According to an economist, the drop in the country
MarketWrap: Wall St moved higher on Thursday, pushing the Dow Jones Industrial Average into positive territory for the year, as commodity prices rose on the back of a weaker U.S. dollar to boost shares in the energy and materials sectors. The Dow's move into positive territory came a day after the US Federal Reserve took a dovish stance that weighed on the dollar.
The DJIA closed up 155.73 points, or 0.9%, at 17,481.49. The S&P 500 gained 13.37 points, or 0.66%, to 2,040.59 and the Nasdaq added 11.02 points, or 0.23%, to 4,774.99.
Forex summary
*The ringgit up 0.41%% to 4.0398 per US$
*It rose 0.16% to 4.5721 per euro
*Down 0.91% to 5.8531 to the pound sterling
*0.12% lower to 2.9918 per Singapore dollar
*0.18% higher to 3.0945 per Aussie
*Down 0.08% to 3.6170 per 100 yen
Energy
Oil prices hit 2016 highs on Thursday, with US crude surging 5% to pierce the US$40 barrier, on optimism that major producers will strike an output freeze deal next month amid rising crude exports and gasoline demand in the United States. A weaker dollar also drew oil buyers using currencies such as the euro. Brent crude's front-month LCOc1 finished up US$1.21 at US$41.54, after earlier reaching the year's peak of US$41.60. - Reuters
Top foreign stories
JPMorgan increases stock buyback programme by up to US$1.88b: JPMorgan Chase & Co, the biggest US bank by assets, said it will repurchase up to US$1.88 billion in common shares through the end of the second quarter. The repurchase under the bank's 2015 capital plan is in addition to the US$6.4 billion of shares authorised for repurchase by the board last year. - Reuters
US job market tightening; manufacturing sector healing: The number of Americans filing for unemployment benefits rose from a five-month low last week, but remained below a level associated with a strengthening labour market as the economy regains momentum after a slow fourth quarter. Other data on Thursday showed factory activity in the mid-Atlantic region expanded in March for the first time in seven months, the latest sign of stability in the distressed manufacturing sector. - Reuters
Anbang hires proxy solicitor for Starwood bid: China's Anbang Insurance Group Co has hired a proxy solicitation firm to advise it on how Starwood Hotels & Resorts Inc shareholders view its US$12.8 billion acquisition offer and prepare its next steps, sources said. While Starwood has yet to make a decision on whether to reject or further pursue the non-binding offer, Anbang's move underscores its determination to disrupt Starwood's merger agreement with Marriott International Inc. - Reuters
Blackstone nears deal to buy HP Enterprise stake in India's MphasiS: Blackstone Group LP is nearing a deal to acquire Hewlett Packard Enterprise (HPE)'s controlling stake worth about US$940 million in Indian IT outsourcing services provider MphasiS Ltd, according to three sources directly involved in the deal. HPE owns roughly 60.5% stake in MphasiS, and the US-based parent had been looking to exit from the Indian venture to shore up its capital. - Reuters
Top local stories
Bank Negara sheds light on fund transfers: The central bank has quashed the notion that it would be notified on the inward transfer of funds into the accounts of individuals. It said that under the prevailing foreign exchange administration rules, approvals were only required if the funds received were in the form of a loan or financing from a non-resident above the permissible threshold limit. - StarBiz
FGV gets MoF nod to buy stake in Zhong Ling: Felda Global Ventures Holdings Bhd (FGV) has received the nod from the Finance Ministry (MoF) to acquire a 55% stake in China-based edible oil producer Zhong Ling Nutril-Oil Holdings Ltd. - StarBiz
Mudajaya’s India plant set to begin ops: Mudajaya Group Bhd
said two of its power-generation units in India are ready for commercial operations, marking a “significant” milestone in the group’s progress there after lengthy delays. - StarBiz
AZRB unit clinches RM129mil contract from IIUM: Ahmad Zaki Resources Bhd’s (AZRB) unit Peninsular Medical Sdn Bhd has clinched a RM129.01mil contract from International Islamic University Malaysia (IIUM) to supply additional equipment for the university’s teaching hospital in Kuantan, Pahang. - StarBiz
BAT to close Malaysian factory in stages: British American Tobacco (M) Bhd (BAT), the country’s biggest cigarette maker, is winding down it manufacturing operations in stages with the shut down of its facility in Petaling Jaya expected in the second half of 2017. The company said 230 employees would be affected. - StarBiz
* BAT's move may jolt the shareholders of Tien Wah Press Holdings Bhd, which specialises in printing services for tobacco packaging. BAT is Tien Wah’s major customer.
KPJ Healthcare plans eight more hospitals: KPJ Healthcare Bhd will spend close to RM1.3bil to build eight new hospitals in Malaysia over the next three to five years. - StarBiz
AirAsia India appoints new CEO: Loss-making budget airline AirAsia India said it has appointed a new chief executive officer as part of a manage- ment shake-up as the carrier seeks to boost its small market share and turn a profit in a fiercely competitive aviation market.
February vehicle sales fall for the second consecutive month: Vehicle sales in February shrank by almost a quarter to 37,876 units - the lowest recorded since August 2013 - from 50,390 units a year earlier, according to the Malaysian Automotive Association data. On a sequential basis, total industry volume in February was 15.1% lower against 44,591 units sold in January. - Edge FD
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Atlan to sell 25% of duty-free unit for RM239m cash: Atlan Holdings Bhd, in which Tan Sri Vincent Tan’s Berjaya Corp Bhd holds a 21.13% stake, is planning to dispose of up to 25% plus one share of its interest in duty-free merchandise trader DFZ Capital Bhd to Heinemann Asia Pacific Pte Ltd, in three separate tranches for about 52.21 million euros (RM239.33 million), cash, to realise part of its investment in the unit. - Edge FD
Hibiscus still keen to buy Hydra Energy: Hibiscus Petroleum Bhd is still keen to take over oil exploration and production firm Hydra Energy Holdings Pty Ltd, despite a recent news report on the Australia-based company’s core unit being insolvent. - Edge FD
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Inix in talks to buy stake in IT company: Inix Technologies Holdings Bhd, which saw its trading volume balloon to nearly 60 million shares on Thursday, said it is in the midst of discussion to acquire a stake in an information technology company. The terms of the acquisition has yet to be finalised. It said this in response to Bursa Malaysia's unusual market activity query. - Edge FD
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