MARKET ROUNDUP (Source Bloomberg)

S&P 500 Falls for 3rd Week in Longest Slump Since August:The S&P 500 tumbled 4.3 percent to 1,295.22, the biggest retreat since November. The index sank 7.7 percent over three weeks, trimming its 2012 gain to 3 percent. The Dow Jones Industrial Average slipped 451.22 points, or 3.5 percent, to 12,369.38, the lowest level since Jan. 6. The Nasdaq Composite Index (CCMP) plunged 5.3 percent, the most since September, to 2,778.79, extending its loss from a March high to 11 percent.

European Stocks Post Biggest Weekly Drop in Eight Months: as Greece moved closer to a possible exit from the euro and concern mounted those Spanish banks will need rescue. The U.K.'s FTSE 100 declined 5.5 percent. France's CAC 40 lost 3.9 percent and Germany's DAX slid 4.7 percent.

Asian Stocks Tumble, Wipe Out Year's Gains, on Europe, U.S. Data: as Europe's debt crisis worsened, U.S. economic data missed estimates and Chinese home prices and investment declined. China's Shanghai Composite Index slipped 2.1 percent last week after the nation's home prices fell from a year earlier in April in a record 46 of 70 cities tracked by the government as officials pledged to keep restrictions on property purchases that have sapped buyer demand. Hong Kong's Hang Seng Index sank 5.1 percent. Japan's Nikkei 225 Stock Average decreased 3.8 percent last week.

Crude Oil Falls for a Seventh Day in Longest Decline Since 2009: after Saudi Arabian crude output rose to close to a 31- year high and money managers reduced bullish bets on the commodity. On the New York Mercantile Exchange, crude for June delivery, which expires on Tuesday, settled at $91.48 a barrel, falling $1.08, or 1.17 percent.

CORPORATE NEWS
April motor vehicle sales down 6%: MAA said although
consumer sentiment remain stable, tightening of hire purchase
loans approvals had resulted in longer lead time for completion
sales process and had caused some slowdown in new vehicle
registrations.
AirAsia signs RM12.4mil shirt sponsor deal with QPR: under
a one-year sponsorship deal signed last Friday, which included
an option to extend it for another year.

-SunBiz

SEB opens 3 more power transmission line projects for bidding: has dished out three more power transmission line projects for open bidding, including a 275kV line from Mambong near here to neighbouring West Kalimantan to facilitate the export of electricity to the Indonesian province.

Dataprep plans partnerships: is likely to announce its partnership with several strategic partners soon to grow its business as part of its plan to turnaround the company.

MISC to sail out of choppy waters: the worlds single-largest owner-operator of liquefied natural gas (LNG) tankers, has experienced when its recent ballooning losses caught everybody by surprise.

-StarBiz

Ipoh-Padang Besar rail project hits snag?: The Ipoh-Padang Besar Electrified Double Track project (EDTP) has hit a snag over price due to cost overrun and the main contractor may ask RM1.5 billion in variation order (VO) claims from the government.

Lightening shipowners' fuel bill: Fuel accounts between 60 and 70 per cent of a ship's operating cost, S.I.T. Schiffs- &Industrie Technik (M) Sdn Bhd (S.I.T. Malaysia) managing director Marizan Nor Basirun said.

-Btimes

Source:Jupiter Securities Research 21 May 2012




Source:Jupiter Securities Research 21 May 2012