Dow, S&P 500 Hit Record Highs on Data
Friday June 1, 7:58 pm ET
By Tim Paradis, AP Business Writer
Stocks Finish Higher After Manufacturing, Jobs Data; Dow, S&P Set Records
NEW YORK (AP) -- Wall Street carved out a solid advance Friday after data on job creation, manufacturing and inflation injected the market with renewed confidence about the economy and sent major indexes to record closes.
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The Standard & Poor's 500 index was the biggest gainer among the major indicators and moved toward its all-time trading high.
Investors found reason for optimism in a stronger-than-expected jobs report for May. Nonfarm payrolls rose by 157,000 last month, a larger increase than in April and more than analysts anticipated. The unemployment rate held steady at 4.5 percent, as forecast, according to the Labor Department report.
The economic picture appeared brighter still following a lower reading on inflation from the Commerce Department and data from the Institute for Supply Management's May survey, which indicated that the manufacturing sector was strengthening.
Investors have been trying to glean from recent economic data any clues about the state of the economy and the direction of interest rates. The market hopes a slowing economy will prompt the Federal Reserve to lower rates, something the Fed is loath to do if inflation remains defiantly above the central bank's target. The job figures Friday pleased Wall Street, however, because they showed growth without an attendant rise in wage inflation
Source: http://biz.yahoo.com/ap/070601/wall_street.html?.v=58
Friday, June 1, 2007
Malaysia's Khazanah net worth up 86.8 pct to 62.2 bln rgt in three years
Malaysia's Khazanah net worth up 86.8 pct to 62.2 bln rgt in three years
01/06/2007 19:03:00
KUALA LUMPUR (XFN-ASIA) - Khazanah Nasional Bhd said its net worth has
increased by 28.9 bln rgt or 86.8 pct from 33.3 bln to 62.2 bln rgt over the
past three years.
In a statement, the government investment firm said its investment portfolio
has also grown by 74.3 pct from 50.9 bln rgt to 88.8 bln.
It said 28 major investments were made during the period amounting to 21.1 bln
rgt, on which returns of 8.9 bln rgt or 42.4 pct have been achieved during the
holding period to-date.
Of the total, 16 major domestic investments of 15.2 bln rgt and 12 foreign
investments of 5.8 bln rgt were made.
Khazanah said its revised net tangible asset to liability ratio has risen to
3.3 times from the previous 2.9 times.
On the restructuring of legacy investments, it said eight out of the 11
government-linked companies (GLCs) identified for restructuring have been
successfully restructured.
The eight companies are Malaysia Airlines, RHB Bank, Silterra, MTDC, UDA
Holdings, Northern Utility, CCT and Tradewinds, it said.
Meanwhile, works on the three firms that are still pending resolution namely,
Proton, Malaysia Airports and Time dotcom, are currently ongoing, it added.
"Financial and operational progress on GLCs have been very encouraging with,
among other indicators, the market capitalisation of the 47 listed GLCs
increasing 143 bln rgt over the last three years, and outperforming the broader
KLCI," said Khazanah in the statement.
Separately, Khazanah managing director Azman Mokhtar reiterated that Khazanah
is committed to gradually cutting down its holdings in GLCs.
"We want to do it in an orderly fashion and to be in line with our financial
objectives," said Azman.
Source: Osk Wirenews
01/06/2007 19:03:00
KUALA LUMPUR (XFN-ASIA) - Khazanah Nasional Bhd said its net worth has
increased by 28.9 bln rgt or 86.8 pct from 33.3 bln to 62.2 bln rgt over the
past three years.
In a statement, the government investment firm said its investment portfolio
has also grown by 74.3 pct from 50.9 bln rgt to 88.8 bln.
It said 28 major investments were made during the period amounting to 21.1 bln
rgt, on which returns of 8.9 bln rgt or 42.4 pct have been achieved during the
holding period to-date.
