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Straits Times 3,211.49 +16.53 +0.52%
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Daily Bulletin – 05/01/09
Daily Bulletin | 05 January 2009
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New year begins on positive note For Wall St
US Stocks shrugged off more grim economic data on last Friday to begin 2009 with a strong rally, as hopes mounted that the new year would bring buyers back to the market following the worst annual sell-off since the Great Depression. The S&P finished up 3.2% to 931.80, albeit amid thin trading. The Dow was 2.9% higher at 9,034.69 and the Nasdaq Composite index 3.5% firmer at 1,632.21.

Asian Stock Markets Kick Off 2009 With Broad Rally
Asia Pacific stock markets started the first full trading week of 2009 with a broad rally. Shares took their cue from the S&P 500’s close at a two-month high on Friday, and optimism about the potential economic stimulus effects of the US president-elect’s plans for more than US$300b of tax cuts. The Nikkei 225 average was 2.1% higher at the lunchtime break at 9,043.12 and the broader Topix index was 1.9% higher at 875.91. Elsewhere, the Taiex in Taiwan was 3% higher at 4,731.19. In Hong Kong, the Hang Seng index gained 1.8% in the first hour of trading while in South Korea, the Kospi was 1.8% higher. In Singapore, the STI gained 1.48% towards lunch break whereas in Australia, the S&P/ASX 200 index seemed to be left out as it was only 0.2% higher by mid afternoon in Sydney at 3,722.40.

Multi-Chem Issues FY08 Profit Warning
Multi-Chem expects to incur a loss for its FY08 results due to drastic slowdown in demand for electronic products since 3Q08.

Shangri-La Asia Invests US$17.3m And Restructures In Philippines
Shangri-La has inked sale and purchase agreements with KHL Group to acquire SAIL, GOW and GOM for US$17.3m. At the same time, the company has disposed off 6.05% equity interest in its entirely owned unit, MSH for US$8.4m in a restructuring move.

M1 CEO To Step Down
MobileOne CEO, Neil Montefiore, has decided to step down as CEO and Director of M1, with effect from 1 February 2009. Current CFO, Karen Kooi has been appointed as the Acting CEO, subjet to the approval of IDA.

Shangri-La Asia  8.340 -0.20 -2.34%   
Business: Co is primarily a hotel property operator.

Insight: Sep-17, Co disclosed under listing rules that the ... Read More

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