Market News - 18 May 2009

U.S. and European Market Roundup 

• The DJIA down 62.68 points to 8,268.64 points.
• U.S stocks fell, extending the worst weekly loss for the S&P’s 500 Index since March as Federal Deposit Insurance Corp Chairman Sheila Bair predicted the heads of some banks may be replaced and a drop in oil dragged down energy shares.
• Elsewhere, European shares closed higher on Friday with gains for banks, including Barclays, outweighing losses for defensives such as telecoms.

 

Macro and Corporate New

• Affin Holdings posted net profit of RM91.58 mln in its first quarter ended March 31, which marginally lower than the RM92.39 mln a year ago.
• IOI Corp net profit for the 3Q09 ended March 31 fell sharply to RM37.36 mln from RM601.64 mln a year ago mainly due to unrealised translation loss on USD denominated borrowings and lower earnings from its plantation division.