Malaysian shares seen down, Maybank in focus

Reuters: [2008-05-06 02:20:00]

    KUALA LUMPUR, May 6 (Reuters) - Malaysian stocks are likely 
to fall on Tuesday with shares of the country's top lender, 
Maybank <MBBM.KL>, expected to decline after it bought a 15 
percent stake in Pakistan's MCB Bank <MCB.KA>. 
    Analysts say Maybank is having to pay a high price for being 
among the last to hit the overseas acquisition trail. 
    But oil-and-gas services companies such as Dialog Group 
<DIAL.KL>, KNM <KNMP.KL> and Kencana Petroleum Bhd <KENP.KL> 
could rise on the back of record crude oil prices. 
    "The market could retreat because the sentiment is going to 
be weak due to Maybank which is going to fall," said one dealer 
with a domestic brokerage. "Otherwise oil-and-gas stocks could 
gain as oil prices jumped above $120." 
 On Monday, the benchmark Kuala Lumpur Composite Index <.KLSE> 
inched up 0.25 percent to 1,274.61 points. The May futures 
<KLIK8> put the index at 1,274 points. 
     
    ----------------------MARKET SNAPSHOT @ 2351 GMT ------------ 
                    INSTRUMENT   LAST       PCT CHG   NET CHG 
S&P 500             <.SPX>       1407.49     -0.45%    -6.410 
USD/JPY             <JPY=>       104.88      -0.04%    -0.040 
10-YR US TSY YLD    <US10YT=RR>  3.8592          --    -0.012 
SPOT GOLD           <XAU=>       871.7       -0.15%    -1.350 
US CRUDE            <CLc1>       119.74      -0.19%    -0.230 
DOW JONES           <.DJI>       12969.54    -0.68%    -88.66 
ASIA ADRS           <.BKAS>      166.93      -0.14%     -0.24 
------------------------------------------------------------- 
     
 >  US STOCKS-Wall St falls on Countrywide fears, record oil [.N] 
 >Dollar stalls as investors debate health of US economy [USD/] 
 >  Bonds mixed with short end up as stocks stumble         [US/] 
 >  Gold bounces on bargain hunting, off 4-month low       [GOL/] 
 >  Oil jumps $4 to record over $120 on weak dollar         [O/R] 
 >  SE Asian Stocks-Higher as banks, China plays lead gains [.SO] 
 >  Maybank buys stake in Pakistan MCB Bank       [ID:nKLR131083] 
 >  Bumi-Commerce seeks bad loans sale            [ID:nKLR123257] 
 >  Tradewinds Corp buys Tradewinds Hotels        [ID:nKLR288089] 
 >  Putrajaya Perdana wins 181m rgt job           [ID:nKLA007453] 
 >  Malaysia sees avg 08 CPO prices at 3,200 rgt/t[ID:nKLR192569] 
 >  Malaysia Transmile director Idrose resigns    [ID:nKLA007454] 
 >  Pos Malaysia says MD resigns                  [ID:nKLA007451] 
 >  Malaysia's Maxis to invest $4-5 bln in India  [ID:nBOM182941] 
     
    CYCLE & CARRIAGE BINTANG SAYS NO DECISION ON SPECIAL DIV 
    - Car distributor Cycle & Carriage Bintang <CYCB.KL> has not 
made any decision on return capital to shareholders, the firm 
said on Monday, responding to a recent newspaper report. 
    "The company regularly reviews its cash flow position and its 
working capital and investment requirements, and should any 
decision be made by its board in future regarding any form of 
special dividend or capital repayment, an announcement will be 
made accordingly," the company said. 
    The Edge business weekly said at the weekend that Cycle & 
Carriage Bintang was considering paying out about 50 Malaysian 
cents per share. 
     
 (Reporting by Naveen Thukral, editing by Mark Bendeich) 
 ((naveen.thukral@reuters.com; +603-2333-8035; Reuters messaging: 
naveen.thukral.reuters.com@reuters.net; areuters@gmail.com)) 
 
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 S.E. Asia.......[.SO]        Hong Kong...[.HK]  Taiwan....[.TW] 
 Australia/NZ....[.AX]        India.......[.BO]  China.....[.SS] 
    OTHER MARKETS: 
 Wall Street ....[.N]        Gold .......[GOL/] Currency..[FRX/] 
 Eurostocks.....[.EU]         Oil ........[O/R] JP bonds...[JP/] 
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 Stocks News US..[STXNEWS/US] Stocks News Europe    [STXNEWS/EU] 
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 IPO diary & data  <MY/IPOMENU>  Asia earnings diary [ASIA/EQTY] 
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 Eurostocks Week Ahead  [.EU/O] 
    TOP NEWS: 
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Keywords: MALAYSIA MARKETS STOCKS  
    
