MarketWrap: Wall Street closed slightly lower on Tuesday, inching back from an initial selloff that followed deadly attacks in Brussels, as declines in consumer and telecom stocks offset a jump in healthcare shares. Global risk markets faltered before limping up, while traditional safe havens gold and government bonds firmed as the events in the de facto capital of the European Union unfolded. - Reuters

The DJIA closed down 41.3 points, or 0.23%, to 17,582.57, the S&P 500 lost 1.8 points, or 0.09%, to 2,049.8 and the Nasdaq Composite added 12.79 points, or 0.27%, to 4,821.66.

Forex summary

*The ringgit was up 0.20% to 4.0015 per US$

*It rose 0.07% to 4.4863 per euro

*Up 0.51% to 5.6888 to the pound sterling

*0.15% up to2.9391 per Singapore dollar

*0.37% lower to 2.8429 per Aussie

*Up 0.09% to 3.5653 per 100 yen

Energy

Brent oil prices settled steady on Tuesday after the deadly blasts in Brussels while US crude futures fell, then extended losses in post-settlement trade on industry data showing bigger than expected builds in domestic inventory. Oil prices fell early as investors fled risk after the attacks in Belgium. Brent erased losses and settled a little higher as equity markets reversed losses and safe-havens such as gold and government bonds pulled back from their highs. Brent crude LCOc1 was up 6 cents at US$41.60 a barrel in post-settlement trade, after finishing the session 25 cents higher at US$41.79. - Reuters

Top foreign stories

Bangladesh Bank weighs lawsuit against NY Fed over hack: Bangladesh's central bank has hired a US lawyer for a potential lawsuit against the Federal Reserve Bank of New York after hackers stole US$81 million from its account with the NY Fed, according to an internal report by the Bangladesh bank. - Reuters

As Fed eyes two rate hikes, dovish Evans is no longer fringe: The US central bank has become so cautious about raising interest rates at even a moderate pace that the once-fringe preference of one of its most dovish policymakers for super-slow interest-rate increases has gone mainstream. On Tuesday, Chicago Fed president Charles Evans said he expects two rate hikes this year, given his forecast for 2% to 2.5% economic growth and for unemployment to fall further to 4.75% by the end of the year. - Reuters

Canada's stimulus budget aims to revive oil-hit economy: Canada's new Liberal government on Tuesday unveiled a stimulus budget to revive growth with infrastructure spending and said it would run a deficit nearly three times larger than promised during last year's election. Finance Minister Bill Morneau said the government would spend C$3.97 billion on infrastructure projects in the coming fiscal year, ramping that up to C$7.32 billion the following year. - Reuters

Top local stories

More bids for 1MDB land in Penang land: Two more companies have joined the race to bid for 1Malaysia Development Bhd’s (1MDB) land in Air Itam, Penang. Sources said that Suiwah Corp Bhd, a supermarket chain operator, and Titijaya Land Bhd, a Klang Valley-based property developer, have put in their bids for the 94.7ha in Air Itam. The two earlier bids were from a joint-venture between the Ideal Property and BSG groups, and a company related to Goh Choon Lye, a well-known developer in the state. - StarBiz

Top Glove moving into healthcare: Top Glove Corp Bhd, the world’s largest rubber glove manufacturer, is making a foray into the healthcare sector via a joint venture with DHS Emergency Asia Sdn Bhd. The JV company, TG GD Medical Clinic Sdn Bhd, will have a total paid-up capital of RM2mil. Top Glove will provide 75% of the capital, while the rest will come from DHS. - StarBiz

Pos Malaysia: No decision yet on tariff: Pos Malaysia Bhd said it is reviewing its tariff structure and business sustainability of the postal services, which includes constant engagement with the authorities. But the company said no decision has been made on the matter. - StarBiz

CCM Duopharma plans new plant and warehouse: CCM Duopharma Biotech Bhd, a maker of medicine and pharmaceutical products, is planning to build new manufacturing and warehousing facilities in Klang, Selangor, at a total cost of RM140.8mil. - StarBiz

Special Economic Committee tables proposals on 4 key areas: The Special Economic Committee has tabled a report covering proposals and additional measures involving four key sectors including stabilising the financial market, said the Prime Minister Datuk Seri Najib Tun Razak said. The other proposals and measures were strengthening the institutions’ integrity, addressing the property market and tackling foreign labour issues. - Bernama

