The logo of Down Jones Industrial Average stock market index listed company General Electric is shown at their subsidiary company GE Aviation in Santa Ana, California April 13, 2016. REUTERS/Mike Blake
MarketWrap: Wall Street stocks ended a volatile session with their biggest percentage decline since before the Nov 8 US presidential election. - Reuters
The DJIA fell 118.68 points, or 0.6%, to 19,792.53, the S&P 500 lost 18.44 points, or 0.81%, to 2,253.28, and the Nasdaq dropped 27.16 points, or 0.5%, to 5,436.67.
Forex summary
*The ringgit lost 0.42% 4.4297 per US$
*It was 0.65% higher at 4.6930per euro
*Up 0.61% to 5.6002per pound sterling
*Up 0.45% to 3.1067 per Singapore dollar
*0.59% higher to 3.3141 per Aussie
*0.16% lower at 3.8049 per 100 yen
Energy
Oil prices dropped on Thursday as a hike in US interest rates drove money away from commodities and into US bonds and the dollar, but a tighter fuel market looms in 2017 due to planned production cuts led by Opec and Russia. International Brent crude oil futures were down 7 cents at US$53.83 a barrel. - Reuters
Top foreign stories
US IPOs set to rebound after dismal 2016: The US IPO market is expected to bounce back next year after a forgettable 2016, fuelled by a sunnier economic outlook and a bit more certainty following the presidential election - factors that encouraged the Federal Reserve to hike interest rates. - Reuters
Fed lifts rates, sees faster pace of hikes in Trump's first year: The US Federal Reserve raised interest rates on Wednesday and signalled a faster pace of increases in 2017 as central bankers adapted to the incoming Trump administration's promises of tax cuts, spending and deregulation.The increase in the federal funds rate to a range of between 0.50% and 0.75% was widely expected. - Reuters
GE to sell US$3b industrial solutions business: General Electric Co said on Wednesday it would sell its US$3 billion industrial solutions business, which makes electrical equipment, as part of a push to focus on its core businesses. The industrial conglomerate expects to raise about US$4 billion from the sale of the unit as well as the previously announced sale of its water business, GE said in an investor presentation. - Reuters
Top local stories
Ezra wants Perisai dispute resolved: A major shareholder of Perisai Petroleum Teknologi Bhd, Singapore-listed Ezra Holdings Ltd, has approached the former to settle the dispute over a share sale agreement involving US$43mil (RM190.92mil). Ezra said its subsidiary Emas Offshore Ltd hopes to work towards resolving various issues relating to SJR Marine (L) Ltd, a 51:49 joint venture of åçPerisai and Emas Offshore. - StarBiz
November palm oil output falls more than expected: Palm oil output in Malaysia fell by a more-than expected 6.1% to 1.57 million tonnes in November as trees remain stressed by adverse weather conditions, boosting expectations for prices which are poised for the biggest annual advance in six years. - Bloomberg
50 companies fined RM25mil by MyCC since 2013: The Malaysia Competition Commission (MyCC) has imposed fines amounting to RM25mil against 50 companies since 2013, says enforcement division director Iskandar Ismail. - Bernama
AmBank sees loan growth doubling: AmBank (M) Bhd projects its loan growth for the financial year 2017 to double, versus a year earlier, amid the challenges facing the industry. AMMB Holdings Bhd group CEO Datuk Sulaiman Mohd Tahir said he is optimistic that AmBank could register 4%-5% loan growth in FY17, from about 2% in FY16: StarBiz
Destini contract extended by defence ministry: Destini Bhd has received a three-year extension contract from the defence ministry to provide maintenance, repair and overhaul services for the Royal Malaysian Air Force worth RM98.2mil. - StarBiz
Maybank sets up sukuk programme of up to RM10bil: Malayan Banking Bhd (Maybank) has set up a sukuk programme of up to RM10bil, rated AAA, to fund its investments in ringgit-denominated and foreign currency-denomnated Islamic notes. - StarBiz
Analysts positive on Axiata’s plan to unlock edotco’s value: Axiata Group Bhd
’s plan to divest a minority stake in its tower outfit, edotco Group Sdn Bhd, through a private placement is a welcome move, as the exercise would enable the telecommunica- tions giant to unlock unlock the value of its wholly owned subsidiary, say analysts.
KUB: RM1.23b rail JV terminated: KUB Malaysia Bhd said the mutual termination of the RM1.23 billion rail project in Johor with Malaysia Steel Works Bhd was because the government had failed to give a definitive timeline for the project. - Edge FD
Malaysia’s banking industry to pick up in second half 2017 says AmBank: AMMB Holdings Bhd chief executive offcer Datuk Sulaiman Mohd Tahir expects improvement only in the seond half of the year. “W”e thought initially that we can see some reversal within the first half, but the uncertainty persisted,” he said. Edge FD
CPO prices to rise until first quarter 2017 on China export play: Analysts expect crude palm oil (CPO) prices, which traded at RM3,125 per tonne on Wednesday to peak at around RM3,300 per tonne, at least until the first quarter of 2017 due an increase in demand from China. - Edge FD
Fernandes: AirAsia has hedged most of its jet fuel needs for 2017: AirAsia Bhd has continued its oil hedging policy amid continued volatile oil prices and has hedged most of its fuel requirements for its flights next year, says group chief executive officer Tan Sri Tony Fernandes. - Edge FD
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