Malaysian shares seen higher, RHB Capital in focus

Reuters: [2008-05-09 02:10:00]

KUALA LUMPUR, May 9 (Reuters) - Malaysian stocks are likely to rise on Friday on the back of higher prices on Wall Street and strengthening commodity prices.

Dealers said Malaysia's fourth-largest lender, RHB Capital <RHBC.KL>, will also be in focus after its controlling shareholder, the state pension fund, sold a 25 percent stake to Abu Dhabi Commercial Bank <ADCB.AD>.

"The market should bode well today as strong U.S. market will be positive for us," said one dealer with a domestic brokerage.

"All eyes will be on RHB capital which will open for trading after the acquisition. I think it will go up to six bucks as Abu Dhabi Commercial Bank paid 7.20 ringgit per share."

RHB was suspended on Thursday, last trading at 5.25 ringgit.

Another dealer said oil-and-gas firms such as KNM <KNMP.KL>, Kencana Petroleum <KENP.KL> and Dialog Group <DIAL.KL> would be in the spotlight as crude oil prices hit another record high.

Top palm planters Sime Darby <SIME.KL>, IOI Corp <IOIB.KL> and Kuala Lumpur Kepong <KLKK.KL> could also gain as crude palm-oil prices climbed 3.3 percent on Thursday.

"Crude oil hit a fresh record which will keep oil-and-gas companies and plantations stocks in the spotlight," she said.

On Thursday, the benchmark Kuala Lumpur Composite Index <.KLSE> fell 0.53 percent to 1,280.35 points. The May futures <KLIK8> put the index at 1,275 points.

----------------------MARKET SNAPSHOT @ 2353 GMT ------------

INSTRUMENT LAST PCT CHG NET CHG S&P 500 <.SPX> 1397.68 0.37% 5.110 USD/JPY <JPY=> 103.8 0.05% 0.050 10-YR US TSY YLD <US10YT=RR> 3.7673 -- -0.015 SPOT GOLD <XAU=> 882.65 0.04% 0.350 US CRUDE <CLc1> 124.19 0.40% 0.500 DOW JONES <.DJI> 12866.78 0.41% 52.43 ASIA ADRS <.BKAS> 163.89 0.16% 0.26 -------------------------------------------------------------

> Wall St jumps on miners, oil; AIG sinks late [.N] >Euro recovers vs dlr on Trichet inflation comments [USD/] > Bonds rally on refunding cash, 30-year auction [US/] > Gold ends higher, platinum surges on ETN news [GOL/] > Oil rallies to record $124 on strong diesel demand [O/R] > SE Asian Stocks-Mostly down, Singapore at 1-week low [.SO] > Palm oil soars 3 pct on supply worry [ID:nKLR253388] > Malaysia buys 500,000 tonnes of Thai rice [ID:nBKK13286] > Pakistan July-Sept palm oil imports to jump [ID:nKLR277001] > Abu Dhabi bank buys Malaysia RHB stake [ID:nKLR70481] > Malaysia's Tenaga has sufficient coal [ID:nKLA007474] > Malaysia: flexibility to tackle inflation [ID:nKLR72470] > Malaysia's RHB Bank to post profit growth [ID:nKLA007472]

DIGI EXPECTS 3G RETURNS AFTER 3 YEARS, EYES RURAL MARKET

- Malaysian mobile-phone operator DiGi.Com <DSOM.KL> expects to take more than three years for its investments in third-generation telecommunications to break even despite 3G equipment having become cheaper, the Business Times said on Friday, quoting Chief Executive Johan Dennelind.

Dennelind also told the Malaysian Reserve that DiGi planned to expand into rural areas of Malaysia to tap an estimated market of 10 million people who currently do not use mobile services.

(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)) Keywords: MALAYSIA MARKETS STOCKS

. Keywords: MALAYSIA MARKETS STOCKS =2 KUALA LUMPUR

US STOCKS-Wall St jumps on miners, oil; AIG sinks late

Reuters: [2008-05-08 23:30:00]

(Adds AIG results after the bell and stock's reaction in 17th paragraph, volume in last two)

By Ellis Mnyandu

NEW YORK, May 8 (Reuters) - U.S. stocks rose on Thursday as a surge in global commodity prices propelled mining and energy shares higher, while technology shares gained after a top strategist said they were a good value.

Oil prices rose to a third straight closing record high and metal prices advanced as the U.S. dollar fell, driving up the shares of Chevron Corp <CVX.N> and Alcoa Inc <AA.N>. These two stocks ranked as the biggest positive influences on the Dow.