Of the total, 16 major domestic investments of 15.2 bln rgt and 12 foreign
investments of 5.8 bln rgt were made.
Khazanah said its revised net tangible asset to liability ratio has risen to
3.3 times from the previous 2.9 times.
On the restructuring of legacy investments, it said eight out of the 11
government-linked companies (GLCs) identified for restructuring have been
successfully restructured.
The eight companies are Malaysia Airlines, RHB Bank, Silterra, MTDC, UDA
Holdings, Northern Utility, CCT and Tradewinds, it said.
Meanwhile, works on the three firms that are still pending resolution namely,
Proton, Malaysia Airports and Time dotcom, are currently ongoing, it added.
"Financial and operational progress on GLCs have been very encouraging with,
among other indicators, the market capitalisation of the 47 listed GLCs
increasing 143 bln rgt over the last three years, and outperforming the broader
KLCI," said Khazanah in the statement.
Separately, Khazanah managing director Azman Mokhtar reiterated that Khazanah
is committed to gradually cutting down its holdings in GLCs.
"We want to do it in an orderly fashion and to be in line with our financial
objectives," said Azman.
Source: Osk Wirenews
Malaysia's Southern Bank end-2005 net assets overstated by 160 mln rgt
Malaysia's Southern Bank end-2005 net assets overstated by 160 mln rgt
01/06/2007 19:14:00
KUALA LUMPUR (XFN-ASIA) - Bumiputra-Commerce Holdings Bhd said
PricewaterhouseCoopers (PwC) have completed their review of Southern Bank Bhd's
audited financial statements for 2005 and it is estimated that Southern Bank's
net assets as of end-2005 had been overstated by about 160 mln rgt.
In a stock exchange filing, the company said PwC has confirmed that, in their
opinion, there were indeed inappropriate accounting treatments of certain
transactions reported in Southern Bank's financial statements for 2005.
These accounting treatments relate to inappropriately valuing certain
derivative financial instruments entered into by Southern Bank, among others, it
said.
The overstatement of 160 mln rgt is approximately 2.4 pct of the purchase
consideration of 6.7 bln rgt paid by Bumiputra-Commerce for Southern Bank, said
the banking group.
It added that PwC has confirmed that these inappropriate accounting treatments
have all been corrected as at end-June 2006 in Bumiputra-Commerce's books and
that no further amendments or corrections are required.
Source: Osk Wirenews
01/06/2007 19:14:00
KUALA LUMPUR (XFN-ASIA) - Bumiputra-Commerce Holdings Bhd said
PricewaterhouseCoopers (PwC) have completed their review of Southern Bank Bhd's
audited financial statements for 2005 and it is estimated that Southern Bank's
net assets as of end-2005 had been overstated by about 160 mln rgt.
In a stock exchange filing, the company said PwC has confirmed that, in their
opinion, there were indeed inappropriate accounting treatments of certain
transactions reported in Southern Bank's financial statements for 2005.
These accounting treatments relate to inappropriately valuing certain
derivative financial instruments entered into by Southern Bank, among others, it
said.
The overstatement of 160 mln rgt is approximately 2.4 pct of the purchase
consideration of 6.7 bln rgt paid by Bumiputra-Commerce for Southern Bank, said
the banking group.
It added that PwC has confirmed that these inappropriate accounting treatments
have all been corrected as at end-June 2006 in Bumiputra-Commerce's books and
that no further amendments or corrections are required.
Source: Osk Wirenews
Malaysia Airports, Time dotcom, Proton revamp by year-end - Khazanah
Malaysia Airports, Time dotcom, Proton revamp by year-end - Khazanah
01/06/2007 18:28:00
KUALA LUMPUR (XFN-ASIA) - Government investment firm Khazanah Nasional Bhd said
the three government-linked companies that have not been successfully
restructured to-date, namely Proton, Malaysia Airports and Time dotcom, will
have to resolve their respective revamps before the end of the year.
