Affin Hwang Investment Bank Bhd head of retail research Datuk Mohd Nazri Khan expects it would be
MarketWrap: US stocks rose on Monday, rebounding from losses last week, as financials gained with Berkshire Hathaway and weakness in the dollar eased worries about earnings for multinationals. The Nasdaq snapped a seven-session losing streak, though Apple fell for an eighth straight session, its longest run of losses since mid-1998. - Reuters
The DJIA closed up 117.52 points, or 0.66%, to 17,891.16, the S&P 500 gained 16.13 points, or 0.78%, to 2,081.43 and the Nasdaq added 42.24 points, or 0.88%, to 4,817.59.
Forex summary
*The ringgit lost 0.29% to 3.9160 per US$
*It fell 1.18% to 4.4949 per euro
*Down 0.52% to 5.7227 to the pound sterling
*0.32% down to 2.9153 per Singapore dollar
*0.10% lower to 2.9811 per Aussie
*Up 0.01% to 2.9543per 100 yen
Energy
Oil prices fell about 3% on Monday as production from the Organisation of the Petroleum Exporting Countries neared all-time peaks and record speculative buying in global benchmark Brent sparked profit-taking on last month's outsized rally. Brent's new front-month contract, July LCOc1, settled down US$1.54, or 3.3%, at US$45.83 per barrel, hitting a session low at US$45.72. - Reuters
Top foreign stories
Global media agency in the making: Jack Ma says his vision is to transform the South China Morning Post into a global media agency with the help of Alibaba’s technology and resources. - StarBiz
AIG profit misses again as weak hedge fund returns weigh: American International Group Inc reported a lower-than-expected profit for the third straight quarter as poor returns from hedge funds hurt its investment income. The operating profit attributable to AIG fell 54% to US$773 million in the first quarter, partly due to restructuring costs of US$122 million. - Reuters
US manufacturing shows signs of stability as export orders rise: US factory activity expanded at a more moderate pace in April due in part to a slowdown in new orders, but a rise in export orders to a near 1-1/2-year high and signs an inventory overhang drag was fading offered hope for the manufacturing sector. The Institute for Supply Management said its index of national factory activity slipped to 50.8 last month from a reading of 51.8 in March. - Reuters
Ackman defends Valeant, hints at more changes: Billionaire investor William Ackman on Monday mounted a vigorous defence of Valeant Pharmaceuticals, ruling out any sale of the drug company's "crown jewel" assets but saying price cuts and even a new name may be in its future. - Reuters
Top local stories
Bleak corporate earnings ahead: Signs are emerging that overall corporate earnings during the current results season will be weaker than last year owing to Sluggish global economic outlook and weak domestic consumption, among others. - StarBiz
Bursa may be affected by poor sentiment: Stocks on Bursa Malaysia may come under pressure when trading resumes on Tuesday after an extended holiday amid mounting concerns over policy direction of major central banks, even as developed economies continue to struggle with stuttering growth. - StarBiz
Scomi Energy fails to win TNB coal freight jobs: Scomi Energy Services Bhd
not getting a slice of the RM2.3bil coal-freight jobs offered by Tenaga Nasional Bhd (TNB) has caught some market observers by surprise. - StarBiz
Westports expects modest growth this year: Westports Holdings Bhd still anticipates a modest growth this year despite posting relatively good numbers for its first quarter. Chief executive officer Ruben Emir Gnanalingam said he maintained a single-digit container volume growth forecast due to the challenging global economic outlook. - StarBiz
FGV to withdraw RSPO certificates?: Felda Global Ventures Holdings Bhd (FGV) is said to be considering a withdrawal of its Roundtable on Sustainable Palm Oil (RSPO) principles and criteria certificates, according to sources. - Edge FD
P1’s Webe to mirror UK’s Giffgaff?: The upcoming launch of mobile network services by Packet One Networks (M) Sdn Bhd (P1), which has recently rebranded itself as “Webe”, will have a business model that is “similar, yet different” from UK-based mobile virtual network operator Giffgaff Ltd. - Edge FD
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