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2014年4月4日星期五
2014年4月3日星期四
Alliance Bank unit buys 51pc stake in HDBSV
KUALA LUMPUR: Alliance Investment Bank Bhd (AIBB) has signed a conditional share sale and purchase agreement with Hwang-DBS (M) Bhd (HDBS) for the acquisition of its 51 per cent equity interest in HwangDBS Vickers Research Sdn Bhd (HDBSV) for RM393,945.
AIBB is a wholly-owned unit of Alliance Bank Malaysia Bhd (ABMB), which in turn is a wholly-owned subsidiary of Alliance Financial Group Bhd (AFG).
AFG said the acquisition would enhance the group's research capabilities and its institutional broking business by leveraging on DBS Vickers Securities Holdings Pte Ltd's network of overseas clients to execute their trades on Bursa Malaysia via AIBB, in order to further expand the group's investment banking
business, especially the stockbroking institutional business.
"In addition to providing coverage on Malaysian equities, the group will be able to leverage on the capabilities of HDBSV to provide coverage on the regional equities for its institutional clients," AFG said in a filing to Bursa Malaysia today.
AFG said the acquisition was expected to be completed in the second quarter of this year.
"Upon completion of the acquisition, the entire business and operations of Alliance Research Sdn Bhd, a wholly-owned unit of AIBB, will be transferred to and integrated into HDBSV.
"The equities research business of the group will be operated under HDBSV on a 51:49 joint-venture basis with DBS Vickers, to be renamed AllianceDBS Research Sdn Bhd," it said.
The acquisition was not expected to have any material effect on the net assets per share, earnings per share and gearing of AFG for the financial year
ending March 31, 2015, it said.
The principal activity of HDBSV is to carry out research and stock analysis for and on behalf of the shareholders and its related parties.
AIBB is a wholly-owned unit of Alliance Bank Malaysia Bhd (ABMB), which in turn is a wholly-owned subsidiary of Alliance Financial Group Bhd (AFG).
AFG said the acquisition would enhance the group's research capabilities and its institutional broking business by leveraging on DBS Vickers Securities Holdings Pte Ltd's network of overseas clients to execute their trades on Bursa Malaysia via AIBB, in order to further expand the group's investment banking
business, especially the stockbroking institutional business.
"In addition to providing coverage on Malaysian equities, the group will be able to leverage on the capabilities of HDBSV to provide coverage on the regional equities for its institutional clients," AFG said in a filing to Bursa Malaysia today.
AFG said the acquisition was expected to be completed in the second quarter of this year.
"Upon completion of the acquisition, the entire business and operations of Alliance Research Sdn Bhd, a wholly-owned unit of AIBB, will be transferred to and integrated into HDBSV.
"The equities research business of the group will be operated under HDBSV on a 51:49 joint-venture basis with DBS Vickers, to be renamed AllianceDBS Research Sdn Bhd," it said.
The acquisition was not expected to have any material effect on the net assets per share, earnings per share and gearing of AFG for the financial year
ending March 31, 2015, it said.
The principal activity of HDBSV is to carry out research and stock analysis for and on behalf of the shareholders and its related parties.
KL shares close to new high
Last-minute buying, mostly seen in the Finance counters, has pushed up the FTSE Bursa Malaysia KLCI (FBM KLCI) to a new high for this year, dealers said.
At 5pm, the benchmark index stood at 1,855.63, up 3.63 points, beating the previous new high of 1,852.95 on January 2.
The index hovered between 1,847.81 and 1,855.83 throughout today's trading.
When the market closed, Public Bank and Allianz Malaysia finance stocks emerged among the top gainers, adding 52 sen and 36 sen each to RM20 and
RM10.70, respectively.
Public Bank, one of the heavyweight counters, contributed 2.32 points to the key benchmark index, followed by Petronas Gas, with 1.64 points, rising 46 sen
to RM24.88.
Affin Investment Bank vice-president Dr Nazri Khan Adam Khan said today's selling on the local bourse was well-absorbed by the investors.
"Investors are parking sell-order at the 1,850 level. The next immediate resistance level maybe at 1,880," added Nazri Khan, who is also the bank's head
of retail research, told Bernama.
Gainers outpaced losers 420 to 415, while 336 counters were unchanged, 437 untraded and 14 others suspended.
Turnover fell to 2.12 billion shares worth RM2.81 billion from 2.35 billion shares valued at RM2.64 billion on Wednesday.
On the scoreboard, the Industrial Index increased 10.26 points to 3,209.39, the Finance Index surged 111.76 points to 16,817.3 and the Plantation Index
improved 24.15 points to 8,951.57.
The FBM Emas Index gained 22.46 points to 12,856.4, the FBMT100 Index rose 21.46 points to 12,503.99, the FBM 70 jumped 12.45 points to 14,03.36, but the
FBM Ace fell 5.87 points to 6,770.35.
Among actives, Ingenuity Consolidated lost one sen to 8.5 sen, Xidelang shed two sen to 25 sen, but Asian Pac rose two sen to 23.5 sen and Insas earned one
sen to RM1.32.
As for heavyweights, Maybank added one sen to RM9.68, CIMB was four sen higher at RM7.25, but Tenaga Nasional lost 44 sen to RM11.30 and Axiata slipped
two sen to RM6.71.
Main market volume narrowed to 1.58 billion units worth RM2.66 billion from 1.69 billion units valued at RM2.49 billion yesterday.
Turnover on the ACE market fell to 500.4 million shares worth RM136 million from yesterday's 610.62 million shares valued at RM137.58 million.
Warrants advanced to 38.67 million units valued at RM9.29 million from 37.81 million units worth RM8.34 million on Wednesday.
Consumer products accounted for 246.76 million shares traded on the Main Market, industrial products 233.68 million, construction 83.67 million, trade and services 441.24 million, technology 77.21 million, infrastructure 11.25 million, SPAC 63.51 million, finance 104.86 million, hotels 473,000, properties
296.99 million, plantations 15.78 million, mining 58,100, REITs 6.63 million and closed/fund 94,700
Malaysia interest rate swaps reach 2-year high
Malaysia's one-year interest-rate swaps reached the highest level since 2011, signaling the central bank may increase borrowing costs at least twice in 12 months as inflation accelerates.
Consumer-price gains quickened to a 32-month high of 3.5 per cent in February, after the government raised fuel and power tariffs to rein in the fiscal deficit. Prime Minister Datuk Seri Najib Razak will introduce a consumption tax in 2015 and targets a 15.6 per cent reduction in subsidies to RM39.4 billion (US$12 billion) in 2014 for items such as sugar and cooking oil, according to a Finance Ministry report released in October.
"Inflation is rising fast due to administrative measures and the forthcoming goods and services tax," said Wee-Khoon Chong, Singapore-based head of rates strategy for Asia ex-Japan at Nomura Holdings Inc. "We expect Bank Negara Malaysia to hike twice this year to 3.50 per cent from three per cent."
