MARKET ROUNDUP (Source Bloomberg)

U.S. Stocks Erase Loss Amid Optimism on Europe Efforts: sending the Dow Jones Industrial Average toward the lowest level on a closing basis this year, amid concern Greece may leave the euro and as Dell Inc. (DELL) tumbled on disappointing revenue forecast. The Standard & Poor's 500 Index fell 1.3 percent to 1,299.19. It traded near its average price of the last 200 days of about 1,280. The Dow decreased 169.15 points, or 1.4 percent, to 12,333.66. The gauge trimmed this year's gain to 1 percent. Trading in S&P 500 companies was 1.8 percent above the 30-day average at this time of day.

Stocks Decline in Europe Amid Greek Concern; slid the most in a month amid growing concern that Greece may leave the euro as the region's leaders prepared to meet in Brussels. The U.K.'s FTSE 100 lost 2.5 percent and Germany's DAX slid 2.3 percent. France's CAC 40 sank 2.6 percent.

Oil Falls Below $90, Erases Gains Through 2011: as U.S. supplies increased to a 22-year high and European leaders met to discuss the euro region's debt crisis. Crude oil for July delivery fell $1.95 to $89.90 a barrel on the New York Mercantile Exchange, the lowest settlement since Oct. 21. Prices are down 9 percent this year.

CORPORATE NEWS

GDP grew 4.7% in Q1: Malaysia's gross domestic product (GDP) grew at a slower pace of 4.7% in the first quarter of 2012 compared with 5.1% a year earlier and 5.2% in the fourth quarter last year, despite the challenging external environment.

Ramunia to complete regularisation by end-July: which expects to complete its financial regularisation plan by end-July, will apply to Bursa Malaysia to lift its Practice Note 17 (PN17) status. Thai AirAsia IPO to raise RM447m: will involve the sale of a 25% stake in the budget carrier comprising 1.21 billion shares at 3.70 baht each, which will raise some 4.48 billion baht (RM447.21 million).

TSH allots RM750m to RM1b for capex over next 5 years: for replanting, acquisition of more plantations and building new mills. For this year alone, it is looking at increasing its plantation hectarage in Indonesia by 15,000ha to 20,000ha at between US$700 and US$900 per ha.

-SunBiz

CMS Cement embarks on RM150mil expansion: subsidiary of Cahya Mata Sarawak Bhd (CMS) and the state's sole cement manufacturer, is embarking on an expansion programme with an initial investment of
RM150mil in its effort to meet the growing demand for the material.

SAM eyes RM1bil revenue: SAM Engineering & Equipment (M) Bhd, the group obtained approval from shareholders to acquire the engine casing manufacturing division of SAM's parent company, Singapore Aerospace Manufacturing (SAM) Pte Ltd.

GPacket finally turns in operating profit: After 15 quarters of operating losses, Green Packet Bhd has finally turned EBITDA (earnings before interest, taxes, depreciation and amortisation) positive with an operating profit of RM3.9mil, contributed both by its solutions and broadband pillar and supported by 400,000 subscribers.

-StarBiz

Guan Chong Q1net up 4.1pc to RM31.3m: the company's consistent top line growth was mainly attributable to higher sales volume of cocoa products during the quarter under review, as we benefited from both our cocoa-grinding plants in Pasir Gudang, Johor, and Batam running at full capacity.

Jump in Perisai Petroleum's pre-tax profit: posted a pre-tax profit of RM26.19 million in its first quarter ended March 31 2012 from RM7.24 million previously as the effects of its two recent acquisitions started to filter through. Perisai acquired a 51 per cent stake in Intan Offshore in August 2011 and five months later
completed the purchase of Garuda Energy.

No more impairment on Idea for now, says Axiata: Axiata, via a merger between Idea Cellular and Spice Telecoms in 2008, acquired 19 per cent stake in Idea Cellular for about 143 rupees (RM8.03) a share in 2008. Unfortunately, Idea's share price has been on a declining trend since the merger.

-Btimes

Source:Jupiter Securities Research 24 May 2012