At 9 am, the local unit traded higher against the US dollar at 4.3780/3830 from 4.3870/3930 on Thursday
MarketWrap: The S&P 500 and Dow industrials slipped on Thursday, weighed by energy shares, but gains in Costco and tech shares lifted the Nasdaq. - Reuters
The DJIA fell 22.74 points, or 0.13%, to 17,895.88, the S&P 500 lost 1.83 points, or 0.09%, to 2,097.9 and the Nasdaq added 17.65 points, or 0.36 %, to 4,876.81.
Forex summary
*The ringgit lost 0.48% to 4.0330 per US$
*It was 0.38%l lower at 4.4644 per euro
*Down 0.11% to 5.2173 to the pound sterling
*0.36% lower to 2.9902 per Singapore dollar
*0.10% down to 3.0270 per Aussie
*Down 0.36% to 3.9973 per 100 yen
Energy
Oil prices fell 5% to two-month lows on Thursday after the US government reported a weekly crude draw within analysts' forecasts that disappointed market bulls expecting larger declines. Brent crude futures settled down US$2.40, or 4.9%, at US$46.40 per barrel. That was the biggest percentage loss for Brent in a day since Feb 9. - Reuters
Top foreign stories
LSE gets US, Russia nod for Brexit-clouded Deutsche Boerse merger: London Stock Exchange Group said on Thursday that US and Russian authorities had approved its US$27 billion merger with Deutsche Boerse, giving it the first set of regulatory clearances needed to create a European exchange giant. - Reuters
Jobless claims, hiring data brighten US labour market view: US private payrolls increased more than expected in June as small businesses ramped up hiring, and fewer Americans applied for unemployment benefits last week, suggesting a rebound in job growth after May's paltry gains. - Reuters
France's Danone to buy WhiteWave to boost US business: France's Danone said on Thursday it would double the size of its US business by buying organic foods producer WhiteWave Foods Co for US$10.4 billion in its largest acquisition since 2007. - Reuters
Top local stories
Mah Sing ups the ante: Property developer Mah Sing Group Bhd
will up its game in the second half of the year, signalling its optimism that the slowing property sector is at its tail end. “We will be launching something new every month for the remainder of 2016,” group managing director and chief executive Tan Sri Leong Hoy Kum said. - StarBiz
Imbi land up for tender: The softer property market, by way of sales and rentals since last year, has not deterred land deals, as a plot of freehold commercial land measuring less than an acre has come up for sale in the central business district. The plot, located at the Jalan Imbi/Jalan Pudu corner and right next to Berjaya Times Square, has come up for sale via a tender closing on Aug 1 at 4pm. - StarBiz
GUH’s PCB sales set to rise 6.5% this year: GUH Holdings Bhd has orders in hand to deliver printed circuit boards (PCBs) with an estimated market value of RM118mil in the second half of 2016, which would increase the total value delivered for 2016 to RM244mil, up 6.5% from a year ago. - StarBiz
Analysts expect stronger ringgit: There could be some strengthening of the ringgit in the coming weeks even as investors flee to safe-haven assets on Brexit worries. A technical analyst said the ringgit would likely trade higher against the US dollar and pound sterling. - StarBiz
Foreign banks losing market share in Malaysia: Recent Bank Negara statistics indicate foreign banks have been losing market share on Malaysian turf. According to TA Research, the combined net interest income of Standard Chartered, OCBC, Citibank and UOB’s Malaysian operations have contracted for five straight quarters. - StarBiz
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