MARKET ROUNDUP (Source Bloomberg)
S&P 500 Has Biggest Gain in Two Months on China Signals: after China signaled it would support growth while German and French officials said they will work to keep Greece in the euro. The S&P 500 added 1.6 percent to 1,315.99, halting a six-day drop. The Dow Jones Industrial Average rose 135.10 points, or
1.1 percent, to 12,504.48. The Nasdaq Composite Index gained
2.5 percent, the most this year, to 2,847.21.

European Stocks Rebound From Selloff as Carmakers Climb: rebounding from last week's biggest selloff since September, as China's pledge to boost growth outweighed concern that Greece may be forced to leave the euro area. The U.K.'s FTSE 100 gained 0.7 percent and Germany's DAX increased 1 percent, while France's CAC 40 rose 0.6 percent.

Asia Stocks Rise After China Premier Says Growth Is Focus: with the regional index rebounding from its biggest drop in six months, after Premier Wen Jiabao said China will focus more on bolstering economic growth. Japan's Nikkei 225 Stock Average climbed 0.3 percent today before the Bank of Japan begins a two-day meeting tomorrow. South Korea's Kospi Index rose 0.9 percent. Hong Kong's Hang Seng Index declined 0.2 percent. China's Shanghai Composite Index gained 0.2 percent.

Oil Rises for First Time in Seven Days on China Pledge: China pledged to boost the nation's economy and Goldman Sachs Group Inc. said the balance between the supply and demand of crude is tightening. Crude oil for June delivery rose $1.09 to settle at $92.57 a barrel on the New York Mercantile
Exchange. It was the biggest gain since May 1. Prices tumbled 1.2 percent on May 18 to $91.48, the lowest close since Oct. 26. Oil is down 6.3 percent this year.

CORPORATE NEWS
Mah Sing plans new Bangi township: has acquired two plots of land in Bandar Baru Bangi, Selangor for a combined RM333.26 million or RM18.55 per sq ft, where it plans to develop a township with a gross development value (GDV) of RM2.15 billion.

Brahim's to buy out German partner in catering unit: plans to buy the 49% stake it does not own in Brahim's-LSG Sky ChefsHoldings Sdn Bhd (BLSG) for RM130 million cash, as part of a strategy to turn Brahim's into a sizeable integrated food and beverage player.

Boustead to privatise UAC at RM4.30 a share: plans to privatise its 65%-owned unit UAC Bhd via a selective capital reduction and repayment (SCR) exercise, which together with a proposed dividend payment, would see UAC's minority shareholders bought out at RM4.30 per share or RM111.3
million.

Salcon buys Darco Water unit for RM47m: which is targeting a listing of its China assets in two years, is acquiring a 60% stake in Singapore Exchange-listed Darco Water Technologies Ltd's unit Darco Environmental Pte Ltd for 95.8 million renminbi (RM47.5 million).

-SunBiz

Tan Chong Q1 profit falls 57%: net profit for its first quarter ended March 31, 2012 fell 57% to RM31.67mil from RM74.08mil in the previous corresponding period due to stock constraints in
popular models.

Xingquan's seasonal sales fare better this year: recorded a 4.6% rise in sales orders to 826 million renminbi (RM400mil) at its recent Autumn/Winter 2012 Sales Fair in China compared with orders received at the same event last year.

Petronas Dagangan posts RM246mil net profit: Revenue posted was RM6.85bil on the back of higher average product selling prices and higher sales volume. The group's earnings per share was 24.80 sen.

-StarBiz

HeiTech Padu wins RM34.5m IRB contract: software replacement and maintenance services contract from the Inland Revenue Board (IRB). The company said the contract was for three years and any further renewal or extension of the duration would be at the discretion of the board.

Kulim hits record close: The company last Friday announced plans to pay shareholders a special dividend of about RM1.16 billion on completion of the sale of its investments in QSR Brands Bhd and KFC Holdings (Malaysia) Bhd.

-Btimes

Source:Jupiter Securities Research 22 May 2012