Technology shares also exerted a major positive influence after a Merrill Lynch strategist said they were a good value.

The market's advance was limited, though, by financial shares. The sector fell for a second day on concerns that new disclosure requirements for investment banks, envisioned by the U.S. Securities and Exchange Commission, may hurt bank profits. For details, see [ID:nN07565098].

Investors again took heart from fresh data suggesting the economy, while soft, was not crumbling rapidly.

"There's a shift in the overall sentiment, with people thinking that the U.S. and the world's economies aren't in such bad shape," said Cleveland Rueckert, market analyst at Birinyi Associates Inc in Stamford, Connecticut. "So that means there's still going to be construction, demand for copper, raw materials, hence the strength in material stocks today."

The Dow Jones industrial average <.DJI> finished up 52.43 points, or 0.41 percent, at 12,866.78. The Standard & Poor's 500 Index <.SPX> ended up 5.11 points, or 0.37 percent, at 1,397.68. The Nasdaq Composite Index <.IXIC> gained 12.75 points, or 0.52 percent, to close at 2,451.24.

CHEVRON JUMPS, ALCOA SHINES

Chevron's stock added 2.2 percent to $97.44 on the New York Stock Exchange, boosting both the Dow and the S&P 500.

Alcoa's shares climbed 4.1 percent to $39.65 and ranked as the Dow's second-best influence, behind Chevron.

Shares of Exxon Mobil Corp <XOM.N> contributed the most to the S&P 500's advance. Exxon gained 1.3 percent to close at $89.93 on the NSYE. The oil index <.OIX> rose 1.3 percent.

U.S. crude for June delivery settled at $123.69 a barrel, up 16 cents on the New York Mercantile Exchange. After the NYMEX regular session ended, U.S. crude extended gains and rose to a record $124.61 a barrel.

Another standout among miners was Freeport McMoRan Copper & Gold Inc <FCX.N>, whose stock finished up 3.2 percent at $118.07 on the NYSE. The prices of gold, silver and platinum headed higher as the U.S. dollar lost ground against the euro.

COMEX gold was up 1.4 percent, while silver gained 1.2 percent. July platinum gained nearly 3 percent. [ID:nN08561294]

Shares of Caterpillar Inc <CAT.N>, whose excavators and bulldozers are used in mining and construction, advanced 1 percent to $82.42, making the stock one of the biggest positive influences on the Dow.

A LITTLE APPLE POLISHING

On the Nasdaq, shares of Apple Inc <AAPL.O>, the maker of the iPod and the iPhone, climbed 1.4 percent to $185.06, while shares of Qualcomm Inc <QCOM.O>, a wireless chip and technology supplier, finished up 1.3 percent to $44.10.

Chip maker Intel Corp's <INTC.O> shares rose 1 percent to $23.40 on the Nasdaq. Merrill Lynch's chief investment strategist, Richard Bernstein, told CNBC that some of the bigger capitalization tech stocks offered good value and were under owned.

Investors sold financial stocks after weighing the impact of the SEC's disclosure plans. An S&P index of financial shares <.GSPF> fell 1.2 percent. Bank of America Corp <BAC.N>, the No. 2 U.S. bank, was the top drag on the S&P 500. Its shares ended down 1.8 percent at $37.33 on the NYSE, while shares of U.S. investment bank Morgan Stanley <MS.N> dropped 1.6 percent to $46.48.

AIG FALLS LATE ON HUGE LOSS

After the bell, American International Group Inc <AIG.N>, the world's largest insurer, posted its biggest-ever quarterly loss -- $7.81 billion -- hurt by bad mortgage investments. Its stock slid more than 5 percent in after-hours trading from its close on the NYSE at $44.15. AIG ended regular trade down 2.1 percent. [ID:nN08402912]

Economic reports included data showing that the number of U.S. workers filing claims for initial jobless benefits fell more than expected last week.

Several major U.S. retailers, including Wal-Mart Stores Inc <WMT.N>, also posted better-than-expected April sales, calming worries about consumer spending amid soaring gasoline prices and no let-up in the housing slump.

But with investors fearful of the impact that higher energy costs will have on consumers, the broader market was rather restrained as consumer-oriented stocks, including Coca-Cola <KO.N>, slipped. The soft drink's maker shares ended down 1.3 percent at $56.29 after its chief executive forecast that U.S. sales of the company's carbonated soft drinks will fall slightly this year, but rise in 2009.

Volume was light on the New York Stock Exchange, where about 1.21 billion shares changed hands, below last year's estimated daily average of 1.90 billion. On the Nasdaq, about 2.10 billion shares traded, below last year's daily average of 2.17 billion.

