Market News - 28 May 2009

U.S. and European Market Roundup 

• The DJIA down 173.47 points to 8,300.02 points.
• U.S stocks dropped as rising yields on U.S government debt fueled concern that businesses and consumers could face higher borrowing costs, which could hamper an economic recovery.
• Over in Europe, equities finished higher for a third straight session on Wednesday, boosted by financial and retail shares on hopes the market has seen its worst for the year and is on track for a recovery.

 

Macro and Corporate New

• The economy contracted by 6.2% in the 1Q from the same period a year ago as a significant deterioration in external demand dragged the key manufacturing sector significantly lower.
• Resorts World’s net profit for the 1Q09 ended March 31 fell 7% to RM275.44 mln from RM297.36 mln a year earlier, mainly due to further impairment of its investment in Star Cruises Ltd of RM30 mln.