MarketWrap: Wall Street surged on Wednesday, with the Dow industrials and S&P 500 hitting fresh records, as equities continued their march upward after the presidential election of Donald Trump and a new high for transportation stocks added to the bullish tone. - Reuters
The DJIA rose 297.84 points, or 1.55%, to 19,549.62, the S&P 500 gained 29.12 points, or 1.32%, to 2,241.35 and the Nasdaq added 60.76 points, or 1.14%, to 5,393.76.
Forex summary
*The ringgit gained 0.07% to 4.4323 per US$
*It was 0.26% lower at 4.7682 per euro
*Up 0.06% to 5.6008 per pound sterling
*Down 0.32% to 3.1272 per Singapore dollar
*0.80% lower to 3.3220 per Aussie
*0.06% lower at 3.8982 per 100 yen
Energy
Oil prices slid on Wednesday on bearish US petroleum inventory data and doubts that production cuts promised by Opec and Russia would be deep enough to end a supply overhang that has weighed on markets for more than two years. Brent futures LCOc1 fell 93 cents, or 1.7%, to settle at US$53.00 a barrel. - Reuters
Top foreign stories
Poll: Japan Inc warns of global trade contraction under Trump presidency: Corporate Japan is bracing for a rocky ride under incoming US President Donald Trump, a Reuters poll showed, with well over a third of firms seeing a contraction in global trade as concerns about a rise in US protectionism threaten to shatter a fragile economic recovery. - Reuters
Japan third-quarter GDP revised down: Japan's economy grew at an annualised rate of 1.3% in the July-September quarter, revised down from a preliminary reading of 2.2% annualised growth, Cabinet Office data showed on Thursday. - Reuters
Sony's PlayStation 4 sales top 50 million units worldwide: Sony Corp said sales of its PlayStation 4 video game console had exceeded 50 million units as of Dec 6 helped by strong demand during the year-end holiday season. The PlayStation 4, which went on sale in late 2013, has been Sony's fastest-selling game console. - Reuters
Top local stories
Bank Negara spends US$1.9b defending ringgit: Bank Negara’s foreign exchange reserves fell by US$1.9bil (RM8.4bil) to US$96.4bil from US$98.3bil as the central bank used its reserves to stem the slide of the ringgit in recent weeks. - StarBiz
Perdana Petroleum seeks legal advice agreement termination: Perdana Petroleum Bhd
is seeking legal advice over the cancellation of the memorandum of agreement with Nam Cheong International Ltd on the acquisition of an accommodation work barge. - StarBiz
Astro quarterly earnings jump 42%: Astro Malaysia Holdings Bhd’s net profit for its third quarter jumped 42% to RM151mil, mainly due to lower net finance cost and decrease in depreciation of property, plant and equipment. Its revenue grew to RM1.42bil from RM1.37bil a year earlier. Astro declared a third interim single-tier dividend of three sen. - StarBiz
TNB, IRB enter consent judgment over RM2bil tax bill: Tenaga Nasional Bhd and the Inland Revenue Board (IRB) have entered into a consent judgment before the Kuala Lumpur High Court to substitute the judicial review proceedings with regard to the notices of additional assessment dated Nov 23, 2015 by filing an appeal to the Special Commissioners of Income Tax. - StarBiz
Selangor Dredging associate buys land in Singapore: Selangor Dredging Bhd associate company Champsworth Development Pte Ltd is acquiring a 2,945.5 sq m freehold land with an existing two-storey industrial building in Singapore for S$47mil (RM146.5mil). - StarBiz
Closing date extension for CBB takeover offer: The closing date for acceptances of the unconditional takeover offer by Kumpulan Perangsang Selangor Bhd to acquire all the remaining shares in Century Bond Bhd has been extended to Dec 27. - StarBiz
MP Evans to sell PT Agro Muko stake: MP Evans Group Plc has entered into a conditional agreement to sell its 36.84% share in PT Agro Muko to its long-standing partner, the Belgian Sipef group US$100mil (RM444.9mil). - StarBiz
TNB unit bags RM160m Petronas Gas job: Tenaga Nasional Bhd unit TNB Repair and Maintenance Sdn Bhd has secured a RM160mil contract from Petronas Gas Bhd to maintain the gas turbines at its plants in Kerteh, Kemaman, Gebeng and Kuantan. - StarBiz
RHB eyes 35% more premier customers: RHB Banking Group is expecting its premier customer base to increase by 35% by the end of the year after the launch of its enhanced RHB Now mobile banking application. - StarBiz
Tadmax plans rights issue with warrants to raise up to RM109.7m: Tadmax Resources Bhd is planning a two- for-five renounceable rights issue of 219.3 million shares with free detachable warrants which could raise up to RM109.7 million. Edge FD
MQREIT: No plans to go into property development yet: MRCB Quill Management Sdn Bhd, the manager of MRCB-Quill Real Estate Investment Trust (MQREIT), says it has no plans to embark on property development activities as yet, despite the proposed liberalisation of the REIT guidelines by the Securities Commission in July. - Edge FD
Limited time offer:
Just RM5 per month.