One-year swaps held at 3.50 per cent as of 5:05pm in Kuala Lumpur, after rising two basis points to that level late yesterday, according to data compiled by Bloomberg. That's the highest since July 2011. The contracts advanced 11 basis points this year.
The yield on the 3.172 per cent government bonds maturing in July 2016 was steady at 3.34 per cent. The ringgit dropped 0.4 per cent, a second day of declines, to 3.2839 per dollar.
Bank Negara Malaysia has kept it benchmark interest rate at three per cent since May 2011 even as inflation accelerated. It next meets to review policy on May 8.
"Given the nature of factors behind the increase in inflation, monetary policy is not the best policy tool to manage the situation," the central bank said in its annual report in March. "Nevertheless, higher cost-push inflation could lead to inflation expectations becoming unanchored and could, in turn, lead to wage growth that is not consistent with productivity growth."
Southeast Asia's third-largest economy may grow 4.5 per cent to 5.5 per cent in 2014, after expanding 4.7 per cent last year, the central bank said in the March 19 report.
Three-year Malaysian sovereign debt offers a real yield of minus 0.12 per cent, after accounting for inflation, according to data compiled by Bloomberg.
"The real interest rate has been negative, and Bank Negara won't tolerate that for long," said Kumar Rachapudi, a Singapore-based strategist at Australia & New Zealand Banking Group Ltd, who predicts the central bank will tighten policy by 50 basis points in the second half.
Bank of America Merrill Lynch has moved to receive two-year Malaysian swaps from the five-year tenor, and still wants to position for a less hawkish stance by Bank Negara than what's been priced in, Hong Kong-based strategist Albert Leung wrote in a research note yesterday.
One-month implied volatility in the ringgit, a measure of expected moves in the exchange rate used to price options, rose four basis points, or 0.04 percentage point, to 6.68 per cent
One-year swaps held at 3.50 per cent as of 5:05pm in Kuala Lumpur, after rising two basis points to that level late yesterday, according to data compiled by Bloomberg. That's the highest since July 2011. The contracts advanced 11 basis points this year.
The yield on the 3.172 per cent government bonds maturing in July 2016 was steady at 3.34 per cent. The ringgit dropped 0.4 per cent, a second day of declines, to 3.2839 per dollar.
Bank Negara Malaysia has kept it benchmark interest rate at three per cent since May 2011 even as inflation accelerated. It next meets to review policy on May 8.
"Given the nature of factors behind the increase in inflation, monetary policy is not the best policy tool to manage the situation," the central bank said in its annual report in March. "Nevertheless, higher cost-push inflation could lead to inflation expectations becoming unanchored and could, in turn, lead to wage growth that is not consistent with productivity growth."
Southeast Asia's third-largest economy may grow 4.5 per cent to 5.5 per cent in 2014, after expanding 4.7 per cent last year, the central bank said in the March 19 report.
Three-year Malaysian sovereign debt offers a real yield of minus 0.12 per cent, after accounting for inflation, according to data compiled by Bloomberg.
"The real interest rate has been negative, and Bank Negara won't tolerate that for long," said Kumar Rachapudi, a Singapore-based strategist at Australia & New Zealand Banking Group Ltd, who predicts the central bank will tighten policy by 50 basis points in the second half.
Bank of America Merrill Lynch has moved to receive two-year Malaysian swaps from the five-year tenor, and still wants to position for a less hawkish stance by Bank Negara than what's been priced in, Hong Kong-based strategist Albert Leung wrote in a research note yesterday.
One-month implied volatility in the ringgit, a measure of expected moves in the exchange rate used to price options, rose four basis points, or 0.04 percentage point, to 6.68 per cent
Rubber prices close lower
KUALA LUMPUR: Malaysian rubber prices closed lower today following a statement by the Thai Agriculture Minister Yukol Limlaemthong that the Thai Government is planning to sell its 200,000 tonnes of rubber stockpile, a dealer said.
He said the downtrend was also in sync with the Tokyo Commodity Exchange (TOCOM).
At noon, the Malaysian Rubber Board's official physical price for tyre-grade SMR20 declined 15.5 sen to 601 sen a kg while latex-in-bulk eased 2.5 sen to 495.5 sen a kg.
The unofficial closing price for tyre-grade SMR20 was down by 10 sen to 598.5 sen a kg and latex-in-bulk was two sen lower at 495 sen a kg.--
Brent at 5-month low below US$105
LONDON: Brent crude eased further under US$105 on Thursday - to its lowest since November - as oil dealers anticipated a rise in Libyan supply after the government neared a deal with rebels to reopen oil ports.
Brent has dropped more than US$3 this week, narrowing its gap with the US oil benchmark - a closely watched and heavily traded spread - to the slimmest since September.
Brent crude slipped 12 cents to US$104.67 a barrel by 0955 GMT. US crude, or West Texas Intermediate (WTI), fell 36 cents to US$99.26 a barrel.
Hopes were lifted for an end to an eight-month standoff that dried up oil exports and revenue in Libya as a government spokesman said an agreement with rebels to reopen key oil ports could be finalised in two to three days.
The restart of Libya's eastern oil ports could release about 600,000 barrels per day (bpd) of crude, although some analysts remained cautious.
"I won't rule out the possibility that it might be another empty promise but it definitely has an impact on market sentiment," Phillips Futures analyst Tan Chee Tat said.
Libya's crude output has fallen to around 150,000 bpd from 1.4 million bpd in July when a wave of protests started across the north African country, whose proximity to Europe just across the Mediterranean makes it a strategic energy supplier.
In the short term, demand for Libyan oil is likely to be limited due to reliability issues, while shipping and insurance costs are expected to rise in light of the recent hostilities.
US crude losses were checked by a surprise drop in inventories last week and as stockpiles at WTI's delivery point in Cushing, Oklahoma, fell for the ninth week, Energy Information Administration data showed.
Brent's premium to WTI stood at US$5.42, off US$4.81 reached on Wednesday, its narrowest in more than six months.
Oil may draw support from data showing US companies stepped up hiring in March, offering fresh evidence the economy was regaining momentum after a weather-driven lull over the winter.
Short-term rates close steady
KUALA LUMPUR: Short-term interbank rates closed steady today following Bank Negara Malaysia's (BNM) intervention to absorb surplus liquidity from the financial system.
The liquidity surplus in the conventional system fell to RM21.283 billion from RM33.968 billion estimated in the morning, while in the Islamic system, the excess declined to RM3.102 billion from RM9.671 billion earlier in the day.
In the morning, BNM called for one range maturity auction, one Islamic range maturity auction and one Commodity Murabahah Programme.
BNM also conducted a conventional money market tender for RM20.1 billion and a RM3.1 billion Al-Wadiah money market tender, both for one-day money.
