Market News - 17 Jul 2009

U.S. and European Market Roundup

• The DJIA up 95.61 points to 8,711.82 points.
• U.S stocks rallied for a fourth day on Thursday after JPMorgan's strong results fed growing optimism about the quarterly earnings season and technology shares rose in anticipation of more good news.
• Elsewhere European shares hit a one-month closing high on Thursday, with financial stocks were among top gainers, following a jump in JPMorgan's profits and after data showed the number of U.S workers claiming new jobless benefits fell last week.

Macro and Corporate New

• Kencana Petroleum Bhd has won a US$11.9 mln contract to build stinger systems and handling system for a pipe-lay barge.
• A group of companies led by Hock Seng Lee (HSL) has signed a RM137.2 mln government deal for a flood mitigation project in Sibu, Sarawak.
• Sarawak Energy has obtained a RM1.45 bln loan to part finance the construction of the 944MW Murum hydroelectric plant in Sarawak.