Kuala Lumpur's composite index was down 1.2 percent at 1,665.32, its lowest close since Nov. 2. The top two losers were Hong Leong Financial Group and AMMB Holdings,declining more than 3 percent each. (Reuters file picture shows an investor monitoring share market prices in Kuala Lumpur, Malaysia, August 25, 2015. )
Energy
Brent crude was 0.95% lower to US$40.68 per barrel at 2.25pm.
Forex
Ringgit up 0.21% to 4.1175 versus the US dollar at 2.51pm.
Top foreign stories
China consumer inflation jumps in February: China’s consumer inflation jumped to 2.3% in February, its highest in nearly two years, official data showed on Thursday, in a positive sign for demand in the world’s second-largest economy. — AFP
ECB set to give eurozone ‘one more adrenaline shot’: With inflation now back in negative territory and the economic outlook clouding over, the European Central Bank (ECB) is widely expected to give the eurozone another “adrenaline shot” of stimulus measures at its policy meeting on Thursday, analysts said. — AFP
Football, short funds offer Asian investors new volatility hedges: Increasing volatility in traditional asset classes has given rise to a new range of hedge fund-type products in Asia marketed at individual investors, from short-selling funds to football-backed securities. — Reuters
Bank of Korea stands pat on rates: South Korea’s central bank kept its policy on hold on Thursday and its chief suggested he was not ready to ease policy soon, dampening bond futures prices and bolstering the won currency. The Bank of Korea’s monetary policy committee held the policy rate steady at record low 1.50% for a ninth consecutive month. — Reuters
Top local stories
Zecon
-Kimlun JV gets RM1.46b Pan Borneo Highway: The Zecon Bhd-Kimlun Sdn Bhd JV has secured a RM1.46bil contract to build and upgrade the Pan Borneo Highway in Sarawak. Zecon said on Thursday the JV received the letter of award for the project under phase one, from the Serian roundabout to Pantu junction. The contract is for 48 months, it said. Zecon holds a 70% stake in the JV and Kimlun the remaining 30%. — StarBiz
SC spent much investigative resources on insider trading in 2015: The Securities Commission devoted a significant proportion of its investigative resources last year to working on cases concerning possible insider trading. Of the 58 active investigations as of Dec 31, 2015, 43 were related to insider trading offences, the SC said in its 2015 Annual Report released in Kuala Lumpur on Thursday.
Other highlights of the SC Report:
* The Malaysian capital market grew across all segments, expanding 2.1% to RM2.82 trillion last year.
* The equity market increased 2.6% to RM1.70 trillion in 2015, up from RM1.65 trillion in 2014.
* The bond and sukuk market grew 1.4% to RM1.12 trillion from RM1.11 trilion in 2014 and remained the third largest bond market in Asia.
* A total RM90 billion (RM86 billion via bonds; RM4 billion via IPOs) was raised through the primary market in 2015.
* Islamic capital market grew 6.7% to RM 1.70 trillion in 2015 compared with RM1.59 trillion in 2014.
* Market capitalisation of syariah-compliant components stood at RM1.O9 trillion in 2015, or 64.1% of total market capitalisation.
* Assets under management by fund management companies increased 6% to RM668 billion in 2015 from RM630 billion in 2014.
* Net asset value of unit trust funds totalled RM347 billion at end 2015 compared with RM343 billion in 2014.
* The value of foreign ownership in the corporate bond market was up slightly at RM14.0 billion at end-2015 from RM13.9 billion in 2014. - Bernama
Maybank expects 27% rise in retail SME loan portfolio: Malayan Banking Bhd (Maybank) expects its retail small and medium enterprises (RSME) loan portfolio to grow 27% to RM28 billion this year, given the tremendous demand from regional markets. — Bernama
GST collection exceeds 2015 target: The goods and services tax (GST) collection exceeded the RM27 billion mark set by the Government for 2015, says Royal Malaysian Customs Department deputy director-general Datuk Subromaniam Tholasy. — Bernama
Egypt introduces new rules for exports by foreign factories: Malaysian factories wanting to export their products to Egypt must now register with the Egyptian General Organisation for Export and Import Control. This follows the issuance of a Ministerial Decree requiring all foreign factories to do so. The Malaysia External Trade Development Corp said the decree on the mandatory requirement is effective March 16. — Bernama
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