The overnight rate stood at 2.94 per cent while the one-, two- and three-week rates stood at 3.02 per cent, 3.06 per cent and 3.08 per cent, respectively.-
The liquidity surplus in the conventional system fell to RM21.283 billion from RM33.968 billion estimated in the morning, while in the Islamic system, the excess declined to RM3.102 billion from RM9.671 billion earlier in the day.
In the morning, BNM called for one range maturity auction, one Islamic range maturity auction and one Commodity Murabahah Programme.
BNM also conducted a conventional money market tender for RM20.1 billion and a RM3.1 billion Al-Wadiah money market tender, both for one-day money.
The overnight rate stood at 2.94 per cent while the one-, two- and three-week rates stood at 3.02 per cent, 3.06 per cent and 3.08 per cent, respectively.-
KL shares lower mid-afternoon
Shares on Bursa Malaysia were slightly lower at mid-afternoon today, dampened by losses in selected heavyweights, dealers said.
At 3pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) index eased 1.32 points to 1,850.68, after opening 2.32 points higher at 1,854.32.
Of the heavyweights, Tenaga Nasional and PPB Group emerged as the top two losers, declining by 36 sen and 28 sen each to RM11.38 and RM16.12,
respectively.
Losers led gainers by 378 to 377, with 330 counters unchanged, 523 untraded and 14 others suspended.
Turnover stood at 1.4 billion shares worth RM1.55 billion.
On the scoreboard, the Industrial Index earned 0.62 of a point to 3,199.75 and the Finance Index surged 73.01 points to 16,778.55.
The Plantation Index, however, fell 23.23 points to 8,904.19
The FBM Emas Index decreased 1.33 points to 12,832.61, FBMT100 Index lost 5.7 points to 12,476.83 and the FBM Ace slipped 1.52 points to 6,774.7.
The FBM 70, however, rose 6.17 points to 14,047.08.
Among actives, Ingenuity Consolidated erased one sen to 8.5 sen and Xidelang eased half a sen to 26.5 sen.
Asian Pac added 2.5 sen to 24 sen and Insas increased three sen to RM1.34.
Of the heavyweights, Maybank was flat at RM9.67 and Axiata dipped three sen to RM6.70. CIMB added two sen to RM7.23 and Sime Darby went up one sen RM9.27.--
EPF launches new mobile app
KUALA LUMPUR: The Employees Provident Fund (EPF) has launched a mobile application called "EPF i-Akaun" to cater to growing demand in the electronic delivery channels.
The retirement savings fund said the in-house developed mobile application was now available for smartphones and tablets with Android version 2.2 and above.
It can be downloaded for free from Google Play Store.
"At this initial stage, the application carries the basic features and in the near future, we will incorporate other EPF services to offer even greater convenience to our members," said EPF deputy chief executive officer for operations Datuk Ibrahim Taib in a statement.
The new mobile application is equipped with an online calculator to allow members to calculate their estimated yearly EPF contributions and other functions such as how much they are allowed to withdraw for housing withdrawal.
Besides, the mobile application also allowed members to access their profile and latest news on the EPF
Local SMEs bags RM3.33b in sales at OTC Asia
KUALA LUMPUR: Small and medium enterprises (SMEs) secured sales worth RM3.33 billion at the Offshore Technology Conference Asia, the first to be held in Asia.
Twenty-five local SMEs participated at the four-day conference from March 25 held at the Kuala Lumpur Convention Centre, the Malaysia External Trade
Development Corporation (Matrade) said.
Among the oil and gas products sourced were equipment for oil and gas refineries, oilfield chemicals, pipelines, anti-corrosion chemicals, case tubing and pressure vessels.
For the oil and gas services, the SMEs offered Hydrogen Sulphide (H2S) safety management, engineering designs, cleaning, repair, maintenance of
pressure vessels and storage tanks, pigging services, logistics, non-destructive tests and fire and gas detection system, the national trade promotion agency
said in a statement.
At the conference, Matrade also coordinated two memoranda of understanding signed between Tekno Logam, Japan Mate and Neuron Japan; and Oilfield Technical Inspection and Sky-Futures Partners Ltd.
The signing was witnessed by International Trade and Industry Minister Datuk Seri Mustapa Mohamed and Matrade chief executive officer Datuk Wong Lai Sum.
Matrade received positive response from many foreign buyers for the high quality and expertise of Malaysian companies in supplying various oilfield and downstream products and services.-
Tin price closes slightly higher
KUALA LUMPUR: The Kuala Lumpur Tin Market (KLTM) closed slightly higher today at US$22,890 a tonne, up by US$40 on mild buying support, a dealer said.
He said despite the KLTM's uptrend, it was still underperforming in contrast to the London Metal Exchange (LME), due to lower demand.
"This is reflected in the smaller turnover and premium between the KLTM and LME. Sellers also seem to be adjusting to the poor demand which is reflected in the lower offerings," he added.
Meanwhile, the tin price on the LME increased by US$25 to US$23,000 a tonne.
On the local front, bids totalled 28 tonnes against the 20 tonnes offered.
Turnover rose to 28 tonnes from 21 tonnes today, with buyers mainly being the Japanese, Europeans and locals.
The premium between the KLTM and the LME slightly increased to US$295 a tonne from US$280 a tonne yesterday. --
MIDF neutral on banking sector for 2014
KUALA LUMPUR: MIDF Research remains neutral on the banking sector as it expected loans growth for 2014 to be moderated about 10 to 11 per cent on the back of a Gross Domestic Product (GDP) growth forecast of 5.0 per cent.
In a note today, MIDF said it continued to expect consumer loans growth to moderate in 2014 due to higher inflation and tightened measures by Bank Negara
Malaysia to manage household debts.
"Nevertheless, we expect business loans growth to trend higher than in 2013 on the back of an improvement in external trade which will offset the moderation
in consumer loans growth," said MIDF.
The research house said it expected more pressure from the liabilities side of banks, adding that the sector's liquidity turned tighter in the fourth quarter of 2013 with a rise in loans-to-deposit ratio.
"Hence we expect competition for deposits to be more intensive," it said.
Non-interest income growth would remain challenging as uncertainties continue to surround capital market activities.
Moving forward, credit cost is also likely to trend higher due to lower recovery as well as due to higher collective impairment allowance (CA) of some banks amid the new minimum CA ratio requirement of 1.2 per cent by the central bank, it said.
MIDF maintained a buy call on Maybank with a target price of RM11.00, RHB Capital Bhd (RM9.50) and Hong Leong Bank (RM16.50).-
HSBC maintains Malaysia's GDP forecast
KUALA LUMPUR: HSBC Global Research is maintaining its Gross Domestic Product (GDP) growth forecast for 2014 and 2015 at 5.2 per cent and 5.0 per cent, respectively, saying the pick up in growth will be boosted by positive net exports.
"This year's expansion may appear to be faster than 2013's 4.7 per cent, but sequential growth each quarter should actually be slower.
