Wrap-up for April 8, 2011
FRIDAY, April 8, 2011
* SGX $8.3bil takeover bid for ASX rejected. Australia federal treasurer says the merger would not be in the nation’s interest. The proposal, announced in October 2010, would have created one of Asia’s leading stock markets.
* The FBM KLCI closed lower by 4.44 points, or 0.28%, at 1,557.49, amid profit taking activities in selected heavyweights. Regional peers were largely up in their trade with Japan’s Nikkei 225 gaining 1.85% to 9,768.08, Hang Seng Index increasing 0.47% to 24,396.07 and Singapore’s STI was higher 0.49% to 3,187.31.
* Crude oil was up at US$111.51, from yesterday’s close of US$110.30.
* The Plantation Index dropped 54.12 points to 7,815.52, the Finance Index declined 13.09 points to 14,251.18 and the Industrial Index eased 9.15 points to 2,833.63.
* The ringgit closed at 3.0215/0232, at 5pm today, against 3.0265/0285 Thursday. However it traded mostly lower against other major currencies — SG: 2.4034/4049; Yen: 3.5455/5484; euro: 4.3519/3549; and sterling 4.9565/9605
EVENING UPDATES
* Oil rises above $125, highest since Aug 2008 on concerns of long-term supply cuts. Market was driven by simmering political tensions in the Arab world and concerns over elections in Nigeria.
* Inflation fears send gold up another record high (above $1,470 an ounce)
* Euro at 15-month peak on EU interest rate hike optimism
* Dollar pressured as U.S. government shutdown looms
* Global equities boosted by optimism the worldwide economic recovery will fuel demandfor commodities, and shares hit their highest level in almost three years. U.S. stocks opened higher but were little changed by late morning
* Japan restores power to nuclear plants
* Friday protests erupt in Arab world, 10 die in Syria. Egyptians staged one of the biggest rallies since Mubarak’s fall. They are demanding Mubarak’s prosecution and accused the military of being too slow to root out corruption from his era.
