Breakfast briefing: Thursday, November 26


Market wrap: The major US indexes were virtually unchanged at the close of a quiet trading day on Wednesday with gains in healthcare and consumer stocks after data showed US modest economic growth.  Trading volume was low as many market participants were away in the last session before the US Thanksgiving holiday. Markets will be closed Thursday and most of Friday afternoon. - Reuters

The DJIA rose 1.2 points, or 0.01%, to 17,813.39, the S&P 500 lost 0.27 points, or 0.01%, to 2,088.87 and the Nasdaq added 13.34 points, or 0.26%, to 5,116.14.

Forex summary

*The ringgit lost 0.04% to 4.2115 per US$

*It rose 0.32% to 4.4781 per euro

*Down 0.21% to 6.3681 to the pound sterling

*0.03% higher to 2.9984 per Singapore dollar

*0.53% higher to 3.0440 per Aussie

*Down 0.16% to 3.4364 per 100 yen

Energy

Crude futures erased early losses to settle steady on Wednesday after a smaller-than-expected supply build in the United States and drop in the number of US rigs actively drilling for oil. Traders and investors also covered short positions before US markets close for Thursday's Thanksgiving holiday, analysts said. - Reuters

Top foreign stories

Pimco, others sue Citigroup over billions in mortgage debt losses: Pacific Investment Management Co and other investors have sued Citigroup Inc over the bank's alleged failure to properly monitor toxic securities backed by more than US$13.8 billion of mortgage loans, resulting in US$2.3 billion of losses. - Reuters

US data point to moderate fourth-quarter growth: US consumer spending barely rose in October as households took advantage of rising incomes to boost savings to their highest level in nearly three years, pointing to moderate economic growth in the fourth quarter. The Commerce Department said consumer spending edged up 0.1% after a similar increase in September. - Reuters

Fed gives largest US banks extra year for debt rule calculation: The Federal Reserve said on Wednesday that bigger US banks would have an extra year to calculate a capital requirement known as the supplementary leverage ratio for stress testing. Institutions subjected to the leverage ratio requirement will have to show regulators what the ratio would be in a stressed scenario beginning in 2017. The extension applies to banks with more than $50 billion of assets. - Reuters

Top local stories

CIMB operating income up 8.8% to RM3.84bil in Q3: CIMB Group Holdings Bhd said its operating income rose 8.8% to RM3.84bil in the third quarter driven by a 10.8% increase in net interest income. Net profit in the third quarter fell to RM803.9mil compared with RM890.3mil a year ago. - StarBiz

IFCA ventures into e-commerce: IFCA MSC Bhd is set to enter the e-commerce space with the launch of a new portal called property365.my (P365). Chairman and chief executive officer Ken Yong said the portal, which would seek to aggregate all the new launches of major property players here, will allow its users to search for these properties and complete an entire property buying process online. - StarBiz

AAX sees significant turnaround in ops: AirAsia X Bhd’s (AAX) losing streak continues, as the long-haul budget airline reported its eight consecutive quarter of losses for its third quarter ended Sept 30.
The management, however, sees a significant turnaround in the group’s operations. In the third quarter, AAX narrowed its operating loss to RM31mil compared with an RM133mil loss in the same period last year. - StarBiz

IGB earnings surges 37.6% to RM45mil in third quarter: IGB Corp Bhd’s net profit surged 37.6% to RM45mil for the third quarter on higher contributions from its property investment-retail and hotel divisions. The group’s revenue for the quarter dipped 5.2% to RM274mil. - starBiz

S&P maintains TNB ratings: The credit ratings and outook on Tenaga Nasional Bhd (TNB) remain unchanged despite the national utility company’s failure to take over the power unit of 1Malaysia Development Bhd (1MDB), says Standard & Poor’s Ratings Services (S&P). - StarBiz

MSM net profit up 33%: MSM Malaysia Holdings Bhd’s net profit for the quarter umped by 33.2% to RM63.9mil due to the group-wide cost optimisation initiatives as well as gains from strategic hedging mechanisms. Revenue stood at RM546.5mil against RM560mil in the corresponding quarter last year. - StarBiz

High demand for factory lots: Prices of factory space could be on an uptrend by next year, spurred by upcoming infrastructure projects outlined under Budget 2016. CH Williams Talhar & Wong’s managing director Foo Gee Jen said that several projects announced under the budget would boost demand for factory lots in the country. - StarBiz

Masteel expects to turn around next year: Malaysia Steel Works Bhd (Masteel) expects to turn around in 2016 as its new rolling mill in Bukit Raja is likely to contribute additional revenue of up to RM200mil per year. - StarBiz

MMC may consider port assets spin-off: MMC Corp Bhd, which reported a 54% drop in net profit to RM47.8mil in the third quarter, is considering a listing of its enlarged port operations after its shareholders approved a plan to take over NCB Holdings Bhd. - StarBiz

AZRB buys 51% of Matrix for RM55mil: Ahmad Zaki Resources Bhd (AZRB) has acquired 51% equity interest in Matrix Reservoir Sdn Bhd (MRSB) for RM55mil. MRSB is the owner of TB Supply Base Sdn Bhd, which is the operator of the Tok Bali Supply Base in Kelantan. - Bernama

Mitrajaya bags RM186mil contract: Mitrajaya Holdings Bhd, through its subsidiaries Pembinaan Mitrajaya Sdn Bhd and Syarikat Ismail Ibrahim Sdn Bhd, has secured a contract worth RM186.38mil from the Refinery and Petrochemicals Integrated Development (Rapid) Project in Pengerang, Johor. - Bernama

Mitrajaya’s 3Q net profit surges 97%: Mitrajaya Holdings Bhd’s net profit surged 97% to RM25.82 million for the third quarter on higher contribution from the construction division and its South Africa in- vestment. Revenue soared 59% to RM231.31 million. - Edge FD

CPO to trade higher next year: RAM Rating Services Bhd foresees the price of crude palm oil (CPO) averaging between RM2,200 and RM2,400 per tonne next year, compared with RM2,174 per tonne in the 10-month period in 2015. - Edge FD

AGMs/EGMs

Jaya Tiasa Holdings Bhd

Time: 9am

Venue: No. 62 lorog Upper Lanang 10A, Sibu, Sarawak

MK Land Holdings Bhd

Time: 10am

Venue: The Saujana Hotel, Saujana Resort, Jalan LTSAAS, Shah Alam

Tiger Synergy Bhd

Time: 11am

Venue: Klana Resort Seremban, Taman Tasik Seremban, Negri Sembilan


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