Market wrap: US stocks ended slightly lower on Thursday as the market digested disappointing tech earnings reports and the potential for an interest rate hike in December. The Federal Reserve, which kept rates unchanged at its policy meeting that ended Wednesday, downplayed concerns about global growth and indicated confidence in the US job market's recovery. - Reuters
The DJIA fell 23.72 points, or 0.13%, to 17,755.8, the S&P 500 lost 0.94 points, or 0.04%, to 2,089.41 and the Nasdaq dropped 21.42 points, or 0.42%, to 5,074.27
Forex summary
*The ringgit lost 0.13% to 4.3045 per US$
*It is down 0.43% to 4.7250 per euro
*Down 0.54% to 6.5973 to the pound sterling
*0.31% down to 3.0724 per Singapore dollar
*0.18% lower to 3.0553 per Aussie
*Down 0.23% to 3.5573 per 100 yen
Energy
US crude rose slightly while Brent dipped on Thursday, as traders tried to discern the oil market's direction a day after prices rallied the most in two months even as supplies kept growing. Brent LCOc1, the global oil benchmark, finished down 20 cents, or 0.5%, at US$48.80, trading between US$48.17 and US$49.38. - Reuters
Top foreign stories
Pfizer, Allergan drug merger talks raise tax hackles in US: Pfizer Inc and Botox maker Allergan Plc said they were in friendly talks to create a pharmaceutical colossus but the prospect that the company would seek to avoid US taxes sounded political alarm bells. Both New York-based Pfizer and Dublin-based Allergan said no agreement has been reached and declined to discuss any terms of the deal, which would potentially set up Pfizer to take advantage of Ireland's lower tax rates. - Reuters
Inventories hurt US third-quarter GDP, domestic demand strong: US economic growth braked sharply in the third quarter as businesses cut back on restocking warehouses to work off an inventory glut, but solid domestic demand could encourage the Federal Reserve to raise interest rates in December. Gross domestic product increased at a 1.5% annual rate after expanding at a 3.9% clip in the second quarter, the Commerce Department said on Thursday. - Reuters
Starbucks cafe sales hot, but holiday forecast disappoints: Starbucks Corp delivered a disappointing profit forecast for the holiday quarter on the heels of strong cafe sales and profit growth. Starbucks' Americas division and its Europe, Middle East and Africa unit last quarter turned in surprisingly strong sales at established restaurants. But its up-and-coming Asia region fell short during an economic cool-down in China that has roiled global stock markets. - Reuters
Samsung IT arms push into autos: Samsung Electronics and group companies are trying a belated push into the business of supplying technology to car makers, while rivals are already sewing up lucrative deals with an industry that is notoriously difficult to break into. - Reuters
Samsung Group sells chemical assets to Lotte Group for US$2.6b: Samsung Group will sell its chemicals businesses to Lotte Group for about 3 trillion won (US$2.6 billion), the latest move in efforts to simplify its ownership structure ahead of a transfer of power from its elderly chief to his heirs. - Reuters
Top local stories
Drop in power sales: Tenaga Nasional Bhd
(TNB) saw weaker demand growth for electricity sales in its financial year ended Sept 31, a signal of a slowing economy. The national electricity company said on Thursday demand growth had cooled down to 2.2% in FY15 compared with the 2.5% registered in the previous year. - StarBiz
Maybank Indonesia earnings soar: PT Bank Maybank Indonesia Tbk’s net profit for the nine-month period ended Sept 30, 2015 increased by 70.7% to 592 billion rupiah (RM187.1mil) from 347 billion rupiah a year ago, despite weakening asset quality. - StarBiz
Bursa reprimands and fines former AppAsia directors: Bursa Malaysia has reprimanded AppAsia Bhd and two of its former directors, who were also fined, for breaches that include failure to make an immediate announcement on what took place at its EGM on May 28 last year. Former chairman Datuk Ahmad Ismail and ex-executive director Mohd Faidzal Ahmad Mahidin, who were removed as directors at the said EGM, were reprimanded and fined RM50,000 and RM100,000, respectively. - StarBiz
Unisem earnings up 48% in Q3: Unisem (M) Bhd has boosted its earnings for the third quarter ended Sept 30 by 48.2% to RM40.2mil from a year earlier, thanks mainly to a higher revenue as a result of the stronger US dollar. The semiconductor assembly firm grew its revenue 20.6% year-on-year to RM329.6mil. - StarBiz
Bank Negara accepts dollar deposits: Bank Negara has started taking in interbank dollar deposits for the first time in September to try and slow a slide in the ringgit. The central bank is accepting deposits in small amounts, a source said. The move will help build up the country’s currency reserves, two other people said. - Bloomberg
Japan's MUFG buys into Public Bank: Japan's Mitsubishi UFJ Financial Group, Inc (MUFG) has emerged as a substantial share- holder in Public Bank Bhd with an indirect stake of 5%. - StarBiz
EPF to network with other funds: The Employees Provident Fund (EPF) is exploring co-investment opportunities with other pension funds in and out of the country. Chief executive officer Datuk Shahril Ridza Ridzuan said the fund was always networking with its global counterparts for good investment opportunities. - StarBiz
Bursa reprimands and fines Trive directors: Bursa Malaysia Securities has reprimanded Trive Property Group Bhd (formerly Eti Tech Corp Bhd) and 10 former directors for breaches of the listing requirements that include failure to set up an independent internal audit function. Six out of the 10 former directors were also fined a total of RM80,000, Bursa Securities said. - StarBiz
HGST to close Penang plant in March: HGST plans to close its Bayan Lepas plant, which has 450 workers, next March. The workers are likely to be redeployed to the group’s subsidiaries. - StarBiz
Mydin to open 25 new stores in next three years: Retail and wholesale giant Mydin expects to open a total of 25 new hypermarkets in the next three years nationwide. Mydin Mohamed Holdings managing director Datuk Wira Ameer Ali Mydin said that each mall would cost between RM150mil to RM300mil. - StarBiz
IHH to open RM400mil hospital in Nusajaya: IHH Healthcare Bhd will soon open its RM400mil Gleneagles Medini Hospital in Nusajaya, Johor. The hospital, located in Medini Nusajaya, is the 14th hospital in Malaysia by Parkway Pantai after Gleneagles Kota Kinabalu, which was opened in May this year. - StarBiz
DBKL to sell Plaza Rakyat for RM740m: The Kuala Lumpur City Hall (DBKL) is handing over the abandoned Plaza Rakyat property on Jalan Pudu here to Profit Consortium Sdn Bhd for RM740 million, said Federal Territories Minister Datuk Seri Tengku Adnan Tengku Mansor. He said DBKL will sign the sale and purchase agreement with Profit Consortium on Friday. - Edge FD
Cycle & Carriage’s 3Q net profit rises fourfold: Higher sales of Mercedes-Benz vehicles resulted in Cycle & Carriage Bintang Bhd’s net profit surging over fourfold to RM13.46 million or 13.36 sen per share in the third quarter ended Sept 30, 2015. - Edge FD
EPF mulls selling UK business park: The Employees Provident Fund (EPF) said it is considering realising its investment in Reading International Business Park in Reading, the United Kingdom, which the fund acquired from the Arlington Business Parks Partnership Fund for £140 million in 2011. - Edge FD
AGMs/EGMs
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