"We expect average quarterly growth of 0.9 per cent over 2014 versus a 1.2 per cent average for 2013 and a trend pace of 1.1 per cent," the research firm said in a note.
HSBC also said the recovery cycle in Malaysia's exports would be underpinned by higher shipments for both manufactured products and commodities.
Growth, however, would likely be modest, given HSBC's view for modest recovery in the United States and Europe, as well as, stable growth in China.
But, it will likely still outstrip the rise in imports, where gains should be tempered by a noticeable weakening in domestic demand, it added.
Domestic slowdown would likely reflect the impact government fiscal consolidation efforts have on both public and consumer expenditure.
Hike in subsidised fuel prices last September coupled with further fiscal consolidation this year should result in Malaysia's deficit narrowing further to 3.5 per cent of GDP against the 3.9 per cent registered last year.
"As evident by cuts to sugar, fuel and electricity subsidies over the past few months and plans to restructure the revenue base through a six per cent Goods and Services Tax in April 2015, the government remains committed to fiscal consolidation," it added.
On inflation, HSBC expected it to average around 3.2 per cent this year, assuming no changes to fuel prices, and this was in line with Bank Negara
Malaysia's forecast of between 3.0 and 4.0 per cent. -
Asian shares mostly up
HONG KONG: Asian markets mostly rose Thursday following another record close on Wall Street as US private jobs growth picked up, but Shanghai gave up early gains despite China unveiling a mini stimulus programme.
Global shares have enjoyed a broad rally this week following upbeat manufacturing data in key economies, while investors are keenly awaiting the release of a US non-farm payrolls report on Friday.
Tokyo added 0.84 percent, or 125.56 points, to 15,071.88, Sydney gained 0.12 percent, or 6.6 points, to close at 5,409.9 and in the afternoon Hong Kong was 0.21 per cent higher.
But Seoul slipped 0.18 per cent, or 3.55 points, to 1,993.70 and Shanghai was 0.57 per cent lower in late trade.
Beijing on Wednesday announced a series of spending measures aimed at kickstarting the Chinese economy, a key driver of global growth but one which has shown signs of slowing in recent months.
The plan includes extra spending on railways, improving low-income housing and tax relief for small businesses, which have been struggling along with the economy.
Wednesday's announcement comes after a weak run of Chinese indicators, including on trade, investment and industrial output. The economy grew an annual 7.7 per cent in 2013, the same as in 2012 - which was the slowest since 1999, while leaders have set a target of 7.5 per cent for this year.
"It's very obvious that the leaders feel the need to stabilise growth," Mizuho economist Shen Jianguang told Dow Jones Newswires. "Overall, the 7.5 per cent growth target means that the government still cares a lot about economic growth."
However, the government made no mention of monetary policy, such as a reduction in the amount of cash banks must keep in reserve, or an interest rate cut.
On Wall Street the S&P 500 closed at a second straight record high after payrolls firm ADP said US businesses added 191,000 jobs in March, returning to the level of growth seen in December before severe winter weather struck the country. The February number was also revised up by 39,000 to 178,000 jobs.
The S&P 500 rose 0.29 per cent, the Dow added 0.24 per cent and the Nasdaq finished 0.20 per cent higher.
In addition, US factory orders rose 1.6 per cent in February, better than forecasts of a 1.1 per cent increase.
The results raised hopes for a strong March government jobs reports on Friday following three months of slowing caused by the winter storms.
On currency markets the dollar bought 103.92 yen in Tokyo, compared with 103.85 in New York late Wednesday.
The euro was at US$1.3760 against US$1.3765, while it also fetched 142.99 yen, up from 142.96 yen.
The euro will be in focus over the next few days as the European Central Bank holds a policy meeting Thursday, with investors looking to find out its plans after inflation eased to a four-and-a-half-year low in March.
Oil prices were mixed. New York's West Texas Intermediate for May delivery eased 20 cents to US$99.42 a barrel in afternoon trade but Brent North Sea crude for May was up 11 cents at US$104.90.
Gold fetched US$1,293.00 an ounce at 0600 GMT compared with US$1,283.33 late Wednesday.
In other markets: - Taipei fell 0.19 per cent, or 16.91 points, to 8,888.54.
Taiwan Semiconductor Manufacturing Co slipped 1.25 per cent to Tw$118.5 while smartphone maker HTC added 0.33 per cent to Tw$154.0.-
Global shares have enjoyed a broad rally this week following upbeat manufacturing data in key economies, while investors are keenly awaiting the release of a US non-farm payrolls report on Friday.
Tokyo added 0.84 percent, or 125.56 points, to 15,071.88, Sydney gained 0.12 percent, or 6.6 points, to close at 5,409.9 and in the afternoon Hong Kong was 0.21 per cent higher.
But Seoul slipped 0.18 per cent, or 3.55 points, to 1,993.70 and Shanghai was 0.57 per cent lower in late trade.
Beijing on Wednesday announced a series of spending measures aimed at kickstarting the Chinese economy, a key driver of global growth but one which has shown signs of slowing in recent months.
The plan includes extra spending on railways, improving low-income housing and tax relief for small businesses, which have been struggling along with the economy.
Wednesday's announcement comes after a weak run of Chinese indicators, including on trade, investment and industrial output. The economy grew an annual 7.7 per cent in 2013, the same as in 2012 - which was the slowest since 1999, while leaders have set a target of 7.5 per cent for this year.
"It's very obvious that the leaders feel the need to stabilise growth," Mizuho economist Shen Jianguang told Dow Jones Newswires. "Overall, the 7.5 per cent growth target means that the government still cares a lot about economic growth."
However, the government made no mention of monetary policy, such as a reduction in the amount of cash banks must keep in reserve, or an interest rate cut.
On Wall Street the S&P 500 closed at a second straight record high after payrolls firm ADP said US businesses added 191,000 jobs in March, returning to the level of growth seen in December before severe winter weather struck the country. The February number was also revised up by 39,000 to 178,000 jobs.
The S&P 500 rose 0.29 per cent, the Dow added 0.24 per cent and the Nasdaq finished 0.20 per cent higher.
In addition, US factory orders rose 1.6 per cent in February, better than forecasts of a 1.1 per cent increase.
The results raised hopes for a strong March government jobs reports on Friday following three months of slowing caused by the winter storms.
On currency markets the dollar bought 103.92 yen in Tokyo, compared with 103.85 in New York late Wednesday.
The euro was at US$1.3760 against US$1.3765, while it also fetched 142.99 yen, up from 142.96 yen.
The euro will be in focus over the next few days as the European Central Bank holds a policy meeting Thursday, with investors looking to find out its plans after inflation eased to a four-and-a-half-year low in March.
Oil prices were mixed. New York's West Texas Intermediate for May delivery eased 20 cents to US$99.42 a barrel in afternoon trade but Brent North Sea crude for May was up 11 cents at US$104.90.
Gold fetched US$1,293.00 an ounce at 0600 GMT compared with US$1,283.33 late Wednesday.
