Market wrap: US stocks dropped on Thursday on persistent concern over faltering global economic growth, led by declines in energy and materials shares, a day after shares had rallied on the Federal Reserve's decision to raise interest rates. - Reuters
The DJIA fell 253.25 points, or 1.43%, to 17,495.84, the S&P 500 lost 31.18 points, or 1.5%, to 2,041.89 and the Nasdaq dropped 68.58 points, or 1.35%, to 5,002.55.
Forex summary
*The ringgit lost 0.32% to 4.3267 per US$
*It fell 0.03% to 4.6883 per euro
*Down 0.01% to 6.4467 to the pound sterling
*0.21% higher to 3.0464 per Singapore dollar
*0.87% higher to 3.0792 per Aussie
*Down 0.34% to 3.5313 per 100 yen
Energy
Oil prices fell as much as 2% on Thursday, with Brent trading near 11-year lows, as data showing fresh supply builds at the delivery point for US crude futures added to worries about a global glut. Brent, the global crude benchmark, was down 30 cents at US$37.09 a barrel, trading less than US$1 above its 2004 low. - Reuters
Top foreign stories
Vilified for drug pricing, CEO Shkreli busted for securities fraud: Martin Shkreli, the boyish pharmaceutical entrepreneur who caused a public uproar after he drastically raised the price of a life-saving prescription drug, was arrested on Thursday for engaging in what US prosecutors said was a Ponzi-like scheme at his former hedge fund and a pharmaceutical company he previously headed. - Reuters
Yellen's 'tightening' promises a slow crawl higher: The policy tightening kicked off by the Fed this week promises to be among the longest and slowest of modern times, a crawl forward that may last as long as former fed chair Paul Volcker's legendary battle against inflation in the 1980s. Janet Yellen faces a different challenge - inflation is low, yet the Federal Reserve aims to bring borrowing costs to more "normal" levels after seven years near zero. - Reuters
US labour market strengthening, factories struggling: The number of Americans filing for unemployment benefits last week fell from a five-month high, suggesting sustained labour market healing that could lead to further Federal Reserve interest rate hikes next year. Despite the labour market momentum, there remains no respite for the manufacturing sector, which has been slammed by a robust dollar, deep spending cuts by energy firms, weak global demand and efforts by businesses to reduce an inventory glut. - Reuters
Apple names Jeff Williams COO: Apple Inc promoted longtime executive Jeff Williams to the role of chief operating officer, reinstating the title previously held by chief executive Tim Cook, as part of a series of changes to the company's leadership team. - Reuters
China Southern, affiliate Xiamen to buy Boeing planes for US$10b: China Southern Airlines and its affiliate Xiamen Airlines have signed deals worth about US$10 billion to buy Boeing Co airplanes. China Southern, the country's largest airline by fleet size, has agreed to purchase 50 B737MAX and 30 B737 Next Generation airplanes from Boeing, while its unit Xiamen Airlines has agreed to buy 30 B737 MAX airplanes. - Reuters
Top local stories
US rate hike buoys markets: Key regional markets, including Bursa Malaysia, reacted positively to the US Federal Reserve’s (Fed) first interest rate hike in nine years, although concerns linger on the impact to be felt on the future rate hikes anticipated to take place next year. - StarBiz
TM to invest RM2.3bil in HSBB infrastructure: Telekom Malaysia Bhd
(TM) will invest a total of RM2.3bil over 10 years under the second phase of an initiative with the Government to roll out high-speed broadband (HSBB) in state capitals and major towns across the nation. TM will invest RM1.3bil and the Government an additional RM500mil under phase two of the HSBB 2 project. - StarBiz
BP Plastics denies interest in Tomypak stake: BP Plastics Holding Bhd has denied making any moves to acquire an interest in food packaging materials maker Tomypak Holdings Bhd. The company said it had “no interest in the purported stake acquisition of Tomypak Holdings” as reported by a Chinese daily. - StarBiz
Scientex earnings double in first quarter: Global packaging manufacturer Scientex Bhd doubled its first-quarter net profit to RM60.9mil from RM30.3mil a year earlier on stronger demand for consumer packaging and affordable properties. The group’s revenue grew 27.7% to RM550.6mil. - StarBiz
RM245mil revival of Segamat Inland Port: The Segamat Inland Port (SIP) project in Johor will be reopened under an RM245mil investment plan that will include the development of a biomass factory and placements for 25 different industries within the port’s grounds. Deputy International Trade and Industry Minister Datuk Ahmad Maslan said some RM140mil would be allocated for the construction of a biomass factory, while another RM60mil would be channelled for industrial placements. - StarBiz
Gadang wins RM185mil Pengerang job: Gadang Holdings Bhd unit Gadang Engineering (M) Sdn Bhd has been awarded an RM185mil contract by Petroliam Nasional Bhd (Petronas) at Pengerang, Johor. The contract is for civil and infrastructure works for the Storm Water East Area package at the utilities, interconnecting and offsite facilities in Pengerang. - StarBiz
Another slow year seen for MAHB: RAM Rating Services Bhd expects Malaysia Airports Holdings Bhd’s (MAHB) operating performance to remain subdued for another year as the current soft industry conditions persist into 2016. - StarBiz
Boustead’s indirect unit sells land, assets for RM28mil: Boustead Holdings' indirect unit, Johan Ceramics Bhd, plans to sell three parcels of land, machinery and equipment, as well as its trademark to Kim Hin Ceramic (Seremban) Sdn Bhd for RM28mil. - Bernama
New budget carrier enters Malaysia: Malaysia will see the entry of a new low-cost passenger airline, Rayani Air Sdn Bhd, which will offer flights to and from klia2 in Sepang, Langkawi International Airport and Kota Baru’s Sultan Ismail Petra Airport. The new airline is due to receive its air service licence and air operator’s certificate from the Department of Civil Aviation on Friday. - Edge FD
KLRCA, Sidrec team up for dispute resolution: The Kuala Lumpur Regional Centre for Arbitration (KLRCA) and the Securities Industry Dispute Resolution Centre (Sidrec) have come together to promote the use of alternate dispute resolution relating to capital market products and services disputes in Malaysia and Asia. - Edge FD
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