Market wrap: US stocks fell for the third straight day on Thursday after disappointing corporate results and forecasts added to concerns about the US profit outlook. - Reuters
The DJIA fell 119.09 points, or 0.67%, to 17,731.95, the S&P 500 lost 12 points, or 0.57%, to 2,102.15 and the Nasdaq dropped 25.36 points, or 0.49%, to 5,146.41.
Forex summary
*The local currency declined 0.12% to 3.8090 per US$
*It fell 0.02% to 4.1824 per euro
*It rose 0.39% to 5.9097 to the pound sterling
*0.13% higher to 2.7816 per Singapore dollar
*0.79% higher to 2.7981 per Aussie
*Flat at 3.0708 per 100 yen
Energy
Oil prices fell and US crude settled below US$50 a barrel on Wednesday after government data showed crude inventories in the United States rose last week and as a stronger dollar and weaker global equities applied pressure. Brent September crude fell 91 cents to settle at US$56.13. - Reuters
Top foreign news
Pearson sells FT: Japan’s Nikkei buys iconic institution in US$1.3b deal: Japanese media group Nikkei Inc yesterday agreed to buy the Financial Times (FT) from Britain’s Pearson plc in a US$1.3 billion (RM4.97 billion) deal that brings together two leading financial news organisations from Europe and Asia. - Reuters
Japan's Meiji Yasuda to buy StanCorp Financial for US$4.8bil: Meiji Yasuda Life Insurance Co plans to buy StanCorp Financial Group Inc for about 600 billion yen (US$4.8 billion) in what would be the biggest acquisition by a Japanese life insurer, a source with direct knowledge of the matter said. - Reuters
China slowdown? Depends on where you look: Many US consumer companies are brushing aside worries that China's weakening economy and sputtering stock market will dramatically damage their bottom lines even with early trouble signs in recent earnings reports. Most notably, companies dependent on Chinese infrastructure growth, such as United Technologies Corp and Caterpillar Inc, are claiming soft second-quarter earnings and a downgraded outlook based on weakened Chinese demand. - Reuters
Top local stories
Worst over for CIMB?: Analysts have turned optimistic on CIMB Group
Holdings Bhd’s Indonesian operations despite the bank’s group chief executive officer remaining cautious of its business in that country. Group CEO Tengku Datuk Zafrul Tengku Abdul Aziz says “The earnings outlook at PT Bank CIMB Niaga Tbk should gradually improve, but it is not expected to jump significantly.” - StarBiz
Apex in limelight again: peculation on shareholding changes in Apex Equity Holdings Bhd saw the share price of the Kajang-based stockbroker closing at its 52-week high of RM1.70. Dealers said the speculation of a new shareholder taking over the stake of Apex’s executive chairman Chan Guan Seng, who is also the third-largest shareholder of the company with 8.79%, had resurfaced. - StarBiz
Destini buys Everyday Success, ventures into paramilitary boat business: Destini Bhd will venture into the paramilitary boat segment through its proposed acquisition of Everyday Success Sdn Bhd from paramilitary boat maker Destination Marine Services Sdn Bhd (DMS) for RM90mil. The acquisition, among others, will allow Destini to participate in the RM381.3mil contract awarded to DMS to supply six patrol vessels to the Malaysian Maritime Enforcement Agency. - StarBiz
SunCon posts net profit of RM34.36mil: Sunway Construction Group Bhd (SunCon) posted a net profit of RM34.36mil for its first quarter ended March 31, 2015 on the strength of ongoing local construction jobs and the supply of precast concrete products to projects in Singapore. SunCon, which is en route for a listing on the Main Market, achieved a revenue of RM496.06mil for the quarter for the same reasons. Earnings per share was at 2.66 sen. - StarBiz
Bank Negara has enough ‘ammunition’: Concerns that Malaysia’s external finances may worsen, as a result of continued intervention from the central bank after the ringgit weakened beyond 3.8 to the US dollar, have renewed fears that could lead to a sovereign rating downgrade. - StarBiz
High frequency trading playing bigger role: High frequency trading is increaTAHPS Group Bhd, which is engaged in cultiva- tion of oil palm and rubber as well as property development, plans to build a township on a 700-acre (283.28ha) piece of land in Bukit Puchong, Selangor, which will have a gross development value (GDV) of RM10 billion. Its group chief executive officer Tan Seng Chye said the township development will keep the group busy for the next decade.singly playing a larger role in stock exchanges worldwide, but is not a threat to longer-term investors, said Nasdaq OMX Group Inc vice-chairman Sandy Frucher. - StarBiz
Dayang Enterprise aims to be HUCC leader: Dayang Enterprise Holdings Bhd plans to evolve into a market leader in providing integrated hook-up, construction and commissioning (HUCC) services to the oil and gas (O&G) industry through the proposed acquisition of associ- ate company Perdana Petroleum Bhd. - StarBiz
Gold sentiment still bearish: There may be support for gold prices at the US$1,000 to US$1,015 per ounce level although overall, sentiment remains down as investors speculate on when the much anticipated US rate hike will happen. - StarBiz
TAHPS Group plans RM10b township in Bukit Puchong: TAHPS Group Bhd, which is engaged in cultivation of oil palm and rubber as well as property development, plans to build a township on a 700-acre (283.28ha) piece of land in Bukit Puchong, Selangor, which will have a gross development value (GDV) of RM10 billion. Its group chief executive officer Tan Seng Chye said the township development will keep the group busy for the next decade. - Edge FD
Bursa eyes structured products from FTSE4Good index: Bursa Malaysia Bhd aims to create structured products out of the globally bench- marked FTSE4Good Bursa Malaysia Index, which tracks the perfor- mance of companies demonstrating strong environmental, social and governance (ESG) practices. Bursa Malaysia chief executive office Datuk Tajuddin Attan said the exchange hopes to ultimately come out with structured products from the FTSE4Good launched on Dec 22, 2014. - Edge FD
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