MarketWrap: US stocks rallied and the dollar index eased further on Wednesday after the Federal Reserve left US interest rates unchanged, keeping its low-rate environment intact for now. -Reuters

The DJIA closed up 163.74 points, or 0.9%, to 18,293.7, the S&P 500 gained to finish 23.36 points, or 1.09% higher, to 2,163.12, while the Nasdaq ended up 53.83 points, or 1.03%, to close at 5,295.18, a record high.

Forex summary

*The ringgit gained 0.83% to 4.1075 per US$

*It was 0.15% higher at 4.6003 per euro

*Up 0.08% to   to the pound sterling

*Down 0.09% to 3.0388 per Singapore dollar

*0.05% lower to 3.1386 per Aussie

*Up 0.61% to 4.1048 per 100 yen

Energy

Oil prices rose as much as 3% on Wednesday after a third surprise weekly drop in US crude stockpiles boosted the demand outlook in the world's largest oil consumer. Brent crude futures LCOc1 settled up 95 cents, or 2%, at US$46.83 per barrel. - Reuters

Top foreign stories

Fed keeps rates steady, signals one hike by end of year: The US Federal Reserve left interest rates unchanged on Wednesday but strongly signalled it could still tighten monetary policy by the end of this year as the labour market improved further. Fed chair Janet Yellen, speaking after the central bank's latest policy statement, said US growth was looking stronger and rate increases would be needed to keep the economy from overheating and fuelling high inflation.

Target to buy back US$5b shares: Target Corp on Wednesday announced a new US$5 billion share buyback plan. The retailer said it would begin repurchasing shares under the new plan upon completion of its current US$10 billion programme, which is expected before the end of fiscal 2016 in January. - Reuters

Korean Air approves lending to Hanjin: The board of Korean Air Lines, its biggest shareholder, approved lending 60 billion won (US$53.96 million) to the troubled container carrier, Hanjin Shipping. Korean Air's board decided late on Wednesday to provide the funds to help offload cargo that has been stranded on Hanjin ships, using Hanjin's accounts receivable as collateral, a spokesman for the airline said. - Reuters

Top local stories

Quek quits Guoco: In a move that is a seen as a precursor to a wider plan of succession, tycoon Tan Sri Quek Leng Chan has relinquished his position as the chairman and stepped down from the board of one of his key companies, Hong Kong-listed Guoco Group Ltd. Quek also relinquished his position as a director and chairman of Singapore-listed GL Ltd. - StarBiz

AFG to transfer listing to Alliance Bank: Alliance Financial Group Bhd (AFG) is proposing to transfer its listing status to Alliance Bank Malaysia Bhd, joining a list of financial institutions to have undertaken a reorganisation at their shareholding level to improve cost and corporate efficiency. - StarBiz

KWAP invests RM124mil in Uber: The country’s second-largest pension fund, Retirement Fund Inc (KWAP), has invested in car-hailing app Uber. It is believed that the investment by KWAP in the tech start-up is about US$30mil (RM124.2mil). - StarBiz

Ekovest sells highway stake to EPF: Ekovest Bhd is selling a 40% stake in Konsortium Lebuhraya Utara-Timur (KL) Sdn Bhd (Kesturi) for RM1.13bil cash to the Employees Provident Fund (EPF).
The deal values Kesturi, the concession holder of the Duta- Ulu Kelang Expressway (Duke), at about RM2.8bil. - StarBiz

Bank Negara’s fintech concept papers almost completed: Bank Negara’s concept papers on financial technology (fintech), which will eventually form a guideline on the matter for financial institutions in Malaysia, is near completion, says governor Datuk Muhammad Ibrahim. - StarBiz

August inflation higher than expected: Malaysia’s inflation rate rose 1.5% in August from a year ago, which was higher than economists’ forecast of a 1.3% increase, due to higher meat and fish prices, according to the statistics department. - StarBiz

Miti: Companies continue to invest, expand and diversify: Despite the challenging economic environment, businesses are continuing to invest, expand and diversify their projects in Malaysia, said the International Trade and Industry Ministry (Miti). Minister Datuk Seri Mustapa Mohamed said investors continued to view Malaysia as their profit centre. - StarBiz

Bursa Malaysia can hit nine IPOs: Bursa Malaysia Bhd is optimistic it would be able to maintain last year’s nine initial public offerings (IPOs), given the lacklustre momentum. Chief executive officer Datuk Seri Tajuddin Atan said to date, seven IPOs and one reverse takeover had been undertaken. - Bernama

Rehda wants end-financing rules eased: Real Estate and Housing Developers Association (Rehda) has called for easing of end-financing regulations for property purchases in Malaysia. President Datuk Seri Fateh Iskandar Mohamed Mansor said this was necessary to help first-time buyers own affordable homes. - StarBiz

GSC chief executive to get CineAsia award: The CineAsia Awards has named Golden Screen Cinemas Sdn Bhd (GSC) chief executive Koh Mei Lee as the recipient of its “Exhibitor of the Year” award. - StarBiz

Bintai Kinden gets RM48mil subcontract: Bintai Kinden Corp Bhd unit Bintai Kindenko Pte Ltd has accepted a letter of award from Tiong Seng Contractors Pte Ltd to undertake subcontract works at Tuas Avenue 1 in Singapore for S$15.8mil (RM48.1mil). - Bernama

Sime Darby Plantation launches charter: Palm oil producer Sime Darby Plantation Sdn Bhd has launched its Responsible Agriculture Charter to further improve its agricultural practices through responsible and sustainable agri- cultural development. - Bernama

Ancom group MD Siew Ka Wei is new Tourism Malaysia chairman: Ancom Bhd group managing director Datuk Dr Siew Ka Wei is the new chairman of the Malaysia Tourism Promotion Board, effective on Wdnesday, replacing Wee Choo Keong. - Edge FD

Multi Sports major shareholder calls for special meeting, probe into company’s affairs: A major shareholder of Multi Sports Holdings Ltd, Paramjit Sin- gh Gill, has called for a special shareholders’ meeting to be held on Oct 4, to appoint six new directors to the board and carry out an independent probe into the company and group’s affairs. - Edge FD

Hai-O first-quarter net profit jumps 46.9%: Hai-O Enterprise Bhd’s first-quarter net profit rose 46.9% to RM9.74 million, mainly contributed by its multilevel marketing and wholesale divisions.
Revenue rose 42% to RM78.66 million. - Edge FD

Glomac earnings surge 306% on land disposal: Glomac Bhd saw its net profit surge 306% to RM85.54 million for the first quarter, from RM21.07 million a year ago, boosted by proceeds from a land disposal. Revenue doubled to RM251.42 million, from RM122.99 million a year earlier. - Edge FD