MarketWrap: The S&P 500 closed at its highest level of the year on Wednesday after the US Federal Reserve left interest rates untouched and signalled fewer rate hikes in coming months. - Reuters
The DJIA closed up 74.23 points, or 0.43%, to 17,325.76, the S&P 500 had gained 11.29 points, or 0.56%, to 2,027.22 and the Nasdaq Composite had added 35.30 points, or 0.75%, to 4,763.97. Brent crude LCOc1 finished up US$1.59, or 4%, at US$40.33 a barrel. - Reuters
Forex summary
*The ringgit was up 1.46%% to 4.0760 per US$
*It rose 0.31% to 4.5743 per euro
*Up 0.46% to 5.8121 to the pound sterling
*0.38% up to 2.9858 per Singapore dollar
*0.02% lower to 3.0897 per Aussie
*Up 1.56% to 3.6170 per 100 yen
Energy
US oil prices jumped almost 6% on Wednesday, erasing losses of the past two days, after major producers firmed up plans to meet in Qatar to discuss an output freeze and US crude stockpiles grew less than expected. Brent crude LCOc1 finished up US$1.59, or 4%, at US$40.33 a barrel. - Reuters
Top foreign stories
Fed holds steady, eyes two rate hikes this year: The Federal Reserve held interest rates steady on Wednesday and indicated that moderate US economic growth and "strong job gains" would allow it to tighten policy this year, with fresh projections showing policymakers expected two quarter-point hikes by the year's end, half the number seen in December. The US central bank, however, noted that the United States continues to face risks from an uncertain global economy. - Reuters
JPMorgan, Citi shareholders to vote on potential breakup plans: Shareholders of JPMorgan Chase & Co and Citigroup Inc will get to vote on whether their banks should consider breaking into smaller pieces. Citigroup included the question in a proxy statement it filed on Wednesday for its annual meeting next month, and the shareholder sponsoring that proposal said he has a similar one slated for the upcoming ballot for JPMorgan's annual meeting. - Reuters
New York's Plaza Hotel to go on sale next month: New York's Plaza Hotel is set to go on sale in an auction next month, Bloomberg reported on Wednesday. David and Simon Reuben hold the mortgage on the five-star hotel and scheduled a foreclosure auction for April 26, Bloomberg said, citing a source. For sale are the Plaza's hotel rooms, its restaurants and retail space. - Reuters
China's ZTE delays annual results after US restrictions: China's ZTE Corp said on Thursday it will delay the publication of its annual results because it needs to assess the impact of tough US export restrictions imposed on the telecom equipment maker last week. - Reuters
Top local stories
Sapura Resources sells education assets: Sapura Resources proposes to dispose of its remaining 49% stake in APIIT Sdn Bhd, 49% holding in Asia Pacific University Sdn Bhd and entire 37.61% stake in Asia Pacific Institute of Information Technology Lanka (PVT) to Ekuinas’ Ilmu Education Group Sdn Bhd for RM58 million, RM161.99 million and RM27 million respectively, bringing the total sale value to RM247 million. - StarBiz
Value of construction jobs nearly halved in 2015: The value of construction jobs given out in the country last year dropped by about 43% to RM96bil from RM167bil in 2014, according to an interim Construction Industry Development Board report. The report said the number of jobs given out also dipped by 39% to 5,644 in 2015 from 7,853 in 2014. - StarBiz
Fernandes’ roots may allow him to fully own Indian unit: AirAsia group chief executive officer Tan Sri Tony Fernandes said he has applied for a version of Indian citizenship, a status that may allow him to fully own his local unit and skirt some aviation rules that restrict foreigners. Bloomberg
Ranhill makes lacklustre debut: Ranhill Holdings Bhd shares opened trading on the Main Board of Bursa Malaysia at RM1.10 on Wednesday, lower than its initial offering price of RM1.20, before the day at RM1.01 amid soft market sentiment. - StarBiz
Top Glove targets 30% sales growth in 2016: Rubber glove maker Top Glove Corp Bhd is targeting a 20% to 30% growth in sales for the financial year ending Aug 31, 2016.
Chairman Tan Sri Lim Wee Chai said the company has a good chance of achieving its sales target despite the challenging economic environment. - StarBiz
AirAsia, AirAsia X sign aircraft leasing agreement: Low-cost airline AirAsia Bhd has entered into an aircraft wet leasing agreement with its long-haul sister company AirAsia X Bhd to mitigate operational constraints during peak travel season for US$4.93mil (RM20.35mil). - StarBiz
Muhibbah eyes more jobs in Myanmar and Indonesia: Muhibbah Engineering (M) Bhd is hoping to clinch more construction jobs in Myanmar and Indonesia as it scours the region for opportunities in the economic downturn. - StarBiz
Shot in the arm for CPO downstream segment: The implementation of a 5% tax on crude palm oil (CPO) exports starting April will boost the prospects of downstream segment players domestically as their cost competitiveness would increase relative to their Indonesian counterparts, say analysts. - StarBiz
Puncak Niaga’s rebound sparks speculation: Puncak Niaga Holdings Bhd’s share price staged a strong rebound in the past two days and sparked speculation about the company’s next move now that it has disposed of its water assets, and its new oil and gas venture has fallen through. Speculation has it that an asset injection by controlling shareholder
Tan Sri Rozali Ismail is likely. - Edge FD
FGV: Zhong Ling buy will boost downstream presence: Felda Global Ventures Holdings Bhd (FGV) is confident its latest venture, the planned acquisition of a 55% stake in Zhong Ling Nutril-Oil Holdings Ltd, valued at RM976.25 million, will boost its presence in high-margin downstream activities. Group president and chief executive officer Datuk Mohd Emir Mavani Abdullah said the intended investment had cleared all necessary due diligence in accordance with FGV’s investment and governance policies. - Bernama
UMW Holdings risks drop from FBM KLCI: UMW Holdings Bhd is likely to drop from the list of 30 component stocks of the FBM KLCI as its market capitalisation has shrunk more than a quarter over the past year, no thanks to the continued decline in its share price since August 2014. - Edge FD
Red Sena identifies three countries for QA: Red Sena Bhd, Malaysia’s first food and beverage special-purpose acquisition company, said Thailand, Indonesia and Malaysia are the top three coun- tries it is looking at in undertaking its qualifying acquisition (QA). - Edge FD
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