. 
Keywords: MALAYSIA MARKETS STOCKS =2 KUALA LUMPUR 
    

Baker Hughes-US rig use down 3, Canada up 7

Reuters: [2008-05-05 14:56:00]

Please be advised that Reuters will discontinue coverage of the 
weekly North American rig count from Baker Hughes in June. 
Clients can find the information on the Baker Hughes website: 
http://www.bakerhughes.com/investor/rig/rig_na.htm 
Please contact Richard Valdmanis, RAM Energy Editor, at 
646-223-6056 or via email at 
richard.valdmanis@thomsonreuters.com with any questions or 
comments. 
    
    NEW YORK, May 5 (Reuters) - Drilling rig use rose in North 
America by 4 units last week, oil services firm Baker Hughes 
<BHI.N> said. 
    The following table summarizes the Baker Hughes report and 
details the change on the previous week and year ago: 
    
                    Total May 2       Pvs. Week     Year Ago 
------------------------------------------------------------- 
North America           1,934              +4          +98 
Canada                     95              +7           +6 
United States           1,839              -3          +92 
-------------------------------------------------------------- 
Oil                       357              -3          +75 
Gas                     1,473            UNCH          +11 
Miscellaneous               9            UNCH           +6 
Vertical                  952              -5          -50 
Horizontal                515              +4         +144 
Directional               372              -2           -2 
-------------------------------------------------------------- 
Gulf of Mexico             67               3           -6 
-------------------------------------------------------------- 
For the complete report, double click on the following link: 
http://www.bakerhughes.com/investor/rig/rig_na.htm 
    ((New York Energy Desk, 646-223-6050)) 
    
Keywords: ENERGY RIGS/BAKERHUGHES 
    

US STOCKS-Jobs data lifts blue chips; Nasdaq dips on Sun

Reuters: [2008-05-02 22:47:00]

(Updates to close)

By Jennifer Coogan

NEW YORK, May 2 (Reuters) - U.S. stocks made modest gains on Friday after jobs data that offered fresh evidence the economic slowdown is not as severe as feared, but technology shares faded on a surprise loss from Sun Microsystems Inc <JAVA.O>.

The government's stronger-than-expected April payrolls report helped oil stocks rebound sharply by easing fears about weaker U.S. demand for energy. Adding to the energy rally were higher-than-expected profit from Marathon Oil Corp <MRO.N> and Chevron Corp <CVX.N>, the second-largest U.S. oil company.

"People are willing to accept the fact that we may have a very slow, stagnant economy, but the prospect of a sharp downturn seems to be less and less likely, hence the sigh of relief," said Peter Kenny, managing director at Knight Equity Markets in Jersey City, New Jersey.

The Dow Jones industrial average <.DJI> was up 48.20 points, or 0.37 percent, at 13,058.20. The Standard & Poor's 500 Index <.SPX> was up 4.56 points, or 0.32 percent, at 1,413.90. The Nasdaq Composite Index <.IXIC> was down 3.72 points, or 0.15 percent, at 2,476.99.

For the week, the Dow gained 1.3 percent, the S&P rose 1.2 percent and the Nasdaq advanced 2.2 percent.

Sun, one of the biggest makers of computers used by businesses, sank 22.6 percent to close at $12.64 after the company late on Thursday blamed the slowing economy for its dismal earnings forecast.

Yahoo Inc's <YHOO.O> shares helped stem the Nasdaq's losses. Shares of the Internet company rose nearly 7 percent to $28.67. The company has intensified talks with Microsoft Corp <MSFT.O> in a last-minute effort to reach a friendly agreement on Microsoft's buyout offer, now worth $42 billion, a source familiar with the matter said. For details, see [ID:nN02283970]. Microsoft slipped 16 cents to $29.24.

The Labor Department said 20,000 jobs were shed last month, marking a fourth straight monthly decline, but the cuts were fewer than the 80,000 which economists surveyed by Reuters had anticipated. The unemployment rate fell to 5.0 percent from 5.1 percent.

Oil shares were higher after U.S. crude futures rose $3.80 to settle at $116.32 a barrel.

