Market News - 20 Aug 2009

U.S. and European Market Roundup

• The DJIA up 61.22 points to 9,279.16 points.
• U.S. stocks rose on Wednesday, shaking off a slide in China's equity market, as investors responded favorably to a surprising drop in crude oil stockpiles that might suggest an improving demand outlook.
• European equities ended lower on Wednesday, with banks and autos leading the fall, as investors scaled back their trading positions after heavy losses in Asia and on concerns about the pace of the global economic recovery.

Macro and Corporate New

• Property developer Mah Sing Group posted a 38% drop in its fiscal second-quarter net profit from a year ago, as last year's gain is boosted by a large property sale.
• TDM, a plantation group owned by the Terengganu state government, is investing RM114 mln to set up its fourth hospital and meet growing demand for healthcare on the east coast.
• Kencana Petroleum's wholly owned subsidiary, Kencana HL Sdn Bhd has been awarded a contract from Afcons-Gunanusa joint venture, a company based in Mumbai, India for the construction of jackets for offshore process platform..