MarketWrap: Wall Street stocks dipped on Monday, weighed down by Apple, as world equity markets fell with oil prices, while the US dollar recovered from a near seven-month low against the euro. The DJIA fell 22.25 points, or 0.1%, to 21,184.04, the S&P 500 lost 2.97 points, or 0.12%, to 2,436.1 and the Nasdaq dropped 10.11 points, or 0.16%, to 6,295.68. - Reuters
Energy
Oil prices fell nearly 1% on Monday on concerns that the cutting of ties with Qatar by top crude exporter Saudi Arabia and other Arab states could hamper a global deal to reduce oil production. August Brent prices ended the session 48 cents or 0.96% lower at $49.47 a barrel. - Reuters
Forex summary
*The ringgit gained 0.12% to 4.2580 versus the US$
*It gained 0.10% to 4.8000 versus euro
*Down 0.17% to 5.5046 per pound sterling
*Up 0.15% to 3.0855 per Singapore dollar
*Up 0.25% to 3.1800 per Aussie
*Down 0441% to 3.8766 per 100 yen
US services, factory data point to moderate economic growth: US services sector activity slowed in May as new orders tumbled, but a jump in employment to a near two-year high pointed to sustained labour market strength despite a deceleration in job growth last month. The moderation in services industries production, together with other data on Monday showing orders for manufactured goods falling in April for the first time in five months and worker productivity unchanged in the first quarter, suggest limited scope for faster economic growth. - Reuters
Blackstone offers US$2b for Finnish real estate firm Sponda: US private equity group Blackstone Group said on Monday it had offered to buy all shares in Finnish real estate investment company Sponda or about 1.8 billion euros (US$2.0 billion) as it seeks to expand its real estate business in the Nordic region.The cash offer, 5.19 euros per share, represents a premium of 20.7 percent compared to Sponda's last closing price. - Reuters
Top local stories
Axiata’s Ncell settles Nepalese tax issue: Axiata group Bhd has cleared the tax hurdle over its purchase of a stake in Nepal’s Ncell Pvt Ltd. The group said on Monday it had made an advance deposit of 13.6 billion Nepalese rupees (RM563.63mil) to the Nepalese tax department. - StarBiz
Bursa climbs to two-year high: Shares on Bursa Malaysia climbed to a two-year high, boosted by a steady inflow of funds from overseas as the corpo- rate earnings outlook brightens. Foreign investors bought Malaysian shares for the 17th straight week with a total year-to- date inflow of RM10.14bil, according to MIDF Research. The FBM KLCI ended 11 points or 0.62% higher to 1,787.95 points on Monday, a level last seen in May 2015. - StarBiz
Bursa still in early-stage rally: Affin Hwang Capital Research believes the Malaysian stock market is still in its early-stage rally and it remains positive with a new FBM KLCI target of 1,813 by end-2017. - StarBiz
Ikhmas Jaya gets Bukit Bintang City Centre job: Ikhmas Jaya Group Bhd has secured a contract worth RM188.6mil from BBCC Development Sdn Bhd for construction works for Package B1 of the Bukit Bintang City Centre project in Jalan Pudu, Kuala Lumpur - StarBiz
Enra partners Emrail in rail projects: Enra Group Bhd unit Enra Engineering and Construction Sdn Bhd has inked an agreement with Emrail Sdn Bhd to jointly set up a company and provide total engineering solutions and services for rail and track transportation projects in Malaysia. - StarBiz
Malaysia’s exports still robust: Malaysia’s exports increased to 20.6% in April, compared with 24.1% in the preceding month, thanks to a strong demand for electrical and electronics products and higher commodity prices. Trade surplus reached a record year-to-date at RM8.8bil in April. Imports during that month expanded at a slower pace of 24.7%, compared with 39.4% in March. - StarBiz
KUB receives MGO from a major shareholder: KUB Malaysia Bhd said it has has received an unconditional mandatory general offer (MGO) from a major shareholder, Temasek Padu Sdn Bhd, at 35 sen a share. The stock was last traded at 57 sen on Monday. - StarBiz
Hengan makes mandatory takeover offer for Wang-Zheng: Hong Kong-listed Hengan International Group Co Ltd is making a mandatory takeover offer for Wang-Zheng Bhd after acquiring a 50.4% stake in the diaper and sanitary product maker for RM91.2mil or RM1.14 per share. - StarBiz
AsiaBio unit ties up with Hong Kong and China companies: AsiaBio Capital Sdn Bhd, a subsidiary of AsiaBio Group, has tied up with Hong Kong YRZC International Group Co Ltd, as well as with China’s Shan Xi Hong Hui Food LLC and Shan Dong Wang Jia Yuan Zi Halal Food Brewing Co Ltd to produce and export halal-certified food products globally. - StarBiz
Petronas results fuel optimism in O&G sector: Analysts are generally optimistic on the recovering domestic oil and gas (O&G) industry, as Petroliam Nasional Bhd (Petronas) recorded a commendable performance in its first quarter of financial year 2017. Maybank IB Research reckons the O&G sector has bottomed and is on a cyclical recovery. - StarBiz
MAS poised to buy more wide-body Airbus planes: Malaysia Airlines is close to signing deals for six or seven second-hand wide-body A330 planes for its fleet this year as it seeks to grow on international routes amidst good demand for summer bookings, its chief executive Peter Bellew said. - Reuters
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