Market News - 23 June 2009

U.S. and European Market Roundup

• The DJIA down 200.72 points to 8,339.01 points.
• U.S stocks tumbled, sending the S&P’s 500 Index down the most in two months as the World Bank said the recession will be deeper than previously forecast.
• Elsewhere, European shares hit a five-week closing low with weaker crude oil and metals prices pressuring commodity stocks and a World Bank report on the state of the global economy dampening market sentiment.

Macro and Corporate New

• Berjaya Land (BLand) posted a net loss of RM53.98 mln for the 4Q09 ended April 30 against a net profit of RM631.68 mln in the previous corresponding period, mainly due to lower revenue contribution from its gaming, hotel and resorts as well as property development divisions.
• Kencana Petroleum’s net profit rose 25% to RM27.64 mln in the 3Q09 ended April 30, but revenue dipped to RM290.17 mln from RM298.12 mln in the previous corresponding quarter.