MARKET ROUNDUP (Source Bloomberg)

S&P 500 Caps Worst Monthly Drop Since September on Data: U.S. stocks fell, capping the biggest monthly decline for the Standard & Poor's 500 Index since September, as disappointment with American economic reports overshadowed optimism that Greece will stay in the euro. The S&P 500 decreased 0.2 percent to 1,310.33 after falling below 1,300 earlier today. The benchmark gauge has dropped 6.3 percent in May. The Dow Jones Industrial Average retreated 26.41 points, or 0.2 percent, to 12,393.45. A Labor Department report due tomorrow is projected to show unemployment held at 8.1 percent.

European Stocks Decline as U.S. Jobless Claims Advance: European stocks fell, with the Stoxx Europe 600 Index posting its biggest monthly drop since August, as the number of Americans applying for unemployment insurance payments rose and U.S. business activity slowed. Germany's DAX dropped 0.3 percent, the Swiss Market Index fell 0.9 percent, while France's CAC 40 rose 0.1 percent. The U.K.'s FTSE 100 added 0.2 percent.

Oil Caps Biggest Monthly Drop in More Than Three Years: Oil capped the biggest monthly drop in more than three years on speculation that slowing U.S. growth and Europe's debt crisis will reduce fuel demand. Crude for July delivery declined $1.29 to $86.53 a barrel on the New York Mercantile Exchange,
the lowest settlement since Oct. 20. Futures tumbled 17 percent this month, the biggest decrease since December 2008, and are down 12 percent this year.

CORPORATE NEWS

Maxis Q1 net profit up 6%: Maxis Bhd, the country's biggest mobile-phone operator, saw its net profit rise 6% to RM572 million in the first quarter ended March 31, 2012 (Q1) as revenue improved across three of its four core business segments. Maxis declared a fourth interim dividend of eight sen per share for the last financial year ended Dec 31, 2011, amounting to RM600 million and payable on March 30.

Petronas posts 62% profit rise, warns on outlook: reported a 61.7% increase in first-quarter profit yesterday, saying the rise was mainly due to higher margins and the company's sale of its stake in Centrica Plc. The company is facing diminishing oil and gas reserves in Malaysia and plans to spend RM300 million over the next five years to step up its deep-water exploration activities as well as re-exploring marginal fields.

Worst not over, says Maybulk: The worst is not over for the dry bulk and oil tanker markets, which have been facing the heaviest oversupply pressures, as freight rates remain volatile. of Dec 31, 2011, the group's cash reserves stood at RM298.9 million and liquid assets in the form of equity investments at RM121.7
million. Its bank borrowings totalled RM156.4 million

-SunBiz

Esso first-quarter net profit falls on lower margins: net profit for the first quarter ended March 31 declined 46.7% to RM82.6mil, the drop was primarily due to the decline in margins as higher costing crude oil and finished products impacted thecost of goods sold.

Masteel posts net loss on lower selling prices: posted a net loss of RM4.88mil for the first-quarter ended March 31, the loss was mainly due to lower selling prices while the increase in revenue was mainly attributed to higher sales volume.

KPJ profit rises 21% to RM33mil: net profit rose 21.2% to RM33.33mil, or 5.81 sen per share, in the first quarter ended March 31. The higher revenue reported is due to the increase in revenue of the hospitals in the group. The company declared a 2.5 sen single-tier dividend.

-StarBiz

Handal ventures into rig fabrication: expanding into the rig fabrication business with its first modular workover rig to be fabricated and installed by this third quarter. Once completed, the modular rig, which entails capital expenditure of RM31.5 million, will allow the group to move further upstream in the O&G industry.

Maybank, CIMB can breathe a sigh of relief: Reuters reported late yesterday that the Indonesian central bank planned to limit single ownership in its banks to 40 per cent, but only for new investments. CIMB owns 97.9 per cent of CIMB Niaga, while Maybank owns 97 per cent of Bank Internasional Indonesia (BII).

-Btimes

Source:Jupiter Securities Research 01 June 2012