MARKET ROUNDUP (Source Bloomberg)

U.S. Stocks Rise on Greece Optimism; Oil Erases Advance- amid speculation Greece will stay in the euro after polls showed voters supporting politicians who back the nation's bailout. Commodities erased earlier gains while Treasuries were little changed. The Dow Jones industrial average rose 1.01 percent, to 12,580.69. The S&P 500 Index added 1.11 percent, to 1,332.42.

European Stocks Advance as U.S. House Prices Stabilize: European stocks advanced for the third time in four days as data showing the U.S. housing market is stabilizing outweighed a report that China has no intention of introducing large-scale stimulus. The U.K.'s FTSE 100 increased 0.7 percent, Germany's DAX gained 1.2 percent and France's CAC 40 advanced 1.4 percent.

Oil Trades Near Weekly Low as U.S. Supplies Seen Rising: Oil traded near the lowest settlement in almost a week in New York before a government report that may show crude stockpiles climbed to the highest level since 1990 in the U.S., the world's biggest consumer of the commodity. On the New York Mercantile Exchange, July crude fell 10 cents, or 0.11 percent, to settle at $90.76 a barrel, having traded from $90.25 to $92.21.

CORPORATE NEWS
SP Setia targets 50% overseas sales in 5 years: Besides Malaysia, SP Setia has projects in Vietnam, Singapore and Indonesia and is now exploring opportunities in Melbourne and London.

Supermax hopes for stronger dollar: expects to see better margins if the US dollar continues to strengthen in the currency market, it depends on how volatile the currency is. Obviously, the strengthening of the dollar against the ringgit is good for exports. Most of our industry is export-oriented," Thai said at Invest Malaysia 2012 here yesterday.

-SunBiz

DRB-Hicom earnings soar: net profit jumped a whopping 1,306% to RM1.02bil for the fourth quarter ended March 31 due to recognition of negative goodwill of RM971.52mil arising from the acquisition of Proton Holdings Bhd. Genting Plantations Q1 net profit down on softer prices: posted a 16.4% drop in net profit for the first quarter ended March 31 to RM78.8mil due to softer palm product selling prices and higher operating expenditure in the plantation division.

-StarBiz

Benalec gets RM67m job from TNB Fuel: was awarded a RM67.4 million contract of affreightment by
TNB Fuel Services Sdn. Bhd. The contract period will be for a principal of three years starting on May 1, with an option for extension of another two years.

Hong Leong mulls raising stake in Bank of Chengdu: through an initial public offering (IPO), its chief
said. BOC, a Sichuan-based city commercial bank, is planning an IPO on the Shanghai Stock Exchange's Ashare market, as it moves to replenish its capital to boost future growth.

-Btimes


Source:Jupiter Securities Research 30 May 2012