Market News - 05 Aug 2009

U.S. and European Market Roundup 

·  The DJIA up 33.63 points to 9,320.19 points.

·  U.S stocks edged higher on Tuesday, led by the financial sector as economic data pointed to a sustained if slow recovery from the recession, taking the Dow and the S&P 500 to nine-month highs. 

·  European shares closed lower on Tuesday, slipping back from the nine-month high reached in the previous session, with some banks giving back a little of their recent hefty gains.

 Macro and Corporate New

·  Bread maker Silver Bird Group, which is on its way to record a full-year profit after three consecutive years of losses, is confident the newly-launched High5 Sure Value 500 bread will contribute significantly to its business.

·  PT Excelcomindo Pratama Tbk (XL) of Indonesia, which is a unit of Axiata Group, has proposed a rights issue to raise some US$300 mln to reduce borrowings and improve its capital structure. Axiata said the rights issue would consist of equity and mandatory convertible notes (MCNs).