Advancers outnumbered decliners on the NYSE by a ratio of about 3 to 2, and on Nasdaq, by about 7 to 6. (Reporting by Ellis Mnyandu; Editing by Jan Paschal) ((Ellis.Mnyandu@thomsonreuters.com; +1 646 223 6085; Reuters Messaging:ellis.mnyandu.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-Mining, oil and tech sectors lift Wall St

Reuters: [2008-05-08 22:44:00]

(Updates to close)

By Ellis Mnyandu

NEW YORK, May 8 (Reuters) - U.S. stocks rose on Thursday as a surge in global commodity prices propelled mining and energy shares higher, while technology shares gained after a top strategist said they were a good value.

Oil prices rose to a third straight closing record high and metal prices advanced as the U.S. dollar fell, driving up the shares of Chevron Corp <CVX.N> and Alcoa Inc <AA.N>. These two stocks ranked as the biggest positive influences on the Dow.

Technology shares also exerted a major positive influence after a Merrill Lynch strategist said they were a good value.

The market's advance was limited, though, by financial shares. The sector fell for a second day on concerns that new disclosure requirements for investment banks, envisioned by the U.S. Securities and Exchange Commission, may hurt bank profits. For details, see [ID:nN07565098].

Investors again took heart from fresh data suggesting the economy, while soft, was not crumbling rapidly.

"There's a shift in the overall sentiment, with people thinking that the U.S. and the world's economies aren't in such bad shape," said Cleveland Rueckert, market analyst at Birinyi Associates Inc in Stamford, Connecticut. "So that means there's still going to be construction, demand for copper, raw materials, hence the strength in material stocks today."

The Dow Jones industrial average <.DJI> finished up 52.43 points, or 0.41 percent, at 12,866.78. The Standard & Poor's 500 Index <.SPX> ended up 5.11 points, or 0.37 percent, at 1,397.68. The Nasdaq Composite Index <.IXIC> gaind 12.75 points, or 0.52 percent, to close at 2,451.24.

Chevron's stock added 2.2 percent to $97.44 on the New York Stock Exchange, boosting both the Dow and the S&P 500.

Alcoa's shares climbed 4.1 percent to $39.65 and ranked as the Dow's second-best influence, behind Chevron.

Shares of Exxon Mobil Corp <XOM.N> contributed the most to the S&P 500's advance. Exxon gained 1.3 percent to close at $89.93 on the NSYE. The oil index <.OIX> rose 1.3 percent.

U.S. crude for June delivery settled at $123.69 a barrel, up 16 cents on the New York Mercantile Exchange. After the NYMEX regular session ended, U.S. crude extended gains and rose to a record $124.61 a barrel.

Another standout among miners was Freeport McMoRan Copper & Gold Inc <FCX.N>, whose stock finished up 3.2 percent at $118.07 on the NYSE. The prices of gold, silver and platinum headed higher as the U.S. dollar lost ground against the euro.COMEX gold was up 1.4 percent, while silver gained 1.2 percent. July platinum gained nearly 3 percent. [ID:nN08561294]

Shares of Caterpillar Inc <CAT.N>, whose excavators and bulldozers are used in mining and construction, advanced 1 percent to $82.42, making the stock one of the biggest positive influences on the Dow.

On the Nasdaq, shares of Apple Inc <AAPL.O>, the maker of the iPod and the iPhone, climbed 1.4 percent to $185.06, while shares of Qualcomm Inc <QCOM.O> , a wireless chip and technology supplier, finished up 1.3 percent to $44.10.

Chip maker Intel Corp's <INTC.O> shares rose 1 percent to $23.40 on the Nasdaq. Merrill Lynch's chief investment strategist, Richard Bernstein, told CNBC that some of the bigger capitalization tech stocks offered good value and were under owned.

Investors sold some financial stocks after weighing the impact of the SEC's disclosure plans. An S&P index of financial shares <.GSPF> fell 1.2 percent. Bank of America Corp <BAC.N>, the No. 2 U.S. bank, was the top drag on the S&P 500. Its shares ended down 1.8 percent at $37.33 on the NYSE, while shares of U.S. investment bank Morgan Stanley <MS.N> dropped 1.6 percent to $46.48.

Shares of American International Group Inc <AIG.N> ended regular trading down 2.1 percent at $44.15 ahead of the insurer's quarterly results, due after the market's close.

Economic reports included data showing that the number of U.S. workers filing claims for initial jobless benefits fell more than expected last week.

Several major U.S. retailers, including Wal-Mart Stores Inc <WMT.N>, also posted better-than-expected April sales, calming worries about consumer spending amid soaring gasoline prices and no let-up in the housing slump.

