U.S. and European market roundup
Stocks ended lower on Tuesday after political developments in Greece fanned concerns about Europe's fiscal health, but a late rally helped indexes cut losses to close well above lows. The S&P 500 fell through support at 1,350 to reach levels not seen since early March, but buyers emerged to support stocks. Sectors sensitive to the economy floundered, with the S&P consumer discretionary sector (.GSPD) falling 1.3 percent. Investors moved toward safety plays, with utilities (.GSPU) rising 0.2 percent and telecommunications (.GSPL) falling just 0.2 percent.

The Dow Jones industrial average was down 76.44 points, or 0.59 percent, at 12,932.09. The Standard & Poor's 500 Index was down 5.86 points, or 0.43 percent, at 1,363.72. The Nasdaq Composite Index was down 11.49 points, or 0.39 percent, at 2,946.27.

NYMEX-Crude down 5th day on Greek woes, economic worries: crude for June delivery settled at $97.01 a barrel, falling 93 cents, or 0.95 percent, the lowest front-month settlement since Feb. 6. In five days, front-month crude tumbled $9.15, or 8.62 percent, the biggest five-day loss for U.S. front-month crude since Oct. 4, 2011, when prices fell 10.4 percent.

-Reuters

European stocks dropped after the leader of Greece's biggest political party failed to reach an agreement on a new government following the weekend's elections. France's CAC 40 slid 2.8 percent, the U.K.'s FTSE 100 fell 1.8 percent and Germany's DAX dropped 1.9 percent.

-Bloomberg

Corporate News Headlines
F&N expects earnings from property earliest in 2015: expects its RM1.6 billion property development in Petaling Jaya to start contributing to its earnings at the earliest in 2015. The project on 5.4ha is slated to be launched next year
.
Kencana bags RM460m EPCC contract: Kencana HL Sdn Bhd has secured an engineering, procurement, construction and commissioning (EPCC) contract from Murphy Sarawak Oil Co Ltd, with a value of between RM460 million and RM474 million.

MMC to sell at least 25% of Malakoff: could divest at least 25% of its 51% stake in Malakoff Corp Bhd under its relisting plan, earmarked for next year.

-SunBiz

Telekom Malaysia capex RM2.5b to RM2.6b this yr: speaking after its AGM. The shareholders had approved a final single tier dividend of 9.8 sen per share amounting to RM350.6mil and also a capital repayment of 30 sen per share via a capital reduction amounting to RM1.07bil.

Perisai wins RM635m drilling rig contract: has secured a contract from Sembcorp Marine's subsidiary to build a drilling rig costing US$208mil (RM635.86mil). The rig construction expected to be completed and delivered by the end of July 2014.

Hartalega profit rises on higher revenue: full-year net profit for the financial year ended March 31, rose by 6% to RM201.62mil from RM190.3mil a year earlier. Hartalega's board of directors declared an interim dividend of 6 sen per share..

SOP Q1 profit drops to RM57mil: registered a lower pretax profit of RM57.31mil in the first quarter ended March 31, 2012 compared with RM81.554mil in the same quarter last year.

-StarBiz

Al-Hadharah REIT posts higher profit: has recorded a higher profit after tax of RM21 million for its first quarter ended March 31 2012, from RM20 million posted previously.

Suria plans landmark project in Sabah: venture into property and development is now taking shape after
securing 9.4ha here for a landmark project. This project located next to the Kota Kinabalu port and the upcoming

SICC.

Formis selling 4 units to Microlink: have agreed to sell four subsidiaries to Microlink Solutions Bhd for RM102 million. The acquisition will be paid in Microlink shares.

-Btimes

Source:Jupiter Securities Research 09 May 2012