Market News - 22 May 2009

U.S. and European Market Roundup 

• The DJIA down 129.91 points to 8,292.13 points.
• Another bad signal from the job market and concern over a possible downgrade of British government debt sent U.S stocks sharply lower Thursday.
• Over in Europe, shares dropped on Thursday, weighed by banks, commodities and a ratings agency cut in the UK's economic outlook, while signs of further U.S job weakness and a disappointing Fed survey added to the gloom.

 

 

Macro and Corporate New

• Telekom Malaysia (TM) posted a net profit of RM27.7 mln for the 1Q ended March 31, down 75.8% from RM114.4 mln in the previous corresponding period, mainly due to higher unrealised exchange loss on foreign currency borrowings of RM175.5 mln compared with a gain of RM118.8 mln previously.
• YTL Corp’s 3Q net profit more than doubled, helped by its cement business and additional contributions from one of its recent acquisitions.