But with investors fearful of the impact that higher energy costs will have on consumers, the broader market was rather restrained as consumer-oriented stocks, including Coca-Cola <KO.N>, slipped. The soft drink's maker shares ended down 1.3 percent at $56.29 after its chief executive forecast that U.S. sales of the company's carbonated soft drinks will fall slightly this year, but rise in 2009.

(Reporting by Ellis Mnyandu; Editing by Jan Paschal) ((Ellis.Mnyandu@thomsonreuters.com; +1 646 223 6085; Reuters Messaging:ellis.mnyandu.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: 
 U.S. Equities speed guide........................<US/EQUITY> 
 S&P 500 index ........................................<.SPX> 
 Dow Jones industrial average..........................<.DJI> 
 Nasdaq Composite index...............................<.IXIC> 
 Nasdaq 100............................................<.NDX> 
 Russell 2000 small cap................................<.RUT> 
 S&P major sectors..............................<0#.GSPMAJOR> 
 NYSE most active.....................................<.AV.N> 
 Nasdaq most active...................................<.AV.O> 
 Top NYSE pct gainers.................................<.PG.N> 
 Top NYSE pct losers..................................<.PL.N> 
 Top Nasdaq pct gainers...............................<.PG.O> 
 Top Nasdaq pct losers................................<.PL.O> 
 52 week highs: 
    NYSE...............<t.YH.N>  Nasdaq..............<t.YH.O> 
 52 week lows: 
    NYSE...............<t.YL.N>  Nasdaq..............<t.YL.O> 
 
    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] 
 World Indices.....................................<0#.INDEX> 
 Reuters survey of world bourse outlook.........<EQUITYPOLL1> 
 U.S. IPO diary........................................[IPO/] 
 U.S. Asset Allocation Table.......................[US/ASSET] 
 
 More Reuters News on equities at a glance: 
 Equities ............[E]   US company news.........[TOP/EQU] 
 
    Key non-equities market reports: 
 Foreign exchange......................................[FRX/] 
 Oil....................................................[O/R] 
 US Treasuries.........................................[US/N] 
 International bonds...................................[EUB/] 
 Gold.......................................[GOL/X] or [GOL/] 
 CRB index of commodity futures........................[CRB/] 

US STOCKS-Miners and tech lift Wall St, but banks retreat

Reuters: [2008-05-08 21:10:00]

(Updates to late afternoon, changes byline)

By Ellis Mnyandu

NEW YORK, May 8 (Reuters) - U.S. stocks rose on Thursday as investors snapped up mining companies' shares, including Alcoa Inc <AA.N>, on higher global metal prices, and a top strategist's upbeat comments on tech boosted the sector.

Alcoa's shares climbed more than 3 percent and ranked among the Dow's top advancers, while shares of Apple Inc <AAPL.O>, a tech bellwether, led the Nasdaq's major advancers. Apple was up 1 percent.

Another standout was Freeport McMoRan Copper & Gold Inc <FCX.N>, up more than 2 percent. The prices of gold, silver and platinum headed higher as the U.S. dollar lost ground against the euro.

Another boost for the market was data showing the number of U.S. workers filing claims for initial jobless benefits fell more than expected last week and news of better-than-expected monthly sales from major retailers, including Wal-Mart Stores Inc <WMT.N>.

"There's a shift in the overall sentiment, with people thinking that the U.S. and the world's economies aren't in such bad shape," said Cleveland Rueckert, market analyst at Birinyi Associates Inc in Stamford, Connecticut.

"If you look at stocks that are doing well, it's things like mining and oil stocks."

Oil shares were buoyed by higher crude prices.

But with investors fearful of the impact that higher energy costs will have on consumers, the broader market was rather restrained as consumer-oriented stocks, including Coca-Cola <KO.N> slipped. The soft drink's maker shares fell 1.3 percent to $56.31.

The Dow Jones industrial average <.DJI> gained 33.30 points, or 0.26 percent, to 12,847.65. The Standard & Poor's 500 Index <.SPX> added 2.98 points, or 0.21 percent, to 1,395.55. The Nasdaq Composite Index <.IXIC> rose 9.79 points, or 0.40 percent, to 2,448.19.

Alcoa shares rose to $39.45 on the New York Stock Exchange, while those of Freeport McMoRan climbed to $117.34.

Shares of Caterpillar Inc <CAT.N>, whose excavators and bulldozers are used in mining and construction, advanced 0.7 percent to $82.19, making the stock one of the biggest positive influences on the Dow.

