Breakfast briefing: Tuesday, November 21 (Update)

Source: The Star
Breakfast briefing: Tuesday, November 21 (Update)

MarketWatch: US stocks rose on Monday, with Verizon boosting the telecoms sector after the stock got an upgrade, while a deal in semiconductors lifted high-performing tech shares. The DJIA rose 72.09 points, or 0.31%, to 23,430.33, the S&P 500 gained 3.29 points, or 0.13%, to 2,582.14 and the Nasdaq added 7.92 points, or 0.12%, to 6,790.71. - Reuters


Oil prices slipped on Monday, extending recent weakness ahead of an Opec meeting next week, while a rally in the dollar negatively affected commodities across the board. Brent crude futures LCOc1 were down 84 cents at US$61.86, or 1.4%, by 1637 GMT. - Reuters

Forex Summary
*Up 0.72% to 4.864 versus euro

*Up 0.30% to 5.4898 per pound sterling

*Up 0.27% to 3.0549 per Singapore dollar

*Up 0.63% to 3.1225 per Aussie

*Up 0.07% to 3.6820 per 100 yen

Top foreign stories

Bitcoin hits record high after smashing through US$8,000 for first time: Bitcoin hit a new record high on Monday after smashing through the US$8,000 level for the first time over the weekend, marking an almost 50 percent climb in just eight days. Bitcoin traded as high as US$8,197.81 on the Luxembourg-based Bitstamp exchange, up over 2% on the day and around 48% up since dipping to US$5,555 on Nov 12. - Reuters

Yellen to leave Fed board once successor Powell sworn in: Federal Reserve chair Janet Yellen said on Monday she will resign her seat on the Fed’s Board of Governors once Jerome Powell is confirmed and sworn in to replace her as head of the US central bank. - Reuters

US sues to stop AT&T buying Time Warner, says would hike rates: The US Department of Justice sued AT&T Inc on Monday to block its US$85.4 billion acquisition of Time Warner Inc, saying the deal could raise prices for rivals and pay-TV subscribers while hampering the development of online video. - Reuters

Top local stories

Freeze on KL high-end property projects has little effect on property stocks: An indefinite freeze on approvals for the development of high-end resi- dential and commercial property above RM1mil in Kuala Lumpur is expected to have a negligible impact on most property stocks on Bursa Malaysia.

This is in part because most of the listed property developers don’t have significant exposure in the capital city, and most of their residential projects are priced below RM1mil, with limited involvement in commercial properties, some analysts said. - StarBiz

SunCon earnings higherSunway Construction Group Bhd

 (SunCon)’s net profit rose 11% in the third quarter to RM34.59mil from RM31.14mil a year ago, on a revenue that increased 29% to RM491.36mil. The company is confident continued good performance, given its recent contract wins which  lifted its outstanding order book to a record high. - StarBiz

IOI Prop earnings jump 28% in first quarterIOI Properties Group Bhd

 posted a 28.1% jump in earnings to RM242.85mil for the first quarter on higher profits in all its main segments. Revenue slipped 3.3% to RM869.98mil mainly due to lower contribution from the property development overseas.  - StarBiz

UEM Sunrise Q3 profit up on boost from Down UnderUEM Sunrise Bhd

’s third-quarter net profit more than doubled to RM86.6mil, from RM36.33mil a year earlier, on strong demand for its property offerings in Australia. Revenue surged by nearly 70% year-on- year to RM715.77mil. - StarBiz

Star bounces back with RM13.61m pre-tax profitStar Media Group Bhd

 bounced back to register a pre-tax profit of RM13.61mil, from RM0.57mil in the preceding quarter, on revenue of RM130.89mil in its third fiscal quarter. The media group said the improved profitability was mainly due to higher contributions from the print and radio segments. - StarBiz

Kelington to invest up to RM60mil in gas plantKelington Group Bhd

 plans to invest up to RM60mil to build a carbon dioxide gas purification plant, following a supply agreement which was inked between its subsidiary and Petroliam Nasional Bhd (Petronas). Its maiden foray into industrial gases is expected to yield nearly RM1bil in revenue.