In other markets: - Taipei fell 0.19 per cent, or 16.91 points, to 8,888.54.
Taiwan Semiconductor Manufacturing Co slipped 1.25 per cent to Tw$118.5 while smartphone maker HTC added 0.33 per cent to Tw$154.0.-
Kenanga maintains 'underweight' on media
KUALA LUMPUR: Kenanga Research is maintaining an 'underweight' call on the media sector.
It said the FIFA World Cup football tournament which will kick-off at the end of the second quarter 2014, is expected to boost the TV segment advertisement expenditure (adex) by about 10 per cent month-on-month.
"Year-to-date February gross adex advanced by double-digit growth year-on-year, underpinned by the strong television and newspaper segments.
"However, these factors do not prompt us to change our bearish sector view as the ongoing subsidy rationalisation, is expected to continue to weigh heavily
on consumer sentiment.
"The upcoming FIFA World Cup and Visit Malaysia Year may to a certain extent, provide some cheer and help cushion the negative impact," it said in a research note today.
The research house said that the sector incumbents seems to have begun offering more discounted rates to advertisers to boost gross adex which may not
translate into better net adex revenue.
Kenanga Research said it was leaving its 2014 total gross adex growth forecast unchanged at 6.8 per cent year-on year.
MIDF: CPO prices to average RM2,700 a tonne
KUALA LUMPUR: The crude palm oil (CPO) prices are expected to remain strong and average around RM2,700 per tonne this year, says MIDF Research.
The research house said CPO exports to China and India would pick up in the second quarter of the year as the winter season was expected to end soon.
Palm oil demand also tends to pick up ahead of Ramadhan and the festive season, it said in a statement today.
"A prolonged dry weather in palm oil producing countries as a result of the El Nino phenomenon remains a supply threat.
"And, higher CPO prices will lift the earnings of plantation companies," it added.
The research house is maintaining a positive stance on the plantation sector with top picks being Sime Darby, TH Plantation and Felda Global Ventures, at
target price of RM10.26, RM2.10 and RM5.20 respectively.
Oil prices mixed in Asian trade
SINGAPORE: Oil prices were mixed in Asian trade Thursday as investors weighed a surprisingly robust US stockpiles report with an expected return of Libyan supply after a months-long disruption in exports, analysts said.
New York's West Texas Intermediate for May delivery eased 21 cents to US$99.41 a barrel in mid-morning trade and Brent North Sea crude for May was up 12 cents at US$104.91.
"There is some downward pressure from the Libyan side," Tan Chee Tat, investment analyst at Phillip Futures in Singapore, told AFP.
Tan said investors are digesting reports that the North African state, a member of oil producing cartel OPEC, may be close to reaching a deal with rebels who have blockaded oil terminals since July.
"This would release about 600,000 barrels of crude per day into the market," he said.
Libyan exports have dwindled to around 250,000 barrels a day from 1.5 million following the blockade, initially sparked by protesters demanding jobs.
Negative sentiment over the prospective surge in global supply was however pared by an upbeat US stockpiles data that confounded market expectations.
The US Energy Information Administration said Wednesday American crude inventories slid 2.4 million barrels in the week to March 28, contrary to analyst expectations for a gain of 700,000 barrels.
The latest figures suggest higher demand in the world's top crude consumer, though the figures may have been distorted by a transport bottleneck after an oil spill shut down a key Texas coast channel last week.
Tan said investors will next be closely watching US jobless claims figures out later Thursday for clues about the strength of recovery in the US economy.
New York's West Texas Intermediate for May delivery eased 21 cents to US$99.41 a barrel in mid-morning trade and Brent North Sea crude for May was up 12 cents at US$104.91.
"There is some downward pressure from the Libyan side," Tan Chee Tat, investment analyst at Phillip Futures in Singapore, told AFP.
Tan said investors are digesting reports that the North African state, a member of oil producing cartel OPEC, may be close to reaching a deal with rebels who have blockaded oil terminals since July.
"This would release about 600,000 barrels of crude per day into the market," he said.
Libyan exports have dwindled to around 250,000 barrels a day from 1.5 million following the blockade, initially sparked by protesters demanding jobs.
Negative sentiment over the prospective surge in global supply was however pared by an upbeat US stockpiles data that confounded market expectations.
The US Energy Information Administration said Wednesday American crude inventories slid 2.4 million barrels in the week to March 28, contrary to analyst expectations for a gain of 700,000 barrels.
The latest figures suggest higher demand in the world's top crude consumer, though the figures may have been distorted by a transport bottleneck after an oil spill shut down a key Texas coast channel last week.
Tan said investors will next be closely watching US jobless claims figures out later Thursday for clues about the strength of recovery in the US economy.
AirAsia plans to connect Vizag and KL
NEW DELHI: AirAsia is planning to operate thrice weekly from Visakhapatnam, also known as Vizag, to Kuala Lumpur, and if all goes well, the inaugural flight may take off in October, said a report.
Vizag is a port city on the southeast coast of India in the state of Andhra Pradesh.
Based on the success of the Kuala Lumpur flight, AirAsia may also plan to operate to Vizag from Bangkok besides connecting Vizag to other destinations in India, The Hindu reported.
These are some of the plans of the low cost airline as part of its efforts to develop a long-term relationship with Vizag, the report quoted AirAsia India general manager Suresh Nair as saying at a meeting organised by the Air Travellers' Association India (ATAI) in the city.
AirAsia plans to fix the inaugural fares at Rs.8,000 (RM437) from Vizag to Kuala Lumpur and back, Suresh said and expressed the view that Vizag has
immense potential for growth in view of the strong industry base, tourist potential and proposed investments in various sectors.
ATAI president D.Varada Reddy said 44 services were operating in and out of Vizag Airport and the latest entrant was Air Costa, which was providing direct connections to Hyderabad and Bangalore.
The number was expected to go up to 60 by end-May, he said.
He said Air Arabia was also ready to operate daily from Sharjah to Vizag and was awaiting permission from the Union government in this regard.
Air Lanka plans to fly to Vizag in view of the presence of a large number of Buddhist heritage sites in and around Visakhapatnam.
He told the AirAsia delegation that two international flights were operating out of Vizag.
Air India flies from Vizag to Dubai via Hyderabad daily and the frequency of the direct flight from Vizag to Singapore by Silk Air was increased from thrice to four times a week recently.-
Brent near 5-month low below US$105
SINGAPORE: Brent crude inched up on Thursday, but prices held near a five-month low under US$105 a barrel as the market braced for a rise in Libyan supply after the government moved closer to a deal with rebels to reopen oil ports.
A more than US$3 drop in Brent prices this week has closed its gap with the US oil benchmark - a closely watched and heavily traded spread - to the narrowest since September.
Brent crude rose 11 cents to US$104.90 a barrel by 0306 GMT, after falling nearly US$1 on Wednesday to close at US$104.79, the lowest since early November.
