NST Online Business Times : latest
NST Online Business Times : latest |
| Posted: 17 Jul 2013 04:39 PM PDT NEW YORK: US stocks on Wednesday rose after Federal Reserve Chairman Ben Bernanke said the Fed's policy on tapering its bond-buying programme was not on a "preset course." The Dow Jones Industrial Average added 18.67 points (0.12 percent) at 15,470.52. The broad-based S&P 500 put on 4.65 points (0.28 percent) at 1,680.91 while the tech-rich Nasdaq Composite Index increased 11.50 points (0.32 percent) to 3,610.00. The gains came after Bernanke reiterated, in testimony to a House of Representatives committee, that the Fed would likely scale back the bond-buying programme later this year, but only if the economy improves.
The market's leading indices traded in a narrow band during and after the testimony, reflecting that Bernanke's testimony yielded no major surprises, analysts said. "It's more of the same," said Bill Lynch, director of investments at Hinsdale Associates. Bernanke is "pretty much repeating the same thing as last week." Bank of America gained 2.8 percent after reporting a 70 percent rise in adjusted second-quarter net income and beating analyst estimates by 7 cents at 32 cents per share. Yahoo! surged 10.3 percent despite a mixed earnings report. While second-quarter profit rose 46 percent, the Internet portal company saw search ad revenue fall 5 percent. The company also downgraded its revenues outlook for the third quarter and the full year. Toymaker Mattel sank 6.8 percent after reporting that quarterly profits fell 24 percent compared with the year-ago period. North American gross sales fell 2 percent. California utility Pacific Gas and Electric Company dropped 2.7 percent after the California Public Utilities Commission proposed a $300 million fine related to a fatal 2010 pipeline explosion. Dow component DuPont jumped 5.3 percent after media reports said Trian Fund Management's Nelson Peltz had taken a big stake in the chemicals company. Another Dow member, Caterpillar, tumbled 1.7 percent after hedge fund investor Jim Chanos reportedly warned that the big industrial company would suffer from a slowdown in Chinese commodities demand. -- AFP |
| KL shares higher in early trade Posted: 17 Jul 2013 06:55 PM PDT Share prices on Bursa Malaysia were traded higher in early trade today on renewed buying interest, dealers said. Three minutes into trading, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 1.03 points better at 1,789.69, after opening 1.67 points lower at 1,786.99. Market breadth was positive, with 123 gainers and 44 losers, while 112 counters were unchanged, 1,306 untraded and 24 others suspended. Turnover stood at 589.054 million shares worth RM40.643 million.
"This comes as sentiment on regional equities is likely be firm, after the US Federal Reserve chairman Ben Bernanke said the tapering of its bond buying programme would depend on economic and financial developments, and could be delayed if the economy continues to weaken," it added. The research house said stocks that may have added interest today were Scomi Engineering, as the company would be bidding for two monorail projects in India worth RM5 billion, and Bursa Malaysia, which is scheduled to release its latest quarterly financial results at lunchtime. On the scoreboard, the Plantation Index fell 13.529 points to 8,423.49, and the Finance Index lost 32.28 points to 17,109.78, while the Industrial Index added 4.99 points to 3,037.01. The FBM Emas Index increased 9.04 points to 12,488.8, the FBM 70 Index rose 16.28 points to 14,395.16, the FBMT100 improved 8.54 points to 12,220.64 and the FBM ACE Index gained 16.18 points to 4,886.03. Among actives, Malaysian Airlines was flat at 30.5 sen, CLIQ Energy-WA rose 1.5 sen to 49.5 sen and CLIG Energy added one sen to 78 sen. As for the heavyweights, Maybank rose two sen to RM10.52, while CIMB and Axiata fell one sen each to RM8.41 and RM6.76, respectively.-- Bernama |
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