On the Nasdaq, shares of Apple, the maker of the iPod and the iPhone, climbed to $184.78, as shares of Intel Corp <INTC.O>, a chip maker, rose 0.7 percent to $23.33.

Merrill Lynch's chief investment strategist, Richard Bernstein, told CNBC that some of the bigger capitalization tech stocks offered good value and were under owned.

But shares of financial services companies fell on concerns that new disclosure requirements for investment banks, envisioned by the U.S. Securities and Exchange Commission, may hurt the financial sector's profits. For details, see [ID:nN07565098].

Shares of Bank of America Corp <BAC.N>, the No. 2 U.S. bank, declined 1.6 percent to $37.38 on the NYSE, while shares of U.S. investment bank Morgan Stanley <MS.N> dropped 2.1 percent to $46.24. The S&P financial index <.GSPF> slipped 1.2 percent.

Shares of Wal-Mart Stores Inc <WMT.N jumped 1.1 percent to $57.46 on the NYSE after the world's largest retailer posted April same-store sales that beat forecasts.

Among energy stocks, Exxon Mobil Corp <XOM.N>, Chevron Corp <CVX.N> and oil field services provider Schlumberger Ltd <SLB.N> were among the top contributors to the S&P 500.

Exxon Mobil added 0.8 percent to $89.53, while Chevron gained 1.7 percent to $96.91 and Schlumberger rose 2.5 percent to $104.53.

U.S. crude for June delivery settled at $123.69 a barrel, up 16 cents on the New York Mercantile Exchange. After the NYMEX regular session ended, U.S. crude extended gains and rose to a record $123.97 a barrel.

COMEX gold was up 1.3 percent, while silver gained 1.2 percent. July platinum gained almost 3 percent. [ID:nN08470789] (Reporting by Ellis Mnyandu; Editing by Jan Paschal) ((Ellis.Mnyandu@thomsonreuters.com; +1 646 223 6085; Reuters Messaging:ellis.mnyandu.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-Tech and materials sectors buoy Wall St

Reuters: [2008-05-08 19:22:00]

(Updates to midday. changes byline)

By Cal Mankowski

NEW YORK, May 8 (Reuters) - U.S. stocks rose on Thursday as technology shares rebounded from a decline in the previous session and higher metals prices lifted materials stocks.

Another boost for the market was data showing the number of U.S. workers filing claims for initial jobless benefits fell more than expected last week.

Merrill Lynch's chief investment strategist, Richard Bernstein, told CNBC that some of the bigger capitalization tech stocks offer good values and are under owned. Intel Corp <INTC.O> rose 1 percent to $23.43 and Apple Inc <AAPL.O> gained 1.3 percent to $185.00.

U.S. gold futures climbed 1 percent. Shares of materials companies advanced, with Dow component and aluminum company Alcoa Inc <AA.N> up 3.4 percent at $39.40.

Morgan Stanley <MS.N>, down 2.2 percent at $46.20, ranked among the major decliners in the financial sector after U.S. Securities and Exchange Commission Chairman Christopher Cox said on Wednesday that investment banks will face more scrutiny over their liquidity and capital positions. For details, see [ID:nN07565098].

Peter Jankovskis, director of research at OakBrook Investments LLC in Lisle, Illinois, said the jobless figures helped to support the market.

"The unemployment claims came in lower than expected, which is obviously good news from the standpoint of consumer spending and the labor market," he said.

The Dow Jones industrial average <.DJI> rose 26.62 points, or 0.21 percent, to 12,840.97. The Standard & Poor's 500 Index <.SPX> gained 1.23 points, or 0.09 percent, to 1,393.80. The Nasdaq Composite Index <.IXIC> climbed 7.72 points, or 0.32 percent, to 2,446.21.

The S&P retail index <.RLX> was down 1.4 percent despite a rebound in April chain store sales. U.S. retail sales improved in April after a weak March, with some of the stronger gains reported by discounters.

Wal-Mart Stores Inc <WMT.N, the world's largest retailer, said April sales at stores open at least a year increased 3.2 percent, excluding fuel sales. Wal-Mart shares rose 0.8 percent to $57.30.

Among energy stocks, Chevron Corp <CVX.N> and oil field services provider Schlumberger Ltd <SLB.N> were among the top contributors to the S&P 500.

Chevron gained 1.5 percent to $96.70 and Schlumberger rose 1.3 percent to $103.36. (Reporting by Cal Mankowski; Editing by Jan Paschal) ((cal.mankowski@thomsonreuters.com ; +1 646 223 6132; Reuters Messaging: cal.mankowski.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