Forex summary
*The ringgit gained 0.17% to 4.4645 per US$
*It was 0.15% lower at 4.7273 per euro
*Down 0.03% to 5.4355 per pound sterling
*Down 0.43% to 3.1253 per Singapore dollar
*0.64% lower to 3.3242 per Aussie
*0.13% lower at 3.8621 per 100 yen
MarketWrap: US stocks ended higher after a choppy day on Wednesday as energy and technology gains countered a drop in healthcare stocks after President-elect Donald Trump said pharmaceutical companies were "getting away with murder" by charging high prices. - Reuters
The DJIA closed up 98.75 points, or 0.5%, to 19,954.28, the S&P 500 gained 6.42 points, or 0.28%, to 2,275.32 and the Nasdaq added 11.83 points, or 0.21%, to 5,563.65.
Energy
Oil prices jumped more than 2.5% on Wednesday, their biggest daily rise in more than a month, lifted as the US dollar weakened following a news conference by US President-elect Donald Trump and on news that Saudi Arabia cut exports to Asia. Brent futures rose US$1.46, or 2.7%, at US$55.10 a barrel. - Reuters
Top foreign stories
NYSE to expand floor trading to all US equity securities: The New York Stock Exchange will make all US securities available for trading on the NYSE floor by year-end, giving investors another, less speed-dependent, way to trade securities such as Nasdaq-listed stocks and exchange-traded funds. - Reuters
Alstom/Bombardier consortium seals US$1.2b French train deal: An Alstom and Bombardier consortium has won a French train contract estimated to be worth 1.16 billion euros (US$1.22 billion) for the consortium, the companies and French authorities said on Wednesday. - Reuters
Singapore’s Garena to pick Goldman for US$1b IPO: Garena, South-East Asia’s most valuable startup, picked Goldman Sachs Group Inc to lead a planned initial public offering that could fetch about US$1bil, sources said. Garena is considering listing in the US, they said. - Bloomberg
Top local stories
Ophir oilfield set to start production by mid-year: The Ophir oilfield, one of the last marginal oilfields to be awarded by Petroliam Nasional Bhd (Petronas), is poised to begin production by the middle of this year. On average, approximately eight million barrels of crude oil are forecast to be pro- duced a year through the Ophir field, a source said. - StarBiz
Paramount to acquire 66% of REAL Education: Property and education company Paramount Corp Bhd will acquire a 66% controlling stake in REAL Education Group Sdn Bhd for RM183mil. The stake purchase will be satisfied by a combination of internal funds and debt and will be bought over from Character First Sdn Bhd. - StarBiz
Gadang enters into JV deal: Gadang Holdings Bhd has entered into a joint-venture agreement with Perikatan Progresif Sdn Bhd for the proposed development of a parcel of leasehold residential land in Taman Putra Perdana, Puchong, with an estimated gross development value of RM160mil. - StarBiz
CPO sentiment to stay bullish: The bullish sentiment on crude palm oil (CPO) is expected to continue in the first quarter of this year, with analysts pegging the commodity’s price at between RM2,500 and RM3,330 per tonne. - StarBiz
Sunway REIT to acquire land and buildings for RM91.5m: Sunway Real Estate Investment Trust (SunREIT) has entered into a conditional agreement with Champion Edge Sdn Bhd to acquire a piece of land and buildings in Shah Alam for RM91.5mil in cash. - StarBiz
HeveaBoard unit buys land for RM13.46m: HeveaBoard Bhd subsidiary HeveaPac Sdn Bhd has entered into an agreement with its executive director Yee Kong Yin to acquire 3.13ha leasehold vacant land for RM13.46mil. - StarBiz
Falcon Bank’s ex-manager gets jail, fine in 1MDB-related case: Jens Sturzenegger, a former branch manager of Falcon Private Bank, was sentenced to 28 weeks jail and fined S$128,000 after he pleaded guilty to six counts including consenting in the bank’s failure to comply with Singapore’s anti-money laundering rules in relation to the 1Malaysia Development Bhd (1MDB) scandal. - The Straits Times/ANN
Consumer-based firms to feel pinch of lower spending: Less money in the pockets of Malaysians will mean consumer-based companies will continue to feel the impact of lower spending, say analysts. They remain cautious on consumer-based stocks’ outlook, maintaining their “neutral” market view of the sector. - StarBiz
Peugeot distributor Nasim expects to sell 2,500 units this year: Nasim Sdn Bhd, the official distributor of Peugeot cars in Malaysia, is keeping an upbeat outlook for the company this year with a sales forecast of 2,500 units. - StarBiz
Factory output up in November: Factory output as measured by the industrial production index (IPI) unexpectedly rose in November, suggesting strength in Malaysia’s economic growth in the final quarter of last year. The IPI increased at a faster pace of 6.2% year-on-year last November, compared with a 4.2% in the preceding month. - StarBiz
ACCCIM: China an invaluable strategic partner: The Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM) said China is an invaluable strategic partner that has led to numerous win-win situations in Malaysia, and China’s investment commitments not only provide a direct boost to the economy but also enhance investor confidence in Malaysia. - Edge FD
Genting says preparing US$4b Resorts World Las Vegas site: Construction of Genting Group’s planned US$4 billion (about RM18 billion) Resorts World Las Vegas in the US could begin soon, as site preparation work progresses for the 3,000-room Chinese-themed property, the Las Vegas Review-Journal reported on Wednesday. - Edge FD