MARKET ROUNDUP (Source Bloomberg)

Stocks Drop on Europe, Manufacturing Data as Gold Rallies:
Stocks sank, dragging the Standard & Poor's 500 Index to a four-month low, as concern grew about the health of Spanish banks and an U.S. gauge of manufacturing trailed projections. Gold rebounded from its lowest level of the year while 10-year Treasury yields approached a record low. The S&P 500 tumbled 1.5 percent to close at 1,304.86 at and the Dow Jones Industrial Average slid 156 points.

European Stocks Drop as ECB Pauses Greek Bank Lending:
declined for a fourth day as the region's central bank paused lending to some Greek banks and speculation mounted that Spanish banks may have their credit ratings cut at Moody's Investors Service. The U.K.'s FTSE 100 (UKX), Germany's DAX and France's CAC 40 all dropped 1.2 percent.

Oil Fluctuates on Pipeline Reversal, Spanish Banks: Oil fell to a six-month low as investors speculated Spanish banks may have their credit ratings lowered and an American gauge of manufacturing trailed projections, bolstering concern that economic growth will slow. On the New York Mercantile Exchange, June crude fell 25 cents, or 0.27 percent, to settle at $92.65 a barrel, the lowest settlement since Nov. 2 when crude
closed at $92.51.

CORPORATE NEWS

Formis acquires 20% stake in Microlink: for RM4.587 million cash. Formis said the acquisition was a direct business transaction. The consideration was arrived at after taking into account the future earnings potential and prospects of Microlink and the outlook of the information technology industry. It said the acquisition was funded entirely from internally-generated funds.

Fajarbaru wins RM13.6mil job at KLIA2: from Airport Holding
Berhad to supply and install a visual docking guidance system (VDGS) and all associated works at the new low-cost carrier terminal (KLIA2).

Scomi Group sell Nigerian biz: plans to sell its machine shop operation business to AOS Orwell Ltd (AOSO) in a cash deal for US$39.77mil (RM123.67mil), to reduce its debt pile.

-SunBiz

Crest proposes share placement: of 12.4 million new shares representing up to 10% of its issued and paid-up share capital. The company intended to utilise the proceeds for preliminary expenses and consultant expenses to develop real estate on the site of the Dang Wangi light rapid transit station.

KJCF posts lower profit despite higher revenue: pre-tax profit for the first quarter ended March 31 fell to RM33.584mil from RM38.556mil a year earlier. The increase in the division's revenue was mainly attributable to the rise in export sales, which accounted for 90% of the total increase in sales in the first
quarter versus the corresponding period of 2011.

JCY profit soars on better deals: posted a 1,209% spike in its second-quarter ended March 31 net profit to RM163.09mil, compared with RM12.46mil a year earlier, fueled by better average selling price of its products, favourable exchange rates and higher volume shipped.

-StarBiz

KHSB in pact to develop 2,013ha site: Kumpulan Hartanah Selangor Bhd (KHSB) and Sun Lohas Group Ltd yesterday signed a memorandum of understanding (MoU) on the proposed eco-development on a 2,013ha site in Bestari Jaya, Kuala Selangor.

EPF joins special purpose vehicle for QSR-KFC deal: he Employees Provident Fund (EPF) is joining Johor Corporation (JCorp) as shareholders of Massive Equity Sdn Bhd (MESB).MESB is a special purpose vehicle formed to buy QSR Brands Bhd and KFC Holdings (M) Bhd.

-Btimes

Source:Jupiter Securities Research 18 May 2012







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