Market wrap: US markets closed for the Labour Day holiday.
Forex summary
*The ringgit lost 0.72% to 4.3612 per US$
*It rose 0.76% to 4.8701 per euro
*Down 0.82% to 6.6620 to the pound sterling
*0.54% down to 3.0521 per Singapore dollar
*0.87% lower to 3.0293 per Aussie
*Down 0.72% to 3.6566 per 100 yen
Energy
Oil fell more than 3% on Monday, hit by weaker Chinese equities and record North Sea crude production data that added to global oversupply concerns. Brent LCOc1 futures contracts for October fell US$1.98 to settle at US$47.76 a barrel, a 3.73% loss. - Reuters
Top foreign news
Asian shares wary ahead of China trade data: Asian shares edged higher on Tuesday and US stock futures jumped following the lead of European stocks overnight, but investors were cautious ahead of China data which could give more clues on the health of the world's second-largest economy. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.1% in early trade but is still down 0.9% so far this week and is not far from a three-year low hit two weeks ago. - Reuters
Japan second-quarter GDP shrinks less than expected: Japan's economy shrank less than expected in the second quarter although capital expenditure fell more than originally forecast, revised data showed, keeping policymakers under pressure to do more to energise the fragile recovery. Analysts expect any rebound in July-September growth to be feeble as factory output unexpectedly fell in July and China's slowdown dampened prospects for a solid recovery in exports. - Reuters
Japan's MS&AD in talks to buy UK insurer Amlin: MS&AD Insurance Group Holdings Inc said it is in talks to buy UK rival Amlin, the fourth multi-billion deal in as many months by Japanese insurers aggressively expanding overseas. - Reuters
Top local stories
Ringgit hits 4.33 to US dollar: The ringgit tumbled to a new 17-year low, as the increasing likelihood of the US Federal Reserve raising interest rates this month and slowing growth in China triggered a renewed selloff in emerging market economies. - StarBiz
OSK fails in bid to take over PJD: OSK Holdings Bhd
has failed to take over PJ Development Holdings Bhd (PJD) at the close of the offer on Monday. OSK ended up with 89.36% of PJD, falling short of the required acceptance level to take the company off Bursa Malaysia. - StarBiz
Profit-making China Stationery seeks to exit PN17: China Stationery Ltd has made an application to be uplifted from the Practice Note 17 (PN17) status, after having recorded a net profit for two consecutive quarters.The integrated plastic stationery company said on Monday it has also submitted an application to Bursa Malaysia Securities Bhd to waive the submission of a regularisation plan. - StarBiz
1MDB says board fully-engaged in rationalisation plan: The board of directors and shareholder of 1Malaysia Development Bhd (1MDB) are fully and actively engaged in the 1MDB rationalisation plan. The Government-owned fund said it has already shortlisted four parties for the final bidding stage for the sale of Edra Global Energy Bhd, its energy subsidiary, and that 12 bids had been shortlisted as the preferred bidders for the development of Bandar Malaysia. - StarBiz
China to be top CPO buyer: China is expected to reclaim its top spot as an export destination for Malaysian palm oil from India on pricing and trade financing facilitation measures, said Malaysian Palm Oil Council chairman Datuk Lee Yeow Chor. - StarBiz
Dagang Nexchange buys 30% in Ping Petroleum: E-commerce service provider Dagang Nexchange Bhd is acquiring 30% in Bermuda-incorporated Ping Petroleum Ltd, an independent company that deals in shallow water offshore production, for US$10mil (RM43.36mil).It said the acquisition was in line with the group’s diversification into the oil and gas, and energy sector, as well as to be a serious player in the industry. The group will use internal funds and borrowings to fund the purchase. - StarBiz
StarBiz online tops list: StarBiz online has maintained its leading position as the preferred local business site, according to data compiled by comScore Inc. For the period between July 2014 and July 2015, StarBiz online drew an average of 400,000 unique visitors per month to become the top local business website in the country. - StarBiz
Scientex buys land in Iskandar for RM218mil: Scientex Bhd has proposed to acquire 326.06 acres in Iskandar, Johor for RM218.97mil to expand its landbank. The company said the acquisition would provide the group adequate landbank to sustain its property development over the medium and longer term. - StarBiz
Sarawak Cable sees higher profit margin: Sarawak Cable Bhd expects further improvement in profit margins, especially from the sales of high-voltage cables. Group managing director Aaron Toh Chee Ching said the company recorded higher margins of between 2% and 3% from the sales of power cables in the April-June quarter. - StarBiz
Small-cap stocks back in vogue?: Small-cap stocks seem to have swung back into favour following the recent broad market sell-off in August which drove their valuations down to relatively attractive levels. The FBM Small Cap Index staged a recovery on Monday, closing 43.09 points or 0.31% higher at 13,999.54, suggesting that investors are returning to small-cap stocks. - digitaledge
CHHB unit slapped with RM28.10m income tax claim: Country Heights Holdings Bhd’s (CHHB) subsidiary Country Heights Sdn Bhd has been slapped with two law suits by the Malaysian government claiming a total of RM28.10 million in income tax. The first suit was for income tax for the years of assessment 1997 and 1998 — amounting to RM23.48 million. The second was for the year of assessment 2008, for RM4.62 million. Both claims come with interest at the rate of 5% per annum, to be calculated from the date of judgement thereon until full settlement. - digitaledge
Leweko rights issue undersubscribed by half: Timber-based Leweko Resources Bhd’s renounceable rights issue, which is priced at above market value, is substantially undersubscribed. Leweko said up until Sept 2 the company received valid acceptances and excess applications for a total of 80.15 million shares, representing 49.73% of the total number of available shares under the rights issue with warrants. - digitaledge
Public portion of Aemulus IPO oversubscribed: The general pub-ic portion of the initial public offering of Aemulus Holdings Bhd, which is en route to list on the ACE Market of Bursa Malaysia on Sept 15, has been oversubscribed 13.05 times. - digitaledge
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