MARKET ROUNDUP (Source Bloomberg)

U.S. Stocks Reverse Losses as Valuations Overshadow Data: as the cheapest price-to-earnings valuation for the Standard & Poor's 500 Index in six months overshadowed a drop in factory orders. The S&P 500 rose less than 0.1 percent to 1,278.18, after dropping as much as 0.9 percent. The Dow Jones
Industrial Average retreated 17.11 points, 0.1 percent, to 12,101.46.

European Stocks Decline After U.S. Factory-Orders Data: declined for a fourth day as reports showed that orders to U.S. factories unexpectedly fell in April and China's services-industry growth weakened in May. Germany's DAX fell 1.2 percent, while France's CAC 40 added 0.1 percent and U.K. markets were closed.

Oil Trades Near Two-Day High as U.S. Supply Drop Seen: before a report that may show crude stockpiles dropped for the first time in 11 weeks in the U.S., the world's biggest consumer of the commodity. On the New York Mercantile Exchange, crude for July delivery settled at $83.98 a barrel, gains 75 cents, or 0.9 percent. It earlier dropped to a session low of $81.21, the lowest since Oct. 6. Prices are 15 percent lower this year.

CORPORATE NEWS

Ringgit touches 8-month low: The ringgit hit an eight-month low and the Taiwan dollar touched a four-month trough yesterday on heightened worries about global growth after data last week showed surprisingly weak US job growth in May. Sin Chew buys Chinese daily: Media Chinese International Ltd (Sin Chew Media Corp Bhd) via its wholly-owned subsidiary Mulu Press Sdn Bhd has acquired the entire equity interest in Malaysia Daily News Sdn Bhd (MDN) from Progresif Upaya Sdn Bhd for RM240,000.

Alam Maritim unit buys work barge for RM95mil: Alam Maritim Resources Bhd said its jointly-controlled company Alam Radiance (L) Inc has signed a memorandum of agreement with Pacific Crest Pte Ltd to acquire a 402 men/100m accommodation work barge, Crest Station 3, for US$31.55mil (RM94.65mil).

-StarBiz

Celcom posts RM514m PATAMI in 1Q 2012: up 7% year-onyear on the back of revenue RM1.91 billion for the first quarter of 2012. Celcom has also successfully rolled out network modernisation by completing Single RAN in Eastern (East Coast Peninsular), Sabah and Sarawak region, This ultimately promises faster download speed and supports High Definition Voice.

-FinancialDaily

Genting shares fall 15 sen after failed bid in New York: on news that its plans to build a US$4 billion (RM12.8 billion) convention centre in New York City have failed. New York Governor Andrew Cuomo said last Friday talks between the state and Genting to build the convention centre at Aqueduct Racetrack in Queens had fallen through.

'Japan firms buy Asia Minerals stake in Sarawak project': Asia Minerals Ltd (AML) has sold a 32 per cent stake in the Pertama Ferroalloys smelter project in Sarawak to three Japanese companies, a news report from Tokyo seems to suggest.

Ranhill offers to buy 70pc RUB stake: Ranhill Utilities Bhd (RUB), a water company controlled by its chief executive Tan Sri Hamdan Mohamed, for RM639 million. Ranhill Bhd offered to buy 206 million shares of RUB at RM3.10 each and will issue 0.391 share valued at RM7.93 for every share in RUB.

-Btimes

Source:Jupiter Securities Research 05 June 2012