Cost management: CIMB is a stock loved by investors for its liquidity, but they are also quick to punish it at the slightest hint of bearish sentiment.
Energy
Brent crude was 1.56% lower to US$49.14 per barrel at 3.48pm
Forex
Ringgit down 0.73% to 4.0460 versus the US dollar at 3.56pm.
Top foreign stories
S. Korea Aug exports seen growing for first time in 19 months: South Korea’s exports in August are expected to rebounded into positive territory for the first time in 19 months, a Reuters poll found on Monday, mainly aided by smartphone exports and two more working days this year. The poll forecast August exports would rise by a median 0.6% against the equivalent period a year earlier, and compares with a 10.3% drop in July. — Reuters
China oil giant Sinopec net profit dives over 20%: Chinese oil giant Sinopec, Asia’s biggest refiner, saw its first-half net profit drop 21.6%, it said, hit by low oil prices. The company made 19.92 billion yuan (US$2.98 billion) in the January to June period, compared with 25.42 billion yuan in the equivalent period last year, — AFP
Cash hoarding reinforces China view further monetary easing futile: On the face of it, China’s central bank has room to cut interest rates to try to lift the economy, but sources say evidence companies and banks are hoarding cash has reinforced policymakers’ view there is no major benefit in easing policy further. — Reuters
Top local stories
CIMB net profit jumps 36%: CIMB Group
Holdings Bhd’s net profit for the second quarter jumped 36.4% year-on-year to RM872.83mil, boosted by its consumer and wholesale banking operations. — StarBiz
Hong Leong Bank posts RM558.5mil Q4 net profit, proposes 26 sen dividend: Hong Leong Bank Bhd saw its net profit dip 9.16% to RM558.54mil in the fourth quarter due to higher operating expenses and taxation. Its revenue increased to RM1.078bil from RM1.04bil a year earlier. The board proposed a final dividend of 26 sen per share, bringing the total to 41 sen for financial year ended June 30. — StarBiz
FGV second-quarter net profit jumps to RM62m: Felda Global Ventures Holdings Bhd (FGV)’s net profit jumped 35% to RM62.2mil in the second quarter on a marginally lower revenue of RM4.13bil compared with RM4.19bil a year earlier. The company said it expects its performance for the current financial year to be “in line with industry”.
Customs to audit GST-registered firms from Sept 1: The Royal Malaysian Customs Department will launch the Customs Blue Ocean Strategy Operation (Ops CBOS) in phases from Sept 1 to audit companies registered for the goods and services Tax (GST). — Bernama
HCK Capital to launch 9 projects with RM8b GDV: Property developer, HCK Capital Group Bhd, is set to launch nine integrated development projects in the next three years. The projects, which will have a gross development value (GDV) of RM8 billion, will comprise residential, commercial and industrial lots, said group executive director Clifford Hii. — Bernama
Households are better off, Malaysians living longer, says report: Households were better off in 2014 compared with 2012 due to higher median of RM4,585 and average income of RM6,141, according to Khazanah Research Institute. — StarBiz
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