Pan Pacific Petroleum Nl

Asian Activities Report for July 25, 2011 includes: Agri Energy Limited (ASX:AAE) has commenced drilling operations in Syria; Pan Pacific Petroleum NL (ASX:PPP) announced preliminary assessment of the reserves of the Tui oil fields; ZYL Limited (ASX:ZYL) announced additional significant coal intersections at the Kangwane Anthracite Project; Green Rock Energy Limited (ASX:GRK) increases its hydrocarbon footprint in the Canning Basin; POSCO (SEO:005490) and SK Innovation (SEO:096770) will jointly develop first coal conversion technology in Korea; Inditex Group (MCE:ITX) and Trent Limited (BOM:500251) have reached a joint venture agreement; Mahindra and Mahindra Limited (BOM:500520) has offered to acquire up to 34,51,613 EPC Industries (BOM:523754) shares.

Overnight the US stocks slid over disappointing data in regional economy, as well as worries on the crucial data ahead including personal income, consumer spending, weekly jobless claims, manufacturing and home sales.

Yesterday the Australian stock market closed marginally higher despite a big lead from United States markets. The banking sector was pulled down by Commonwealth Bank as it tried to sell shares to institutional investors for A$2 billion capital raising. The benchmark S&P/ASX200 index had gained 14.4 points, or 0.4 per cent, to 3570.6 points, while the broader All Ordinaries index was up 16.1 points, or 0.46 per cent, at 3515.0 points. Commonwealth Bank's termination of the share placement and rising bad debts has hit the confidence of the banking sector.