Market News - 22 Oct 2009

U.S. and European Market Roundup 

·  The DJIA down 92.12 points to 9,949.36 points.

·  Spooked traders unraveled a rally in stocks late Wednesday as a downbeat assessment of a bank touched off fears that the market is getting overheated. 

·  European shares closed higher on Wednesday, with oils gaining as crude rose to more than $80 a barrel, and as U.S companies continued to beat forecasts for third-quarter earnings. 

Macro and Corporate New

·  Hong Leong Bank plans to further expand its reach in Vietnam with the establishment of branches and transaction centres after the establishment of its head office in Ho Chi Minh City, which is officially launched on Oct 8.

·  Malaysia Airlines Cargo Sdn Bhd (MASkargo), the air cargo unit of Malaysia Airlines (MAS), has warned that revenue from its operations here could fall 20% this year on lower yields and capacity.

 

Market News - 21 Oct 2009

U.S. and European Market Roundup 

·  The DJIA down 50.71 points to 10,041.48 points.

·  U.S stocks retreated from 12-month highs on Tuesday as disappointing housing and inflation data prompted investors to book recent gains despite strong results from bellwethers including Apple and Caterpillar. 

·  European equities retreated from one-year highs to end lower on Tuesday, pressured by weaker than expected U.S housing data, with a sharp decline in Barclays on a stake sale by Qatar dragging down financials.

 

Macro and Corporate New

·  Muar Ban Lee Group, a manufacturer of oil seed crushing machines for the plantation industry, is bidding for RM200 mln worth of jobs and hopes to secure some 3 to 5% of it.

·  Supermax Corp the world's second largest rubber glovemaker, plans to pay its first-ever special dividend this year and set a higher dividend policy next year.

 

Market News - 20 Oct 2009

U.S. and European Market Roundup 

·  The DJIA up 96.28 points to 9,995.91 points.

·  U.S. stocks rose to fresh 12-month highs on on better-than-estimated earnings and speculation the economy is healthy enough for policy makers to unwind efforts to shore up the financial system. 

·  European shares hit a fresh 12-month closing high on Monday on increasing optimism for the third-quarter corporate earnings season, and with food group Nestle rising after a broker upgrade.

 

Macro and Corporate New

·  RHB Capital plans to finance the deal with a discounted rights issue that will raise up to RM1.3 bln.

·  The Sarawak state government has offered to take Sarawak Energy (SEB), the country's second-largest electricity company, private in a deal valued at about RM1.4 bln.

 

Market News - 19 Oct 2009

U.S. and European Market Roundup 

·  The DJIA down 67.03 points to 9,995.91 points.

·  U.S. stocks fell on Friday after disappointing results from General Electric Co and Bank of America Corp demonstrated the road to economic recovery would be bumpy. 

·  Elsewhere, Disappointing third-quarter results from Bank of America and General Electric and weak U.S consumer sentiment survey dragged European shares lower on Friday from a one-year high.

Macro and Corporate New

·  Bursa Malaysia reported a 52% jump in its third quarter net profit, driven by buoyant trading activities.

·  Malaysia Airlines should see better results in the third quarter than in the second quarter, says its newly-appointed Managing Director and CEO.

 

Market News - 12 Oct 2009

U.S. and European Market Roundup 

·  The DJIA up 78.07 points to 9,864.94 points.

·  U.S stocks climbed on Friday, with the Dow hitting a closing high for 2009, as investors anticipated positive news from next week's key earnings reports and bullish broker comments boosted tech shares. 

·  European shares closed lower on Friday, dragged down by the telecommunication sector as Telefonica disappointed investors and miners weighed tracking a fall in metal prices.

 

 

 

Macro and Corporate New

·  Malaysian Aerospace Engineering has set a RM2 bln revenue target for this year, of which RM520 mln will come from third-party maintenance, repair and overhaul services.

·  Bahrain's Unicorn Investment Bank is interested in buying Dubai Group's stake in Bank Islam Malaysia and plans to issue sukuk in Saudi Arabia before the end of the year.