Energy
Brent crude was 0.02% lower to US$52.56 per barrel at 3.49pm.
Forex
Ringgit down 0.01% to 4.2793 versus the US dollar at 3.55pm.
Top foreign stories
China says will use all necessary means to defend interests against US trade probe: China will use all necessary means to defend the interests of the country and its companies against a US trade investigation, a spokesman for the commerce ministry said on Thursday. — Reuters
Mitsui Sumitomo to buy Singapore-based First Capital Insurance for US$1.6b: Mitsui Sumitomo Insurance Company Ltd has agreed to buy Singapore-based non-life insurer First Capital Insurance Ltd from Canada’s Fairfax Financial Holdings for US$1.6 billion, underscoring growing appetite among Japanese insurers to expand outside their home markets. — Reuters
World Bank raises Thailand 2017 growth forecast to 3.5%: Thailand’s economy is expected to grow 3.5% this year, up from 3.2% initially predicted in April, and rising to 3.6% next year, the World Bank said on Thursday. Thailand is gaining momentum as farm incomes recover from drought, merchandise and tourism exports rise and fiscal stimulus continues, the World Bank said. — Reuters
Top local stories
AMMB posts slightly higher Q1 earnings of RM328m: AMMB Holdings Bhd’s first-quarter earnings rose 1.6% to RM328.27mil from RM323mil while revenue inched up just 0.8% to RM2.08bil from RM2.06bil, underpinned by business banking, transaction banking, global markets and mortgages. Earnings per share were 10.92 sen compared with 10.74 sen a year earlier. — StarBiz
Matrix Concept Q1 earnings down 12%: Matrix Concept Holdings Bhd’s earnings for the first quarter came in 12.27% lower to RM45.55mil on lower billings from the group’s property development projects. Revenue was RM172.9mil, down 11.9%, The group declared a dividend of 3.25 sen a share for the quarter. — StarBiz
Hong Leong Bank FY17 earnings higher at RM2.14b, declares 30 sen dividend: Hong Leong Bank Bhd posted a 12.7% jump earnings to RM2.14bil for the financial year ended June 30, 2017, Revenue rose 8.9% to RM4.55bil – the highest since its merger with EON Bank. It declared a dividend of 30 sen a share. Its fourth-quarter earnings fell 13.5% to RM482.92mil despite a higher revenue of RM1.15bil. The lender expects the brighter economic growth outlook to spur moderate growth in loans and deposits. — StarBiz
HLFG FY17 earnings higher at RM1.5b despite dip in Q4: Hong Leong Financial Group Bhd (HLFG) reported earnings of RM1.5bil for the financial year ended June 30, 2017, supported by its banking,insurance and investment banking businesses, despite a 34.2% lower fourth-quarter earnings of RM258.79mil. Full-year revenue increased 10.8% to RM5.034bil, while for the fourth quarter it stood at RM1.25bil, up 5.5%. — StarBiz
WCT profit falls 33% on lower revenue: WCT Holdings Bhd’s net profit for the second quarter fell 33% to RM21.48mil on the back of a revenue that stood at RM383mil, compared to RM581mil a year earlier. The group also posted an unrealised foreign exchange gain on net profit of RM16.2mil. — StarBiz
Dutaland may inject RM750m proceeds from plantation sale into property: Dutaland Bhd’s sale of its 11,579ha oil palm estate in Sabah may finally give the embattled company the breathing space it needs to rejuvenate its operations, especially as it has land bank in Kuala Lumpur. It is seen redirecting its attention to the property development division, which recorded a loss of RM4.3mil in first quarter, owing to a lack of development activities. — StarBiz
Batu Kawan sole Malaysian firm on Forbes Asia’s Fabulous 50 list: Ipoh-based Batu Kawan Bhd is the only Malaysian company listed in the just-released 13th Annual Forbes Asia’s Fabulous 50 List. Forbes Media said the Fab 50 companies were selected from a pool of 1,694 public companies in the region with at least US$1.8 billion in annual revenue. Batu Kawan’s current sales stood at US$4.11 billion and had a market capitalisation of US$1.8 billion. — Bernama
Petronas continues hunt for opportunities overseas: Petronas will continue to seek opportunities to expand its presence overseas, despite the prolonged weak global oil prices, said executive vice-president and cCEO for upstream, Datuk Mohd Anuar Taib. The company needed to balance its output portfolio, which currently stood at 70% gas and 30% oil, he said. — Bernama
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