Energy
Brent crude was 0.55% higher to US$36.66 per barrel at 2.07pm.
Forex
Ringgit down 0.07% to 4.2943 versus the US dollar at 2.32pm.
Top foreign stories
Analysts see 2016 oil price rise, while traders bet on fall: A year ago, after oil prices had halved in six months, analysts were forecasting a price recovery in 2015 while many traders were busy shorting the market. As it turned out, the traders were correct and oil prices fell by another third this year. Analysts have now forecast a pick-up in prices over 2016, while traders built short positions on US oil futures to a record in early December. — Reuters
Bank Indonesia tells banks to create buffers for bad times: Indonesia’s central bank issued a new regulation requiring banks to increase their capital during economic boom periods to protect against possible future losses coming from excessive loan growth. — Reuters
Facebook fights for free Internet in India, global test-case: India has become a battleground over the right to unrestricted Internet access, with local tech start-ups joining the front line against Facebook Inc founder Mark Zuckerberg and his plan to roll out free Internet to the country’s masses. The Indian government has ordered Facebook’s Free Basics plan on hold while it decides what to do. — Reuters
Chinese stocks set to end 2015 slightly higher despite year’s volatility: Rollercoaster ride leaves Shanghai investors flat: Chinese stocks are set to end 2015 slightly higher despite a wild ride that saw trillions wiped off market capitalisations in a summer rout that shook global markets and prompted an unprecedented government rescue package. — AFP
Gold poised for third annual loss; 2016 outlook bleak: Gold was little-changed at US$1,062.50 an ounce by 0331 GMT on the last trading session of the year, but looked set to post its third straight annual loss, undermined by a robust dollar and prospects of higher US interest rates. Gold could drop to US$1,000 or below next year but could recover slightly in the second half of the year, said a bullion trader in Hong Kong. — Reuters
Copper faces biggest annual loss in 7 years, nickel worst hit: London copper and zinc futures lost around a quarter of their value this year while nickel prices tumbled more than 42% as a stronger dollar, China’s slowing growth and a lack of supply-side response hammered base metals. — Reuters
China funds increase equity allocations as confidence slowly mends: Chinese fund managers raised suggested equity exposure for the next three months to the highest level in half a year, citing ample market liquidity, according to a monthly Reuters poll, as investor sentiment continues to slower recover after a summer crash. — Reuters
HKEx says to delist China Metal Recycling after fraud charges: Hong Kong’s stock exchange operator said on Thursday it will delist China Metal Recycling Holdings Ltd, following a move in February by the city’s financial regulator to force the company into provisional liquidation alleging accounting fraud. — Reuters
Top local stories
Bandar Malaysia to have GDV of RM150b: Bandar Malaysia, which will be the catalyst for the transformation of Greater Kuala Lumpur, will be developed over a 15 to 25-year period at a projected gross development value (GDV) of RM150bil. 1Malaysia Development Bhd Group (1MDB) had on Thursday inked an agreement to sell 60% equity in Bandar Malaysia Sdn Bhd to a consortium comprising Iskandar Waterfront Holdings Sdn Bhd and China Railway Engineering Corporation (M) Sdn Bhd. — StarBiz
Ranhill Holdings to raise RM637.5m from listing: Ranhill Holdings Bhd plans to raise RM637.50mil from its listing on the Main Market of Bursa Malaysia. Of the proceeds from the flotation, scheduled for Feb 18, a hefty RM445mil would be used to repay borrowings. - StarBiz
Xingquan to buy knit fabric machines for RM99m: Xingquan International Sports Holdings Ltd plans to buy between 80 and 100 knit fabric machines, valued at RM99.21 million, via internal funds and the issuance of right shares. - Bernama
MACC uplifts frozen bank account of Jaya Tiasa unit: The Malaysian Anti-Corruption Commission (MACC) has uplifted the bank account of Jaya Tiasa Holding Bhd subsidiary, Jaya Tiasa Timber Products Sdn Bhd, which was frozen on May 15 following a probe into illegal logging. — StarBiz
November industrial production down 0.6%: Malaysia’s producer price index (PPI) for November decreased 0.6% to 104.1 due to the fall in local production index of 1% and an increase in import price index of 0.1%, the Statistics Department said on Thursday. — Bernama
Asean launches economic bloc but analysts sceptical: Asean nations officially launched an EU-inspired economic bloc on Thursday aimed at boosting the region’s trading clout and attracting more investment, but analysts said a true single market was still a long way off. — AFP
| Brent Crude (ICE) | USD/bbl. | 36.66 | +0.20 | +0.55% |
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