Khazanah managing director Azman Mokhtar said he wants the companies
restructured before the end of the year, if not sooner.
Commenting on Time dotcom's restructuring, Azman said the financially-troubled
firm is "a very challenging asset."
"It has been speculated and we confirm that there has been interest shown (by
interested parties) in buying Time dotcom's 3G assets," Azman said, adding that
Khazanah will study all the options available including the sale of Time
dotcom's telecommunications assets, the 3G license and stakes in the company.
He, however, declined to identify the parties that have expressed their
interests in Time dotcom.
Meanwhile, Azman said Malaysia Airports is still waiting for the government's
approval with regards to its restructuring.
He said the government has been very supportive and a decision is expected to
be made soon.
Source: osk wirenews
01/06/2007 18:28:00
KUALA LUMPUR (XFN-ASIA) - Government investment firm Khazanah Nasional Bhd said
the three government-linked companies that have not been successfully
restructured to-date, namely Proton, Malaysia Airports and Time dotcom, will
have to resolve their respective revamps before the end of the year.
Khazanah managing director Azman Mokhtar said he wants the companies
restructured before the end of the year, if not sooner.
Commenting on Time dotcom's restructuring, Azman said the financially-troubled
firm is "a very challenging asset."
"It has been speculated and we confirm that there has been interest shown (by
interested parties) in buying Time dotcom's 3G assets," Azman said, adding that
Khazanah will study all the options available including the sale of Time
dotcom's telecommunications assets, the 3G license and stakes in the company.
He, however, declined to identify the parties that have expressed their
interests in Time dotcom.
Meanwhile, Azman said Malaysia Airports is still waiting for the government's
approval with regards to its restructuring.
He said the government has been very supportive and a decision is expected to
be made soon.
Source: osk wirenews
Kuala Lumpur shares end morning higher on follow-through interest
Kuala Lumpur shares end morning higher on follow-through interest - UPDATE
01/06/2007 12:56:00
KUALA LUMPUR (XFN-ASIA) - Share prices ended the morning higher on
follow-through interest in major blue-chips but volume remained thin which
suggests that the upward momentum may not be sustainable, dealers said.
The Kuala Lumpur Composite Index (KLCI) was up 10.50 points or 0.78 pct at
1,357.39.
The FTSE Bursa Malaysia 30-large cap index gained 63.37 points or 0.73 pct to
8,696.81 and the second board index added 0.37 point or 0.37 pct to 100.90.
Gainers led losers 435 to 258, with 266 counters unchanged and 374 stocks
untraded.
Trading volume was 429.481 mln shares, valued at 808.363 mln rgt.
Analysts said the market's near-term outlook remains "tricky" as there is no
clear signal of a breakout on either side.
"On the surface, the market is trading firmer, but the thin volume may indicate
that sentiment is still pretty negative, as most of the investors are still
waiting on the sidelines," said a technical analyst from a local brokerage.
"To be cautious is still the better strategy for now. Only if the KLCI manages
to surpass 1,368 points, then we can consider this as a breakout and provide
investors a good excuse to jump in," he added.
Investors should also watch out for external shocks such as a collapse in
China's stock markets, the analyst said.
Index heavyweights ended the morning session higher, with Telekom Malaysia
rising 0.10 rgt or 0.96 pct to 10.50, Tenaga adding 0.10 rgt or 0.85 pct to
11.80 and Maybank up 0.20 rgt or 1.65 pct at 12.30.
Newly-listed Deleum topped the gainers list, rising 1.47 rgt or 57.65 pct to
4.02, against its initial public offering price of 2.55.
Plantation major IOI Corp advanced 0.50 rgt or 1.82 pct to 28.00, leisure group
Tanjong gained 0.40 rgt or 2.21 pct to 18.50, state-owned Petronas Dagangan rose
0.40 rgt or 4.30 pct to 9.70 and gaming group Genting was up 0.35 rgt or 4.43
pct at 8.25.
