that could undermine policymakers’ hopes for solid economic growth next year. Australian Bureau of Statistics figures showed approvals to build new homes sank 12.6% in October from a month earlier, confounding forecasts of a 1.5% rise and the biggest drop since mid-2012. — Reuters
Luxury shoppers crowd London for Brexit bargains: While the prospect of Brexit is weighing on much of the British economy, tourism and luxury goods businesses are cashing in on bargain-hungry visitors lured by the slide in the pound. London’s tourism agency says sales of goods eligible for sales-tax exemption have gone up by a third since the Brexit vote in June. — AFP
Top local stories
Khazanah, Temasek joint venture doing well, says Singapore PM: M+S Pte Ltd, a joint-venture company formed by Khazanah Nasional Bhd and Temasek Holdings is doing well, says Singapore Prime Minister Lee Hsien Loong. M+S was tasked with carrying out joint developments in Marina South and the Ophir-Rochor area in Singapore, as well as in Iskandar Malaysia. “I see the projects at Marina South and at Ophir-Rochor, both buildings are coming up and rising steadily. I read that they have reasonable sales so I think the projects will succeed,” Lee said. — Bernama
No plans for third bridge, says Lee: Singapore has no plans, for now, to build a third bridge to link the island state with neighbouring Malaysia. “We are not currently planning for a third bridge. I have seen some statements in Malaysia suggesting one, but the High-Speed Rail (HSR) is a very ambitious project,” says Singapore Prime Minister Lee Hsien Loong. — Bernama
Sarawak eyes 10% equity in MLNG Plant Train 9: Sarawak is actively discussing with Petroliam Nasional Bhd (Petronas) on acquiring a 10% equity in the Malaysia Liquified Natural Gas (MLNG) Plant Train 9. Chief Minister Tan Sri Adenan Satem said the state was also working with Petronas to increase its equity in MNLG 2 Plant. — Bernama
Ringgit leads monthly Asia forex losses: Emerging Asian currencies were set to post monthly losses in November after Republican Donald Trump’s surprise US election win inspired a rousing rally in the dollar. The ringgit has lost 6.1% against the US dollar so far this month on bond outflows. — Reuters
Boustead Q3 earnings at RM44m, declares 5 sen dividends: Boustead Holdings Bhd’s earnings soared 633% to RM44mil in the third quarter, from RM6m, on a revenue that dipped to RM2.023bil from RM2.120bil a year earlier. Its earnings per share were 2.17 sen compared with 0.37 sen previously. The company declared an interim dividend of five sen a share. — StarBiz
Affin Q3 earnings jump to nearly RM140m: Affin Holdings Bhd
posted stronger financial performance in the third quarter, with earnings up 36.4% to RM139.65mil from RM102.39mil a year ago, boosted by Affin Bank’s higher profits. Revenue increased 9.7% to RM504.39mil from RM459.78mil previously. It declared an interim dividend of three sen a share. — StarBiz
Yong Tai private placement oversubscribed nearly two times: Yong Tai Bhd’s private placement of 70 million new shares saw an oversubscription rate of 1.96 times. Group CEO Datuk Wira Boo Kuang Loon said the shares of the tourism and cultural property developer were placed out mostly to institutional investors. — StarBiz
Eco World opens Eco Ardence sales gallery in Shah Alam: Eco World Development Group Bhd on Wednesday opened the sales gallery for Eco Ardence, an eco-township with a gross development value (GDV) of RM8.58bil. The gallery is located near Setia Alam in Shah Alam. — StarBiz
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