MarketWrap: Wall Street rose, while the US dollar and bond yields fell on Wednesday after Federal Reserve meeting minutes signalled a gradual approach to interest rate hikes, and oil prices dipped on a draw of US gasoline stocks that was smaller than expected. The DJIA rose 74.51 points, or 0.36%, to 21,012.42, the S&P 500 gained 5.97 points, or 0.25%, to 2,404.39 and the Nasdaq added 24.31 points, or 0.4%, to 6,163.02. - Reuters
Energy
Oil prices retreated slightly Wednesday as investors reacted to a smaller-than-expected US gasoline stocks draw as they awaited the outcome of discussions in Vienna between Opec and other oil-exporting countries on whether to extend output cuts. Benchmark Brent crude oil settled down 19 cents a barrel at US$53.96. - Reuters
Forex summary
*The ringgit gained 0.34% to 4.2782 versus the US$
*It gained 0.04% to 4.8000 versus euro
*Up 0.48% to 5.5510 per pound sterling
*Up 0.03% to 3.0896 per Singapore dollar
*Down 0.03% to 3.2069 per Aussie
*Up 0.48% to 3.8319 per 100 yen
Top foreign stories
Bitcoin soars above US$2,400 to all-time high: Digital currency bitcoin hit a fresh record high on Wednesday, surging above US$2,400, as demand for crypto-assets soared with the creation of new tokens to raise funding for start-ups using blockchain technology. - Reuters
Kinder Morgan prices Canadian IPO at C$17 per share: US pipeline company Kinder Morgan Inc has priced its Canadian initial public offering at C$17 per share, according to a term sheet of the deal. The company's pricing, which fell below its initially projected range of C$19 to C$22 per restricted voting share, suggests that demand from investors was not as strong as previously expected. - Reuters
Microsoft to buy cyber security firm Hexadite for US$100m: Microsoft has agreed to acquire cyber security firm Hexadite for US$100 million, Israeli financial news website Calcalist reported on Wednesday. Hexadite, headquartered in Boston with its research and development centre in Israel, provides technology to automate responses to cyber attacks that it says increases productivity and reduces costs for businesses. - Reuters
Top local stories
TA open to partnership: TA Enterprise Bhd managing director and CEO Datin Alicia Tiah said the independent brokerage would welcome an alliance that could add value although the group was not in discussion with any entity for a possible joint venture,. She however reiterated TA Enterprise would not sell its stockbroking business as the division remains a profitable unit for the group. - StarBiz
DRB-Hicom prospects to improve after stake sale: DRB-Hicom Bhd is expected to see its long-term prospects improve significantly following the sale of a 49.9% stake in Proton Holdings Bhd and 100% of British automaker Lotus. The sale of the two key components of its auto business would bring relief from spending vast amounts of money on research and development for the running of the companies. - StarBiz
CIMB records best ever quarterly earnings: CIMB Group Holdings Bhd’s quarterly earnings reached a record RM1.18bil in tandem with the gradu- ally improving regional economic conditions and capital market activity. The lender’s net profit for the first quarter jumped by 45% from RM813mil a year ago while revenue increased 17% to RM4.36bil, largely driven by a 32.3% growth in non-interest income. - StarBiz
TSH Resources core profit before tax up 63%: TSH Resources Bhd saw its core profit before tax for the first quarter ended jump 63% year-on-year to RM41.1mil, mainly due to higher average crude palm oil prices and higher fresh fruit brunches production as well as higher profit contribution from an associate company. Revenue was also up 42.6% to RM288.5mil. - StarBiz
Allianz still eyeing takaful ops: Allianz Malaysia Bhd is still keen on venturing into the takaful business and will continue to be on the lookout for such opportunities, CEO Zakri Khir said, adding however the group is not currently in talks with any parties.
MBSB earnings soar on higher operating income: Malaysia Building Society Bhd’s (MBSB) net profit for its first quarter rose nearly 200% to RM101.32mil from RM34.84mil a year earlier, mainly due to higher net operating income. Revenue dropped to RM811.20mil from RM812.63mil a year earlier. - StarBiz
Buoyant sales push Sunsuria net profit up 471%: Sunsuria Bhd’s net profit for its second quarter surged 471% to RM18.01mil, mainly due to buoyant sales from its property projects. The property developer’s revenue rose to RM103.68mil from RM38.82mil a year earlier.
Petronas Dagangan seeks to exit Philippines LPG business: Petronas Dagangan Bhd (PetDag) is seeking to exit the liquefied petroleum gas (LPG) business in the Philippines. The company said it was divesting its 100% interest in Petronas Philippines Energy Inc and 40% interest in Duta
Inc to Phoenix Petroleum Philippines Inc. - StarBiz
CCM allocates RM130m for capex this year: Chemical Company of Malaysia Bhd has allocated between RM120mil and RM130mil in capital expendi- ture (capex) this year, higher than last year’s RM102mil. The company said it will use the allocation to upgrade its pharmaceutical warehouse hubs in Klang and Bangi, Selangor. - StarBiz
14 Malaysian firms make Forbes 2000 list: This year’s Forbes Global 2000 list saw 14 Malaysian companies making the cut and sharing the spotlight with some of the biggest, most powerful and valuable firms in the world. The companies were Malayan Banking Bhd (ranked 390th), Tenaga Nasional Bhd (490), Public Bank Bhd (632), CIMB Group Holdings Bhd (671), Sime Darby Bhd (791), Genting Bhd (1,259), Petronas Chemicals Group Bhd (1,319), RHB Bank Bhd (1,405), Hong Leong Financial Group Bhd (1,472), Axiata Group Bhd (1,510), MISC Bhd (1,543), Maxis Bhd (1,596), AmBank Group (1,771) and Petronas Gas Bhd (1,881). - StarBiz
Sarawak Cable unit wins RM81m job: Sarawak Cable Bhd subsidiary Trenergy Infrastructure Sdn Bhd has received a letter of acceptance from Tenaga Nasional Bhd for the installation of the double circuit 500kV overhead transmission line from Alor Gajah to Bahau South (Melaka). It said the project was valued at RM81.368mil. - StarBiz
Samchem shareholders to decide on ED’s removal on June 23: Samchem Holdings Bhd
has fixed June 23 as the date of the EGM to consider the removal of executive director Ng Soh Kian. - StarBiz
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