Market News - 27 May 2009

U.S. and European Market Roundup 

• The DJIA up 196.17 points to 8,277.32 points.
• U.S stocks jumped, sending benchmark indexes higher for the first time in five sessions as the biggest gain in consumer confidence since 2003 spurred optimism the worst of the recession is over, while two-year Treasury notes were little changed after a record-tying US$40 bln auction.
• Over in Europe, shares closed higher though economic data was not as encouraging as that of the United States.

Macro and Corporate New

• IJM Corp’s net profit for the 4Q ended March 31 fell to RM53.34 mln from RM116.47 mln a year ago, while revenue of RM1.18 bln was a decline of 10.2% y.o.y. mainly due to the recent decline in the prices of CPO and palm kernel oil (PKO) as well as a slowdown in property sales.
• Eastern & Oriental posted net loss of RM44.61 mln in the 4Q ended March 31, a contrast from the net profit of RM9.27 mln a year ago, mainly due to loss of RM19.9 mln on disposal of an associate and provision for impairment loss on investments of RM10.2 mln.
• Sunway Holdings's 75.1% sub-subsidiary, Sunway Engineering Sdn Bhd (Abu Dhabi branch) has secured a RM326 mln subcontract from Silver Coast-Sunway Innovpave joint venture for proposed the Arzanah Development – Rihan Heights (Phase 1A – Plot H).