US crude, or the West Texas Intermediate (WTI), fell 23 cents to US$99.39 a barrel, hovering near a one-week intraday low of US$98.86 hit in the previous session.
Hopes for an end to an eight-month standoff that dried up petroleum revenue in Libya were lifted as a government spokesman said an agreement with rebels to reopen key oil ports could be finalised in two to three days.
The restart of Libya's eastern oil ports could release about 600,000 barrels per day (bpd) of crude, although some analysts remained cautious.
"I won't rule out the possibility that it might be another empty promise but it definitely has an impact on market sentiment," Phillips Futures analyst Tan Chee Tat said.
Goldman Sachs analysts said the ports' restart will have a limited impact on global oil balances because Libya's production is significantly below the bank's forecast of 500,000 bpd.
Libya's crude output has fallen to around 150,000 bpd from 1.4 million bpd in July when a wave of protests started across the vast north African country, whose proximity to Europe just across the Mediterranean makes it a strategic energy supplier.
In the short term, demand for Libyan oil is likely to be limited due to reliability issues while shipping and insurance costs are expected to rise in light of the recent hostilities, the bank's analysts led by Jeffrey Currie said in a note.
"We note that in that previous episode of negotiations, a final deal was not reached and as such we remain cautious to the possibility that the recent announcement simply reflects a change in bargaining power rather than a structural move toward consensus," Goldman Sachs said.
US crude losses were checked by a surprise drop in inventories last week and as stockpiles at WTI's delivery point in Cushing, Oklahoma, fell for the ninth week, Energy Information Administration data showed.
Brent's premium to WTI stood at US$5.51, off US$4.81 reached on Wednesday - its narrowest in more than six months.
Oil may draw support from data showing US companies stepped up hiring in March, offering fresh evidence the economy was regaining momentum after a weather-driven lull over the winter.
A key senator called upon Washington to allow the shipment of condensate that has become abundant during the country's energy boom in an ongoing debate on a 40-year ban on most US crude exports.
Separately, Iran and Russia have made progress toward an oil-for-goods deal that sources said could be worth up to US$20 billion and enable Tehran to boost vital energy exports in defiance of Western sanctions, people familiar with the negotiations told Reuters.
Kenanga neutral on healthcare sector
KUALA LUMPUR: Kenanga Research has maintained a 'neutral' call on the healthcare sector's outlook this year and believes it will continue to enjoy stable growth in Malaysia.
The research house said the industry will be supported by the growing healthcare expenditure, rising medical insurance and aging population demographics.
"The healthcare services sector is considered defensive for its predictability factor and captive earnings streams," it said in a statement today.
However, it said both IHH Healthcare and KPJ Healthcare shares are currently trading at lofty valuations, relative to their net profit growth potential for financial years 2014 and 2015.
Kenanga has maintained its "market perform" call on IHH Healthcare, on a take profit target of RM3.86.
For KPJ Healthcare, it reiterated the "underperform" recommendation with take profit target of RM2.67, opining that both shares are trading at rich valuations, while offering low dividend yields at current levels
The research house said the industry will be supported by the growing healthcare expenditure, rising medical insurance and aging population demographics.
"The healthcare services sector is considered defensive for its predictability factor and captive earnings streams," it said in a statement today.
However, it said both IHH Healthcare and KPJ Healthcare shares are currently trading at lofty valuations, relative to their net profit growth potential for financial years 2014 and 2015.
Kenanga has maintained its "market perform" call on IHH Healthcare, on a take profit target of RM3.86.
For KPJ Healthcare, it reiterated the "underperform" recommendation with take profit target of RM2.67, opining that both shares are trading at rich valuations, while offering low dividend yields at current levels
Kenanga keeps neutral on automotive sector
KUALA LUMPUR: Kenanga Research has maintained its 'neutral' call on the automotive sector with selective buys, although the growth rate for the 2014 total industry volume is seen moderate at two per cent year-on-year.
It said this is due to rising living costs which could dampen consumer spending behavior, especially on durable big-ticket items such as cars.
"We are mildly positive on the announcement of the revised National Automotive Policy earlier this year, which aims to further liberalise the sector and resolve the structural issues.
"But we reckon that the fruition will not be seen in the short-term given the gestation period for the restructuring," Kenanga Research said in a note.
The research house said consumers will be more sensitive to pricing, preferring cheaper car models and coupled with the ongoing stiff competition, these are pointing to the trend of continual margin erosion for the automotive players.
"On sales breakdown, we believe the non-national segment will continue to gain traction on the assumption of more completely-knocked down energy efficient
vehicles (EEV) being introduced in conjunction with the government's initiatives in promoting Malaysia as the EEV regional hub," it added.
Its 2014 sales mix assumption of national and non-national segments is at 52:48.
Kenanga Research said in the absence of an immediate re-rating catalyst in the pipeline, coupled with the moderate growth expectations, it is maintaining
its 'neutral' rating on the sector .
Tan Chong Motor Holdings Bhd remains as our only 'buy' stock as we prefer its strong Nissan franchise expansion and long-term regional growth story," it added.
Kenanga Research also prefers Berjaya Auto, for which Kenanga has a 'trading buy' call with a target price of RM1.92 for the retail product segment, with investment merits backed by its superior growth prospects from low a base on the back of strong pipeline of exciting models
KL shares turn mixed mid-morning
Shares on Bursa Malaysia turned mixed at mid-morning today with gains limited by losses in selected heavyweight stocks, dealers said.
At 11am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.88 of a point to 1,851.12, after opening 2.32 points higher at 1,854.32.
Among heavyweights, Tenaga Nasional dropped 34 sen or 2.9 per cent to RM11.40, with the total volume transacted at 11.07 million, accounting for 3.47
points of the index.
In terms of market breadth, the gainer-to-loser ratio was 317 to 307, while 292 counters were unchanged, 690 untraded and 14 others suspended.
A total of 719.73 million shares valued at RM728.77 million were traded.
On the scoreboard, the Industrial Index fell 13.29 points to 3,185.84, and the Plantation Index lost 18.16 points to 8,909.26, but the Finance Index jumped
66.47 points to 16,772.01.
The FBM Emas Index eased 0.61 of a point to 12,833.33, and the FBMT100 Index declined 2.53 points to 12,480, but the FBM 70 advanced 10.46 points to
14,051.37, while the FBM Ace gained 30.28 points for 6,806.5.
Among actives, Ingenuity Consolidated was flat at 9.5 sen, Asian Pac rose two sen to 23.5 sen, Insas increased one sen to RM1.32 and Sona Petroleum earned
half a sen to 55 sen.
As for the heavyweights, Maybank was flat at RM9.67, CIMB went up three sen to RM7.24, and Sime Darby was one sen higher at RM9.27, while Axiata lost two
sen to RM6.71.