O&G sector adapting to structural shift: The oil and gas (O&G) industry is adapting to a “fundamental structural shift”, with billions of ringgit worth of projects having been deferred or cancelled around the world, said Datuk Wan Zulkiflee Wan Ariffin, president and group chief executive officer of Petroliam Nasional Bhd. Globally industry layoffs have exceeded a quarter of a million and close to US$50bil worth of projects have been cancelled or deferred, he said. - StarBiz

Moody’s: Singapore, Malaysia, Thailand to lag Asean peers: The growth prospects of Asean major export-orientated economies of Singapore, Malaysia and Thailand are expect- ed to remain weaker than their domestic demand-driven economies, says Moody’s Investors Service. It said the growth outlook of Asean economies was likely to diverge in 2016 and 2017, against the backdrop of subdued global demand. - StarBiz

VS Industry buys stake in London firm: VS Industry Bhd has subscribed to 12.1% equity interest in London-listed vehicle operator monitoring technology firm Seeing Machines Ltd for £6.74mil (RM38.6mil). - StarBiz

Bank Negara international reserves at RM412.3bil: Bank Negara’s international reserves amounted to RM412.3bil (equivalent to US$96.1bil) as at March 15. The central bank said the reserves position was sufficient to finance 8.4 months of retained imports and was 1.2 times the short-term external debt. - Bernama

Astro Q4 earnings jump to RM204m: Astro Malaysia Holdings Bhd’s net profit for its fourth quarter jumped 47% to RM203.77mil mainly due to an increase in earnings before interest, taxes, depreciation, and amortisation of RM27mil and lower net finance cost of RM30mil. Revenue rose to RM1.40bil from RM1.35bil a year earlier due to an increase in subscription, advertising and other revenue. - StarBiz

Petronas Dagangan to focus on inventory management: Petronas Dagangan Bhd, the retail arm of Petrolia Nasional Bhd, is focused on optimising its inventory management as the firm seeks to keep a tight leash on cost amid an unpredictable crude oil market. - StarBiz

Reservations over FGV’s proposed Zhong Ling stake buy: CIMB Research has reservations over Felda Global Ventures Holdings Bhd’s (FGV) proposed Chinese acquisition as the sustainability of earnings from this asset in future years is questionable. This is in view of rising competition in the cooking oil market in China and slowing demand for palm oil from China. - StarBiz

Scientex net profit jumps 79%, shares hit record high: Scientex’s net profit jumped 79% to RM64.6mil as its revenue grew to RM545.43mil, from RM462.87mil, on improved contributions from both its manufacturing and property development divisions. Its shares hit record high. - StarBiz

* Scientex proposes a one-for-one bonus issue on an entitlement date to be determined later.

Shell seeking new upstream growth: Following the sale of its shares in Shell Refining Company (federation of Malaya) Bhd to a Chinese company, Royal Dutch Shell plc is seeking new opportunities for further growth in its upstream portfolio in Malaysia and to reinforce its joint ventures here with Petroliam Nasional Bhd (Petronas), besides strengthening its position in the retail segment. - Edge FD

AirAsia in good financial position: AirAsia Bhd is in a good financial position for its fiscal year ending Dec 31, 2016, thanks to low crude oil prices and the timeliness of the airline’s hedging practices against the commodity, says chief executive officer Aireen Omar. - Edge FD

Events calendar

* Bank Negara governor Tan Sri Dr Zeti Akhtar Aziz  to release BNM Annual Report 2015 and Financial Stability and Payment Systems Report 2015 at 6pm on Wednesday.

* Reports will focus on outlook for economic growth in 2016, health of the financial services sector and banks and insurers financial performance. Highlights will include monetary and fiscal policies.

* Consumer Price Index to be released at midday.

AGMs/EGMs

CAB Cakaran Corporation Bhd

Time: 10am

Venue: Conference Room, Third Floor, CAB Cakaran Corporation Berhad, Seberang Jaya Industrial Park, Prai, Penang

APB Resources Bhd

Time: 10am

Venue: Multipurpose Hall (Card Room) Royal Selangor Club Dataran Merdeka, Jalan Raja, Kuala Lumpur

Notion VTEC Bhd

Time: 9.30am

Venue: Premiére Hotel Bandar Bukit Tinggi, Klang, Selangor

CWORKS Systems Bhd

Time: 9am

Venue: Penang Room, Putrajaya Marriot Hotel, IOI Resort City, Sepang, Utara Selangor

...

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