The Star Online: Business
The Star Online: Business |
- FBM KLCI advances in early trade
- Oil rises on concerns about future supplies
- US stocks close higher for the first time in June
| FBM KLCI advances in early trade Posted: 09 Jun 2011 07:09 PM PDT KUALA LUMPUR: The FBM KLCI advanced in Friday's early morning trade, rising 3.73 points or 0.24% to 1,554.62 at 9.40am on the buying of selected blue-chip stocks. Among the gainers were British American Tobacco (M) and Genting Bhd which were up both up 14 sen to RM46.38 and RM11.24 respectively. Regional bourses were mixed. Tokyo's Nikkei 225 rose 1.25% to 9,585.87 while Hong Kong's Hang Seng Index was down 0.25% to 22,553.61. Shanghai's A index was down 0.13% to 2,699.89 while Taiwan's Taiex Index dipped 0.16% to 8,986.23. Seoul's Kospi Index rose 0.26% to 2,076.88, with Singapore's Straits Times Index gaining 0.26% to 3,105.76. Nymex crude oil rose 11 cents to US$102.04 per barrel. Spot gold fell 60 cents to US$1,543.50 per ounce. The ringgit was quoted at 3.015 to the US dollar. Full Feed Generated by Get Full RSS, sponsored by USA Best Price. |
| Oil rises on concerns about future supplies Posted: 09 Jun 2011 05:54 PM PDT NEW YORK: Oil settled above $101 Thursday as investors focused on how the world would meet energy demand in coming months. Benchmark West Texas Intermediate crude for July delivery rose $1.19 to settle at $101.93 a barrel on the New York Mercantile Exchange. World oil demand is expected to outpace supplies later this year by the widest margin since 2007. While OPEC has decided not to officially increase oil production, Saudi Arabia and a few other oil-producing nations are expected to boost exports anyway. Analysts aren't sure if it will be enough to meet demand. "You see this general nervousness" in the U.S. and Europe, Houston oil analyst Andrew Lipow said. U.S. lawmakers and the International Energy Agency have talked about meeting future demand by tapping emergency supplies. But that will do little to ease the growing energy appetites of China and other emerging economies. "Prices are going to go up, that's what's going to happen," Lipow said. Natural gas futures lost 17.3 cents, or 3.6 percent, to settle at $4.674 per 1,000 cubic feet after the government said supplies in storage grew last week more than analysts expected. The Energy Information Administration said supplies increased by 80 billion cubic feet last week to 2.187 trillion cubic feet. In other Nymex trading for July contracts, heating oil added 4.41 cents to settle at $3.1378 per gallon and gasoline futures gained 6.11 cents to settle at $3.0398 per gallon. In London, Brent crude rose $1.72 to settle at $119.57 per barrel on the ICE Futures exchange. - AP Latest business news from AP-Wire Full Feed Generated by Get Full RSS, sponsored by USA Best Price. |
| US stocks close higher for the first time in June Posted: 09 Jun 2011 05:52 PM PDT NEW YORK: A bit of good news was all it took to break a weeklong slump in the stock market. A report that U.S. exports hit a record in April sent stocks sharply higher Thursday as investors hoped the economic recovery may not be as sluggish as the last week of grim economic reports have suggested. Trade levels factor into calculations of economic growth. Thursday's number could add half a percentage point or more to the government's estimate of second-quarter gross domestic product, said Anthony Chan, chief economist for JPMorgan Private Wealth. The Dow Jones industrial average rose 75.42 points, or 0.6 percent, to close at 12,124.36. The Standard & Poor's 500 index rose 9.44, or 0.7 percent, to 1,289.00. The Nasdaq composite rose 9.49, or 0.4 percent, to 2,684.87. Thursday's gains broke a six-day losing streak and marked the first time stocks rose in June. Stocks had dropped following poor reports on manufacturing, home sales, hiring and consumer confidence. It was the longest losing streak for the Dow Jones industrial average in over a year and the longest for the Standard & Poor's 500 index since February 2009. The market's weeklong slump also made stocks appear relatively cheap, Chan said. The S&P 500 lost 6.2 percent over the previous six days of trading. "Markets usually swing like a pendulum," Chan said. "This decline has been strong enough that you can easily justify the market taking a breath." The narrower trade deficit is a sign that goods from U.S. manufacturers are becoming more competitive in overseas markets. U.S. companies sold more computers, heavy machinery and telecommunications equipment abroad in April compared with the month before. Imports declined because fewer cars were bought from Japan after factories there were damaged by that country's earthquake and tsunami disaster. Companies that make farming machinery rose after the government reported that U.S. corn crops would be smaller this fall. That sent corn prices soaring and raised expectations that farm owners would be buying more agricultural equipment such as tractors. Both Deere & Co. and AGCO Corp rose 2.5 percent. A report on claims for unemployment benefits was in line with expectations that new applications would stay roughly the same. The Labor Department reported that new claims edged up 1,000 to 427,000. Economists had expected a slight drop. The high level of claims still suggests that the job market is slow. Advertising company Interpublic Group of Cos. jumped 6.4 percent, the most of any company in the S&P 500 index, after ratings agency Moody's raised its rating on the company. A jump in oil prices sent energy stocks higher. Energy companies in the S&P 500 index rose 1.2 percent. Crude rose $1.19 to settle at $101.93. Stocks have been slipping since mid-April as investors become concerned that the U.S. economy has hit a soft patch. Rising oil prices, Japan's tsunami and nuclear disaster and the risk that Greece might default on its debt have led investors to lower their forecasts for U.S. growth this year. Nearly two stocks rose for every one that fell on the New York Stock Exchange. Consolidated trading volume was 3.5 billion shares. - AP Latest business news from AP-Wire Full Feed Generated by Get Full RSS, sponsored by USA Best Price. |
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