Market News - 19 May 2009

U.S. and European Market Roundup 

• The DJIA up 235.44 points to 8,504.08 points.
• Reassuring news about housing and banking on Monday convinced investors to return to the stock market, helping the S&P’s 500 Index recover more than half of last week’s loss and the Dow shot up 235 points.
• Over in Europe, equities closed higher on Monday as financial stocks climbed on hopes a recession in top global economies was abating, while energy shares tracked higher crude oil prices.

Macro and Corporate New

• New vehicle sales in Malaysia for April 2009 contracted by a larger annual quantum of 18.2% to 41,135 vehicles, due to the unexpected increase in hire purchase loan interest rates for the purchase of foreign vehicle brands in the country.
• Ahmad Zaki Resources (AZRB) yesterday accepted a RM185.63 mn project in Saudi Arabia to build reinforced concrete structures for Tower H1-A at the Jabal Omar Development in Mecca.
• United Plantations has posted a net profit of RM55.8 mln for its 1Q09 ended March 31, down by 19% from RM69 mln in the previous corresponding period.