Market News - 19 June 2009

U.S. and European Market Roundup

• The DJIA up 58.42 points to 8,555.60 points.
• U.S stocks closed mostly higher but down from their highs of the day Thursday following three straight days of losses as the Labor Department said continuing jobless claims decreased by 148,000 to 6.69 mln, the first drop since January, even after weekly initial claims increased 3,000 to 608,000.
• European stocks rose, with the Dow Jones Stoxx 600 Index rebounding from its longest stretch of losses since February, as U.S reports on leading economic indicators, manufacturing and jobless claims suggested the global recession may be near a bottom

Macro and Corporate New

• Kencana Petroleum, through its wholly owned subsidiary, Kencana HL Sdn Bhd has been awarded RM35 mln contract from PCPP Operating Company Sdn Bhd for the fabrication of offshore platform facilities in offshore Bintulu, Sarawak.
• Telekom Malaysia (TM), the country's biggest fixed-line phone company, expects its wholesale business to contribute 15% of its total revenue in three years. Wholesale revenue, which grew by 8.7% to RM212 mln in the first quarter, currently represents 10 per cent of the group's total revenue.