Maybank rose 13 sen to RM5.85 and added 2.1 points to the KLCI on Feb 4, 2016. STAR
MarketWrap: Financial stocks led the S&P 500 and the Dow industrials to record highs on Thursday after JPMorgan's strong quarterly results, while upbeat economic data cemented bets that the current rally on Wall Street can chug along. - Reuters
The DJIA rose 134.29 points, or 0.73%, to 18,506.41, the S&P 500 gained 11.32 points, or 0.53%, to 2,163.75 and the Nasdaq added 28.33 points, or 0.57%, to 5,034.06.
Forex summary
*The ringgit gained 0.20% to 3.9385 per US$
*It was 0.21% higher at 4.3743 per euro
*Down 0.87% to 5.2648 to the pound sterling
*Up 0.05% to 2.9304 per Singapore dollar
*0.50% higher to 2.9995 per Aussie
*Up 0.12% to 3.7422 per 100 yen
Energy
Oil prices rose 2% on Thursday as traders covered short positions a day after crude futures were hammered by data showing weak US fuel demand in a busy summer driving season that heightened fears about a global oil glut. Brent crude futures settled up US$1.11, or 2.4%, at US$47.37 a barrel. It rose to US$47.47 at the session high. - Reuters
Top foreign stories
Microsoft wins landmark appeal over seizure of foreign emails: A federal appeals court on Thursday said the US government cannot force Microsoft Corp and other companies to turn over customer emails stored on servers outside the United States. - Reuters
Buffett donates nearly US$2.9b to Gates charity and four others: Warren Buffett, the billionaire chairman of Berkshire Hathaway Inc, has donated another roughly US$2.86 billion of his holdings in the company's stock to the Bill & Melinda Gates Foundation and four family charities, as part of his plan to give away nearly his entire fortune. - Reuters
US jobs, inflation data point to sustained economic strength: The number of Americans filing for unemployment benefits unexpectedly held steady near a 43-year low last week, pointing to further momentum in the labour market after job growth surged in June. Another report on Thursday showed producer prices recorded their biggest gain in a year in June on rising costs for energy products and services. - Reuters
Bayer sweetens offer for hesitant Monsanto: German drug and crop chemical group Bayer AG on Thursday announced details of a sweetened US$64 billion bid for Monsanto Co as it tries to put the US seed company under pressure to engage further. - Reuters
Japanese chat app operator Line Corp soars in New York debut: Shares in Japanese messaging app operator Line Corp soared as much as 36% in their US market debut on Thursday, valuing the high-profile tech startup at US$9.34 billion in the biggest tech IPO this year. - Reuters
Top local stories
REITs poised to get lift from proposed new measures: The overnight policy rate (OPR) rate cut, coupled with proposed measures for mature Malaysian real estate investment trusts (M-REITs) to diversify their investment options, such as embarking on property development, is giving a boost to the otherwise staid sector. A key aspect of the proposed changes is to allow M-REITs to invest in a wider range of asset classes, one of which is to allow them to acquire vacant land and undertake property development. - StarBiz
SC proposes to streamline post-listing requirements for M-REITs: The Securities Commission (SC) wants to streamline post-listing requirements for Malaysian Real Estate Investment Trusts (M-REITs) with Bursa Malaysia’s Main Market listing requirements, with specific enhancements added where necessary. The regulator said this was to achieve greater market efficiency for M-REITs and also to simplify investing in REITs. - StarBiz
Bank Negara governor: OPR cut is pre-emptive: The decision to cut the overnight policy rate (OPR) is a pre-emptive action to ensure that the economy continues to remain on a steady growth path, said Bank Negara governor Datuk Muhammad Ibrahim. - Bernama
Amcorp Properties ventures into Spain: Amcorp Properties Bhd has entered into a joint-venture agreement with a European counterpart with the view of investing in real estate in Spain with an initial capital commitment of around RM150mil. - StarBiz
Perodua Bezza opens for booking: Perodua’s first energy-efficient sedan, the “Perodua Bezza”, will be open for booking at all 181 showrooms from Saturday. The sedan, fully designed by Malaysians with strong support from Daihatsu Motor Company of Japan, will be launched on July 21. - StarBiz
Gemtek raises its stake in Yen Global?: A 20% block of shares of Yen Global Bhd crossed off-market on Thursday, with sources indicating that the buyer could be linked to Taiwan-based Gemtek Technology Co Ltd. Gemtek, which is listed on the Taiwan Stock Exchange, bought a 10% stake in loss-making apparel maker Yen Global last month via a private placement. - StarBiz
Celcom appoints Shazalli as regional CEO: Celcom Axiata Bhd chief executive officer Datuk Seri Shazalli Ramly has been appointed regional CEO and corporate EVP for Axiata Group Bhd
’s South-East Asia operations, effective Sept 1, 2016. Shazalli’s current tenure, which expires by year-end, will be extended for three more years. Michael Kuehner, who was the CEO of Robi Axiata Ltd from 2009 until 2013, will succeed Shazalli as the new CEO of Celcom effective Sept 1. - StarBiz
Sona in talks with potential liquidators to wind up: Sona Petroleum Bhd is in talks with several potential liquidators to wind up the company, as the timeframe for it to complete its qualifying acquisition expires on July 29. Bona also said it had been served with a writ and a statement of claim for US$47,299.12, being fees for alleged work done in relation to a potential acquisition of a qualifying asset. - StarBiz
Bintai Kinden unit wins RM18mil contract: Bintai Kinden Corp Bhd subsidiary, Kejuruteraan Bintai Kindenko Sdn Bhd has accepted a Letter of Award from Kajima (M) Sdn Bhd to undertake electric and extra-low voltage services worth RM17.98mil for the latter’s logistic centre project. - Bernama
Minimal impact from OPR cut: While real estate investment trusts (REITs) and the automotive industry are among the major beneficiaries of the cut in the overnight policy rate (OPR) by Bank Negara, its impact towards other sectors are minimal due to prevailing weak fundamentals, analysts say. - StarBiz
Malaysia bond yield down to lowest since 2013: Malaysian bonds rose for a second day and the three-year yield fell eight basis points to 2.89% as of 12:10pm in Kuala Lumpur - its lowest level since 2013 - after the central bank unexpectedly cut interest rates on Wednesday. Bloomberg
Airline profits not expected to improve: Airline profits are not expected to improve over the next 12 months, said the International Air Transport Association (IATA). It said that based on its Airline Business Confidence Index quarterly survey of airline chief financial officers and heads of cargo in July 2016, the industry’s profitability fell slightly year-on-year during second quarter 2016. - Bernama
Maybank lowers interest rates to 3%: Malayan Banking Bhd said its base rate will be lowered by 20 basis points from 3.20% to 3% while its base lending rate will also be revised from 6.85% to 6.65% from Friday. - StarBiz
Indonesia most valuable emerging market: Indonesia has overtaken Malaysia and Thailand as the biggest emerging market in Southeast Asia. The combined value of companies traded in Indonesia reached US$416 billion (RM1.64 trillion) this week and has exceeded its neighbours for more than a month, the longest stretch since early 2013. - Edge FD
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