Marathon shares rose 6 percent to $50.80 and Chevron rose 38 cents to $95.32. A big gainer in the oil patch was offshore driller Transocean Inc <RIG.N>, which rose 4.2 percent to $151.92. (Editing by Kenneth Barry) ((jennifer.coogan@thomsonreuters.com; + 1 646-223-6125; Reuters Messaging: jennifer.coogan.reuters.com@reuters.net)) ((Multimedia versions of Reuters Top News are now available for: * 3000 Xtra: visit http://topnews.session.rservices.com * BridgeStation: view story .134 For more information on Top News: http://topnews.reuters.com))

Keywords: MARKETS STOCKS

US STOCKS-Blue chips flat on jobs data; Sun sinks Nasdaq

Reuters: [2008-05-02 21:18:00]

(Updates to late afternoon, changes byline)

By Jennifer Coogan

NEW YORK, May 2 (Reuters) - The Dow and S&P 500 were little changed on Friday after news of a smaller-than-expected drop in jobs last month calmed recession worries, while a net loss by Sun Microsystems <JAVA.O> pulled tech shares down.

IBM <IBM.N> was the top drag on the Dow and Microsoft Corp <MSFT.O> was the biggest weight on the S&P.

The S&P 500 briefly rose to a key level not touched since December after the jobs data, but when the index failed to surpass the level, selling kicked in, traders said.

Investors are looking at "whether the market is going to convincingly break above technical resistance levels we're at now -- around 13,000 on Dow and 1,410 on the S&P," said Michael James, senior trader at regional investment bank Wedbush Morgan in Los Angeles.

"Although the level of bullishness certainly has increased, there's going to need to be more proof, either in economic data or continued strong earnings reports, to be able to move us significantly higher."

The Dow Jones industrial average <.DJI> was down 2.68 points, or 0.02 percent, at 13,007.32. The Standard & Poor's 500 Index <.SPX> was down 0.21 point, or 0.01 percent, at 1,409.13. The Nasdaq Composite Index <.IXIC> was down 15.65 points, or 0.63 percent, at 2,465.06.

The Labor Department said 20,000 jobs were shed last month, marking a fourth straight monthly decline, but the cuts were fewer than the 80,000 which economists surveyed by Reuters had anticipated. The unemployment rate fell to 5.0 percent from 5.1 percent, contrary to forecasts of a pickup to 5.2 percent.

Sun, the world's fourth-largest business computer maker, shares sank 22.7 percent to $12.62 on the Nasdaq. Microsoft shares were down 1.5 percent to $28.97. International Business Machines Corp's shares fell 1.2 percent to $122.17.

Bear Stearns cut its rating on Sun's stock, according to theflyonthewall.com. At least three other firms lowered price targets on the stock.

Energy stocks rebounded on a sharp jump in oil prices. U.S. crude futures rose $3.80 to $116.32 in part, because of the payrolls report, which helped to ease fears about weaker U.S. demand for energy.

Marathon Oil Corp shares were up 6.3 percent to $50.91 after the oil company posted better-than-expected profit. Shares of offshore driller Transocean Inc <RIG.N> were up 4.1 percent to $151.79.

Shares of Countrywide Financial Corp <CFC.N> fell 3.8 percent to $5.82 after Standard & Poor's cut the mortgage lender's rating to junk status because Bank of America <BAC.N> may not support some of the company's debt once the two companies merge. (Editing by Kenneth Barry)

((jennifer.coogan@thomsonreuters.com; + 1 646-223-6125; Reuters Messaging: jennifer.coogan.reuters.com@reuters.net)) ((Multimedia versions of Reuters Top News are now available for: * 3000 Xtra: visit http://topnews.session.rservices.com * BridgeStation: view story .134 For more information on Top News: http://topnews.reuters.com))

Keywords: MARKETS STOCKS

 
============================================================== 
 To access running updates on what's moving U.S. stocks double 
click on [STXNEWS/US] 
============================================================== 
 For other U.S. market data and news, click on codes in 
brackets: 
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 S&P 500 index ........................................<.SPX> 
 Dow Jones industrial average..........................<.DJI> 
 Nasdaq Composite index...............................<.IXIC> 
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 S&P major sectors..............................<0#.GSPMAJOR> 
 NYSE most active.....................................<.AV.N> 
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 Top NYSE pct gainers.................................<.PG.N> 
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 52 week highs: 
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    Main global stock indexes and market reports: 
 FTSE Eurotop 300 .....<.FTEU3>  European report .......[.EU] 
 Nikkei 225.............<.N225>  Tokyo report............[.T] 
 FTSE 100...............<.FTSE>  London report...........[.L] 
 Xetra DAX.............<.GDAXI>  Frankfurt market stories[.F] 
 CAC-40.................<.FCHI>  Paris market stories...[.PA] 
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 CRB index of commodity futures........................[CRB/] 

Singapore Hot Stocks-Unisteel up on private equity bidding

Reuters: [2008-05-02 08:23:00]

SINGAPORE, May 2 (Reuters) - Disk drive component maker Unisteel Technology <UNST.SI> rose as much as 6.8 percent to S$1.72 after sources told Reuters the firm has attracted interest from four major buyout firms.