Ananda's oil sukuk debut spurs Malaysia surge
Malaysia's Bumi Armada Bhd plans to sell a debut Islamic bond, adding momentum to issuance that's surged 80 per cent this year in the world's biggest sukuk market.
Billionaire T. Ananda Krishnan's oil and gas company is setting up a RM1.5 billion (US$459 million) sukuk programme in its first debt offering, a stock exchange filing showed. Bumi Armada's shares have rallied to a seven-week high after it won a US$2.9 billion contract in Angola, and CIMB Group Holdings Bhd predicts further gains through 2014.
Investor confidence in emerging markets got a boost this week after Federal Reserve Chair Janet Yellen said the US economy will need monetary stimulus for some time, sending dollar-denominated debt yields in developing nations to a five- month low. Islamic bond offerings in Malaysia climbed to RM18.7 billion in 2014, with RM6 billion completed in the past two weeks, data compiled by Bloomberg show.
"Bumi Armada's plan to tap the sukuk market is a recognition that bodes well for Islamic finance," James Lau, who helps manage US$300 million as director of investment at Pheim Asset Management Sdn Bhd in Kuala Lumpur, said in a telephone interview yesterday. "The company is a well-known major player in the oil and gas field and hasn't disappointed the market."
The sukuk, which aren't yet rated, will be sold via the special purpose vehicle Bumi Armada Capital Malaysia Sdn Bhd, according to the March 26 filing. The funds will used to finance capital expenditure and day-to-day costs for the group's projects, it said, without providing details on maturities.
Assuming it's a top-rated bond, the company may have to pay 80 basis points to 90 basis points more than similar-maturity non-Islamic government notes given the prospect of rising interest rates, according to Manulife Asset Management Sdn Bhd.
Yields on three-year corporate non-Shariah-compliant notes, rated the highest investment grade of AAA, have climbed 15 basis points this year to 3.86 per cent, a level last seen in July 2009, a Bank Negara Malaysia index shows. The 10-year equivalent rose 33 basis points, or 0.33 percentage point, to 4.79 per cent.
"While current market conditions are stable for issuers, Bumi Armada will still have to pay a premium," Elsie Tham, a senior fund manager at Kuala Lumpur-based Manulife Asset, who oversees more than US$1 billion, said in an phone interview yesterday. "This is because investors want to be compensated for a possible rate increase."
The Fed has trimmed its bond-purchase program, which had driven cash into emerging markets, in US$10 billion increments this year to US$55 billion from US$85 billion in 2013. Yellen said March 19 that US interest rates could start rising about six months after the stimulus ends later this year.
One-year interest-rate swaps in Malaysia have climbed 10 basis points in 2014 to 3.50 per cent, signaling the central bank will raise borrowing costs by as much as 50 basis points from the current three per cent.
The Fed's most recent outlook cut yields on developing- market debt by two basis points in the first three dais of this week to 5.86 per cent after Yellen's latest comments, adding to a 19 basis point drop in the five days through March 28, according to JPMorgan Chase & Co.'s Emerging Markets Bond EMBI Global Index. Yields reached 5.83 per cent on April 1, the lowest since November.
Global sales of sukuk, which pay returns on assets to comply with Islam's ban on interest, rose 5.4 per cent in 2014 to US$13.8 billion from a year earlier, after reaching US$43 billion last year and an unprecedented US$46.5 billion in 2012, data compiled by Bloomberg show.
CIMB Group, the top Islamic bond arranger this year, forecast last week that worldwide issuance could exceed the record in 2014 as Asia and the Middle East ramp up development spending to build roads, ports and railways.
The Bloomberg-AIBIM Bursa Malaysia Corporate Sukuk Index, which tracks the most-traded ringgit-denominated notes, dropped 0.1 per cent in the first three days of this week to 104.691. It's fallen 0.4 per cent since December 31.
Bumi Armada has appointed Maybank Investment Bank Bhd as the lead manager for its bond offering. The company secured a contract from Italy's Eni Spa this week for a floating production, storage and offloading facility in Angola.
CIMB predicted on April 1 that Bumi Armada's shares will rise to RM4.56 in 12 months citing good earnings "visibility," which would represent a 13 per cent increase from RM4.04 in Kuala Lumpur as of 10.11a.m. Alliance Research Sdn Bhd., a unit of Alliance Bank Malaysia Bhd, said the same day it has RM4.50 price target and recommends buying the stock.
The company is forecast to report a 44 per cent increase in net income to RM621.5 million in 2014, according to average estimates of 20 analysts surveyed by Bloomberg News.
Bumi Armada generated RM786 million in revenue from Asian markets excluding Malaysia in 2012, compared with RM290 million domestically, data compiled by Bloomberg show. Africa, was its second-biggest market with RM473 million, followed by Latin America with RM110 million.
"The fact Bumi Armada opted for the ringgit sukuk market instead of the international one shows that Malaysia's Islamic industry has matured," Mohd. Effendi Abdullah, head of Shariah-compliant markets at Kuala Lumpur-based AmInvestment Bank Bhd, said in a phone interview yesterday. "This will encourage more local and foreign companies to issue locally.
"Bumi Armada's plan to tap the sukuk market is a recognition that bodes well for Islamic finance," James Lau, who helps manage US$300 million as director of investment at Pheim Asset Management Sdn Bhd in Kuala Lumpur, said in a telephone interview yesterday. "The company is a well-known major player in the oil and gas field and hasn't disappointed the market."
The sukuk, which aren't yet rated, will be sold via the special purpose vehicle Bumi Armada Capital Malaysia Sdn Bhd, according to the March 26 filing. The funds will used to finance capital expenditure and day-to-day costs for the group's projects, it said, without providing details on maturities.
Assuming it's a top-rated bond, the company may have to pay 80 basis points to 90 basis points more than similar-maturity non-Islamic government notes given the prospect of rising interest rates, according to Manulife Asset Management Sdn Bhd.
Yields on three-year corporate non-Shariah-compliant notes, rated the highest investment grade of AAA, have climbed 15 basis points this year to 3.86 per cent, a level last seen in July 2009, a Bank Negara Malaysia index shows. The 10-year equivalent rose 33 basis points, or 0.33 percentage point, to 4.79 per cent.
"While current market conditions are stable for issuers, Bumi Armada will still have to pay a premium," Elsie Tham, a senior fund manager at Kuala Lumpur-based Manulife Asset, who oversees more than US$1 billion, said in an phone interview yesterday. "This is because investors want to be compensated for a possible rate increase."
The Fed has trimmed its bond-purchase program, which had driven cash into emerging markets, in US$10 billion increments this year to US$55 billion from US$85 billion in 2013. Yellen said March 19 that US interest rates could start rising about six months after the stimulus ends later this year.
One-year interest-rate swaps in Malaysia have climbed 10 basis points in 2014 to 3.50 per cent, signaling the central bank will raise borrowing costs by as much as 50 basis points from the current three per cent.