Transmile failed to recover from its earlier losses after it hit limit down in
the session with analyst expecting the shares to fall further in the afternoon
session. Transmile ended the morning down 2.65 rgt or 29.78 pct at 6.25.
Proton was down 0.05 rgt or 0.93 pct at 5.30 as investor sentiment was hit by
news that Volkswagen AG has walked away from a possible tie-up and the firm
posted a net loss of 591 mln rgt for the year to March 2007.
Second Finance Minister Nor Mohamed Yakcop said the government will name a new
partner for the national carmaker in three months following the latest
development.
Pos Malaysia added 0.12 rgt or 2.88 pct to 4.28, riding on the broader market's
strength, after opening lower on concern over the possible impact of accounting
irregularities at Transmile Group Bhd, in which it holds a stake.
At the close, the ringgit was quoted at 3.3990/34005 against the dollar.
Three-month interbank rates were quoted at 3.55/57.
Source: Osk WireNews
01/06/2007 12:56:00
KUALA LUMPUR (XFN-ASIA) - Share prices ended the morning higher on
follow-through interest in major blue-chips but volume remained thin which
suggests that the upward momentum may not be sustainable, dealers said.
The Kuala Lumpur Composite Index (KLCI) was up 10.50 points or 0.78 pct at
1,357.39.
The FTSE Bursa Malaysia 30-large cap index gained 63.37 points or 0.73 pct to
8,696.81 and the second board index added 0.37 point or 0.37 pct to 100.90.
Gainers led losers 435 to 258, with 266 counters unchanged and 374 stocks
untraded.
Trading volume was 429.481 mln shares, valued at 808.363 mln rgt.
Analysts said the market's near-term outlook remains "tricky" as there is no
clear signal of a breakout on either side.
"On the surface, the market is trading firmer, but the thin volume may indicate
that sentiment is still pretty negative, as most of the investors are still
waiting on the sidelines," said a technical analyst from a local brokerage.
"To be cautious is still the better strategy for now. Only if the KLCI manages
to surpass 1,368 points, then we can consider this as a breakout and provide
investors a good excuse to jump in," he added.
Investors should also watch out for external shocks such as a collapse in
China's stock markets, the analyst said.
Index heavyweights ended the morning session higher, with Telekom Malaysia
rising 0.10 rgt or 0.96 pct to 10.50, Tenaga adding 0.10 rgt or 0.85 pct to
11.80 and Maybank up 0.20 rgt or 1.65 pct at 12.30.
Newly-listed Deleum topped the gainers list, rising 1.47 rgt or 57.65 pct to
4.02, against its initial public offering price of 2.55.
Plantation major IOI Corp advanced 0.50 rgt or 1.82 pct to 28.00, leisure group
Tanjong gained 0.40 rgt or 2.21 pct to 18.50, state-owned Petronas Dagangan rose
0.40 rgt or 4.30 pct to 9.70 and gaming group Genting was up 0.35 rgt or 4.43
pct at 8.25.
Transmile failed to recover from its earlier losses after it hit limit down in
the session with analyst expecting the shares to fall further in the afternoon
session. Transmile ended the morning down 2.65 rgt or 29.78 pct at 6.25.
Proton was down 0.05 rgt or 0.93 pct at 5.30 as investor sentiment was hit by
news that Volkswagen AG has walked away from a possible tie-up and the firm
posted a net loss of 591 mln rgt for the year to March 2007.
Second Finance Minister Nor Mohamed Yakcop said the government will name a new
partner for the national carmaker in three months following the latest
development.
Pos Malaysia added 0.12 rgt or 2.88 pct to 4.28, riding on the broader market's
strength, after opening lower on concern over the possible impact of accounting
irregularities at Transmile Group Bhd, in which it holds a stake.
At the close, the ringgit was quoted at 3.3990/34005 against the dollar.
Three-month interbank rates were quoted at 3.55/57.
Source: Osk WireNews
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