Analysts have said a deal for Unisteel could be worth around S$800 million ($588 million).

U.S. private equity firms Bain Capital and Kohlberg Kravis Roberts & Co. [KKR.UL] are seen as having the strongest interest in Unisteel, sources said on Friday, adding Carlyle Group [CYL.UL] and TPG Capital [TPG.UL] are also bidding [ID:nHKG56756].

The auction is being run by Macquarie's <MQG.AX> investment banking group, sources said, and is past the first round of bids.

A Unisteel spokesman declined to comment, referring to a statement last month that said it was undergoing a strategic review.

0622 GMT - Straits Times Index <.FTSTI> up 2.51 percent.

NOBLE SURGES ON AUSTRALIAN COAL FIND

Commodities firm Noble Group <NOBG.SI> soared as much as 8.1 percent after Gloucester Coal, in which it owns a 20 percent stake, discovered a new coal site in Australia.

Noble's shares hit an intraday high of S$2.41 with more than 5.8 million traded.

Coal producer Gloucester Coal Ltd <GCL.AX> said on Thursday it found a significant new coking coal discovery in the New South Wales state, about 2.5 kilometres from its coal plant. Coal prices have surged in the past year <0#MCC-CASH>.

According to Reuters data, Noble owns 19.7 percent of Gloucester Coal.

For more details, please double-click on [ID:nSYD320228]

0401 GMT - Straits Times Index <.FTSTI> up 2.34 percent.

FERROCHINA UP ON POSSIBLE M&A DEAL

Steel-maker FerroChina <FERR.SI> rose as much as 4.9 percent after Hong Kong's South China Morning Post reported that Australia and Russian firms are eyeing at least a 20 percent stake in the China-based company.

Shares of FerroChina, which makes galvanised steel, hit an intraday high of S$1.49 with over 4.8 million traded.

The newspaper report, which did not name its source, said FerroChina has attracted interest from Australia's BlueScope Steel <BSL.AX> and Russian firms including Evraz Group <HK1q.L>, part-owned by Russian billionaire Roman Abramovich, to buy a 20 percent stake in the Chinese company.

But the unnamed source said FerroChina may receive a large offer and sell more than one-fifth of the firm.

"Some of the real acquisitive guys may come in with a huge bid and the whole company could get sold," the newspaper quoted the unnamed source as saying.

The report follows an announcement from FerroChina last month that it had hired Merrill Lynch <MER.N> as its strategic advisor.

In March, FerroChina executive director Nelson Fong told Reuters that the company would consider long-term alliances or strategic investments by outside parties, but he said the owners would want to retain some control.

0237 GMT - Straits Times Index <.FTSTI> up 2.43 percent.

CHINA OILFIELD DIVES ON Q1 PROFIT WARNING

Oil equipment maker China Oilfield Technology Services <COFT.SI> fell nearly 12 percent after the firm issued a profit guidance for its first-quarter results, dealers said.

Shares of the firm hit an intraday low of S$0.38 with over 8.8 million traded.

China Oilfield Tech said it expects to incur a loss for its first quarter ended March 31 due to slow demand for its products during the Chinese New Year holidays and the grant of share options to its employees.

But the company said it has orders on hand worth 200 million yuan ($28.6 million) and it is preparing the design and production of these orders.

0144 GMT - Straits Times Index <.FTSTI> up 2.31 percent.

COSCO SOARS ON STRONG Q1 PROFIT, OUTLOOK

Cosco Corp <COSC.SI> rose as much as 6 percent to S$3.35 after the firm said its first-quarter net profit doubled and that it was confident about prospects in 2008.

For more details, double-click on [ID:nSIN323459].

But Citigroup said there is downside risk to Cosco's shares, citing margin concerns, increased forex volatility and higher tax rates, as well as a potential oversupply of bulk carriers.

Citi, which kept its investment rating at "sell" with a share target price of S$2.70, also said Cosco's order book could shrink as the firm is not able to clarify if current contracts are secured with downpayment.

However, JPMorgan maintained its investment recommendation for Cosco at "overweight" with a share target price of S$3.80 as the earnings were in line with the U.S. investment bank's estimates.

0127 GMT - Straits Times Index <.FTSTI> up 2.18 percent. (Reporting by Tan Wei Xin; Editing by Neil Chatterjee)

((weixin.tan@thomsonreuters.com; +65 6403 5667; Reuters Messaging: weixin.tan.reuters.com@reuters.net))

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