On Wednesday, the stock market surged after the Federal Reserve announced another interest rate cut, marking its third consecutive reduction this year. The Dow Jones gained 497.46 points (1.1%), closing at 48,057.75, while the S&P 500 rose 0.7% to 6,886.68, briefly surpassing its record high. The Nasdaq increased 0.3% to 23,654.16.
The Fed’s decision to cut rates by 0.25% to a range of 3.5%-3.75% came after a two-day policy meeting. Additionally, the Fed stated it would start buying short-term bonds, expanding its balance sheet, which led to lower short-term Treasury yields. Chair Jerome Powell emphasized that a rate hike was unlikely, reinforcing market optimism. However, the Fed projected only one rate cut in 2026, though traders are betting on more cuts next year.
Despite some caution in the Fed’s messaging, analysts remain bullish, noting that the focus has shifted to supporting economic growth rather than inflation. This sentiment is bolstered by the Fed’s positive outlook on growth, lighter inflation expectations, and neutral employment projections. As a result, market reactions were strong, with expectations of a “Santa Claus rally” pushing the S&P 500 toward 7,000 points by year-end.
Additionally, the Russell 2000 index of small-cap stocks reached an all-time high, benefiting from the prospect of lower borrowing costs due to Fed rate cuts. Regional bank stocks also saw gains as lower rates could spur more lending activity.
Overall, the market remains optimistic about further rate cuts, with the Fed’s actions fueling investor confidence.
International Maritime Industries (IMI), the largest shipyard in the MENA region, has awarded Seatrium Offshore Technology a repeat contract for a jack-up rig, following the earlier Kingdom 3 contract. Seatrium will supply equipment and licensing for a LeTourneau Super 116E Class Self-Elevating Drilling Unit (SE-MODU), named Kingdom 4. These rigs are designed for harsh offshore environments, featuring 343-foot legs, 1.5-million-pound hook load capacity, and advanced cyber systems. The Kingdom 4 contract marks the 45th order for the LeTourneau Super 116 series, with Seatrium having contributed to over half of all jack-up rigs globally, including 65% in the Middle East.
IPO: Toku, an AI-powered customer experience (CX) platform, has filed a preliminary prospectus with the Monetary Authority of Singapore for its proposed IPO on the Catalist board of the Singapore Exchange. Toku’s platform manages communications across multiple channels (voice, chat, email) while handling complex regulatory and linguistic needs. The company operates in 32 countries, with recent expansions into LATAM markets. Proceeds from the IPO will support the platform’s expansion, tech development, R&D, and talent acquisition.
Toku’s revenue for FY2024 was US$31.8 million, up from US$28.8 million in FY2023. It earns primarily from usage (89%), as well as subscriptions, professional services, and maintenance. Geographically, 55.6% of its revenue comes from Singapore, followed by 20.6% from Hong Kong, and 23.8% from other regions. Despite growth in revenue, Toku has reported a net loss in all periods under review.
Ever Glory to offer 2 mil new shares at 64 cents to fulfil Mainboard transfer requirement to have 500 shareholders
Mapletree Pan Asia Commercial Trust to divest Festival Walk Tower in Hong Kong for HK$1.96 bil
HG Metal to acquire stake in Malaysian steel manufacturer Eden Flame for RM18 mil
Rex International has reported a production of 10,417 barrels of oil equivalent per day (boepd) in November from Norway, Oman and Germany.
The group’s indirect subsidiary Lime Petroleum reported 9,408 boepd for the month.
Similarly, the group’s other indirect subsidiary Masirah Oil announced a gross production of 955 stock tank barrels per day (stb/d) in November.
Finally, the group’s indirect subsidiary Lime Resources Germany produced 54 barrels of oil per day.
Acrophyte Hospitality Trust to sell Hyatt Place Detroit Livonia for US$10 mil, 2.9% below valuation.
Del Monte Pacific 2Q FY2026 Results: 10% Sales Growth, US$16.8m Net Profit Surge
CapitaLand Ascendas REIT Completes Divestment of 95 Gilmore Road in Australia, Updates Property Portfolio
Keppel Ltd. Announces Voluntary Liquidation of Wholly-Owned Subsidiaries Without Material Impact on 2025 Earnings
Sinostar PEC Holdings Announces Disposal of Retired 50,000 Ton Polypropylene Installation for RMB16.1 Million
Rich Capital Holdings Limited Announces Revised Share Consolidation Figures Following SGX-ST Notice: Every 200 existing ordinary shares will be consolidated into one (1) new share.
GRC Limited Settles Dispute with Jadewin Smooth Liquidators Without Material Impact on 2026 Financials
Gamuda Bhd (KL:GAMUDA) reported a 5% rise in 1QFY2026 net profit to RM215.13 million, driven by stronger domestic and Vietnam contributions, despite a 7.2% drop in revenue to RM3.84 billion. An interim dividend of 5 sen per share was declared.
Astro Malaysia (KL:ASTRO) saw 3QFY2026 net profit fall to RM9.19 million from RM46.94 million due to higher costs and forex losses. Revenue dropped 7.2% to RM695.6 million, with expectations for a 4Q boost from festive periods.
Eco World Development (KL:ECOWLD) raised its sales target to RM4 billion for FY2026, reporting a 44% jump in net profit to RM438.07 million and a 30% increase in revenue to RM2.93 billion. It declared a 7 sen total dividend for FY2025.
Sunsuria Bhd (KL:SUNSURIA) increased its stake in KL City Gateway to 61% by acquiring an additional 41% for RM21.46 million.
MyNews Holdings (KL:MYNEWS) reported its public shareholding dipped to 24.925%, below the required 25%, due to an increase in JAG Capital’s stake.
SNS Network Technology (KL:SNS) posted flat net profit of RM10.09 million for 3QFY2026, despite a 54.1% revenue increase to RM384.9 million. It declared a 0.25 sen dividend.
Bermaz Auto (KL:BAUTO) saw a 57% drop in 2QFY2026 net profit to RM17.2 million, as sales fell by 14%. It declared a 1.25 sen dividend.
Cheeding Holdings (KL:CHEEDING) secured a RM13.5 million contract with Tenaga Nasional for substation upgrade work.
Chin Hin Group (KL:CHINHIN) sold a 6.83% stake in Signature International for RM59.99 million.
BMS Holdings (KL:BMS) saw its share price fall 20% after its ACE Market debut, prompting directors to buy shares in support.
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