The Fed's most recent outlook cut yields on developing- market debt by two basis points in the first three dais of this week to 5.86 per cent after Yellen's latest comments, adding to a 19 basis point drop in the five days through March 28, according to JPMorgan Chase & Co.'s Emerging Markets Bond EMBI Global Index. Yields reached 5.83 per cent on April 1, the lowest since November.
Global sales of sukuk, which pay returns on assets to comply with Islam's ban on interest, rose 5.4 per cent in 2014 to US$13.8 billion from a year earlier, after reaching US$43 billion last year and an unprecedented US$46.5 billion in 2012, data compiled by Bloomberg show.
CIMB Group, the top Islamic bond arranger this year, forecast last week that worldwide issuance could exceed the record in 2014 as Asia and the Middle East ramp up development spending to build roads, ports and railways.
The Bloomberg-AIBIM Bursa Malaysia Corporate Sukuk Index, which tracks the most-traded ringgit-denominated notes, dropped 0.1 per cent in the first three days of this week to 104.691. It's fallen 0.4 per cent since December 31.
Bumi Armada has appointed Maybank Investment Bank Bhd as the lead manager for its bond offering. The company secured a contract from Italy's Eni Spa this week for a floating production, storage and offloading facility in Angola.
CIMB predicted on April 1 that Bumi Armada's shares will rise to RM4.56 in 12 months citing good earnings "visibility," which would represent a 13 per cent increase from RM4.04 in Kuala Lumpur as of 10.11a.m. Alliance Research Sdn Bhd., a unit of Alliance Bank Malaysia Bhd, said the same day it has RM4.50 price target and recommends buying the stock.
The company is forecast to report a 44 per cent increase in net income to RM621.5 million in 2014, according to average estimates of 20 analysts surveyed by Bloomberg News.
Bumi Armada generated RM786 million in revenue from Asian markets excluding Malaysia in 2012, compared with RM290 million domestically, data compiled by Bloomberg show. Africa, was its second-biggest market with RM473 million, followed by Latin America with RM110 million.
"The fact Bumi Armada opted for the ringgit sukuk market instead of the international one shows that Malaysia's Islamic industry has matured," Mohd. Effendi Abdullah, head of Shariah-compliant markets at Kuala Lumpur-based AmInvestment Bank Bhd, said in a phone interview yesterday. "This will encourage more local and foreign companies to issue locally.
S&P 500 ends at another record
NEW YORK: The S&P 500 closed at another record high on Wednesday as signs of steady private-sector hiring suggested that the economy was slowly building momentum after a winter-related pullback.
That also put more focus on Friday's government jobs data, which is among the most widely watched economic indicators.
"There's positioning ahead of that report," said Bucky Hellwig, senior vice president of BB&T Wealth Management in Birmingham, Alabama.
He also said "there was money moving in at the end of the quarter so now there's an upward bias."
The jobs report is expected to show that employers added 200,000 to nonfarm payrolls in March, the largest gain in four months, according to a Reuters poll of economists.
Eight of 10 S&P 500 sector indexes ended in positive territory, led by the consumer discretionary sector index , up 0.7 per cent.
Wednesday's data from payrolls processor ADP showed US private-sector employers added 191,000 workers in March, slightly below the 195,000 forecast, while gains in the previous month were revised to 178,000 from a previously reported 139,000, signaling that a winter-related impact on job growth earlier this year was easing.
Orders for long-lasting manufactured goods jumped 1.6 per cent in February, the biggest rise since September and above a 1.2 per cent estimate, the Commerce Department said. January's durable goods orders were revised to show a larger drop of 1.0 per cent instead of the previously reported decline of 0.7 per cent.
The Dow Jones industrial average rose 40.39 points or 0.24 per cent, to end at 16,573. The S&P 500 gained 5.38 points or 0.29 per cent, to finish at 1,890.90, a record closing high. The S&P 500 also hit an intraday record high of 1,893.17.
The Nasdaq Composite added 8.416 points or 0.20 per cent, to close at 4,276.456.
Shares of MannKind Corp soared 73.9 per cent to end at US$6.99. US health advisers recommended approval of the company's inhaled diabetes drug on Tuesday.
Among the day's decliners, fertilizer company Agrium Inc said a late start to spring and railroad-related backlogs will result in first-quarter earnings per share just above breakeven. Its shares lost 1.4 per cent to US$96.15.
In another weather-related announcement, Delta Air Lines said flight cancellations reduced its March quarter profit by US$55 million. Shares dipped 0.1 per cent to US$35.70.
Apollo Education Group Inc tumbled 8.8 per cent to US$32.06. The company reported lower-than-expected quarterly revenue. Apollo also said it had received a subpoena from the US Department of Education's Office of Inspector General, seeking information about the operations of the Northeast region of the University of Phoenix.
DFC Global Corp gained 5.2 per cent to US$9.45. The pawn and payday lender said it would be acquired by private equity firm Lone Star Funds for about US$1.3 billion, including debt.
About 6.2 billion shares changed hands on US exchanges, slightly below the 6.5 billion average so far this month, according to data from BATS Global Markets.
Advancers beat decliners on the New York Stock Exchange by 1,721 to 1,289 and on the Nasdaq by 1,473 to 1,150. -
KL shares open higher
Share prices on Bursa Malaysia extended yesterday's gains to open slightly higher today on continued mild buying interest, dealers said.
At 9.15am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) was 0.86 of a point better at 1,852.86 after opening 2.32 points higher at 1,854.32.
HwangDBS Vickers Research said the local bourse may continue to trend sideways but with a slight positive bias, possibly advancing towards the
immediate resistance level of 1,860 ahead.
"The key US equity barometers posted new record levels last night when they climbed between 0.2 and 0.3 per cent at the closing bell. Essentially, sentiment
was lifted by expectations of rising job creations in the economy.
"With Wall Street still on the rise, the upbeat mood could be felt on our local bourse too," it said in a research note today.
Gainers outpaced losers 178 to 92, while 191 counters were unchanged, 1,147 untraded and 14 others were suspended.
Turnover stood at 181.75 million shares worth RM128.08 million.
On the scoreboard, the Industrial Index slipped 9.02 points to 3,190.11 but the Plantation Index garnered 14.42 points to 8,941.84 and the Finance Index
climbed 68.16 points to 16,773.7.
The FBM Emas Index advanced 9.99 points to 12,843.93, the FBMT100 Index added 7.86 points to 12,490.39, the FBM 70 jumped 17.04 points to 14,057.95 and
the FBM Ace declined 32.5 points to 6,808.72.
Among actives, Ingenuity Consolidated was flat at 9.5 sen, Insas rose four sen to RM1.35 while Asian Pac and Xidelang earned half-a-sen each to 22 sen and
27.5 sen, respectively.
As for heavyweights, Maybank was flat at RM9.67, Tenaga Nasional declined 30 sen to RM11.44, Axiata eased one sen to RM6,72 but CIMB increased three sen to RM7.24
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