MARKET ROUNDUP (Source Bloomberg)

Most U.S. Stocks Fall as Financial Slump Offsets China: as a late- day slump in financial and technology shares erased an advance driven by China's first interest-rate cut since 2008. The Standard & Poor's 500 Index began paring a rally in the morning as Federal Reserve Chairman Ben S. Bernanke said the central bank will assess the economy before deciding if more stimulus is needed. The measure erased gains in the final hour of trading after a report that Greece's upcoming election could be derailed. The S&P 500 declined less than 0.1 percent to 1,314.99, after rallying as much as 1.1 percent earlier today. The Dow Jones Industrial Average advanced 46.17 points, or 0.4 percent, at 12,460.96, after gaining as much as 140.47 points.

European Stocks Advance as China Cuts Interest Rates: completing their biggest two-day gain since November, after China cut interest rates, adding to speculation that policy makers around the world will take steps to revive growth. China cut interest rates for the first time since 2008, increasing its efforts to combat a deepening economic slowdown. The one year deposit rate will drop to 3.25 percent from 3.5 percent with
effect from tomorrow and the one-year lending rate will fall to 6.31 percent from 6.56 percent, the People's Bank of Chinasaid on its website today. Germany's DAX rose 0.8 percent and the U.K.'s FTSE 100 gained 1.2 percent. France's CAC 40 climbed 0.4 percent.

Oil Falls as Bernanke Says Economy at Risk From Crisis: Europe's debt crisis and the prospect of fiscal tightening, tempering optimism over a cut in Chinese interest rates. Crude oil for July delivery declined 20 cents to settle at $84.82 a barrel on the New York Mercantile Exchange. It was the first drop since June 1. Futures are down 14 percent this year.

CORPORATE NEWS
BNM maintains 2012 growth forecast despite uncertainties : is maintaining the country's economic growth projection of between 4% and 5% for this year despite weak export data, given the strong and robust domestic economy, consumption demand and private investment activities, said governor Tan Sri Dr Zeti Akhtar Aziz.

Classic Scenic focuses on export markets: which exports 95% of its products, plans to focus on its existing lucrative export markets to drive business, as it believes it could have an edge over competitors affected by the eurozone debt crisis. The company recently bought a 2.83ha parcel of land near its manufacturing plant in Rawang for future expansion. It is expected to boost its plant capacity by 50%

-SunBiz

Moody's: Outlook for Malaysia's A3 rating stable: The outlook for Malaysia's A3 sovereign rating is stable and it has the buffers against global financial pressures. Malaysia's rating was underpinned by resilient growth, a strong external position, and deep and liquid domestic capital markets that assured favourable financing conditions.

Cahya Mata unit plans with M'sian Phosphate to set up RM850mil JV: Malaysian Phosphate Additives Sdn Bhd, which makes various grades of food and feed phosphates, was for the purpose of entering into negotiations pertaining to the plant with an annual production capacity of about 500,000 tonnes at a current estimated cost of RM850mil.

Margin pressure crimps Gas Malaysia Q1 net profit: Main Market-bound Gas Malaysia Bhd's saw a 53.5% drop in its net profit for the first quarter ended March 31 to RM34.54mil from RM74.41mil a year earlier as a margin compression crimped earnings.Its revenue increased 9.2% to RM506.58mil from RM464.06mil, said the company, which is scheduled for a listing on Monday.

-StarBiz

WCT unit gets Vale Malaysia's civil works deal: has been awarded a RM72.81 million contract for industrial civil works by Vale Malaysia Minerals Sdn Bhd (VMM). The scope of work include piling works, foundation of conveyors, foundation of sampling towers, foundation of pipe and cable racks, and others, at VMM's minerals project phase 1A at Teluk Rubiah, Perak.

Kimlun bags MRT job worth RM48.48m: chosen to manufacture, supply and deliver precast concrete tunnel segment linings for the Mass Rapid Transit (MRT) project, a job worth more than RM48.48 million. The announcement was made after MMC-Gamuda KVMRT (T) Sdn Bhd accepted the offer made by SPC Industries Sdn Bhd, a wholly-owned unit of Kimlun. The supply of the tunnel segment linings is expected to
spread over 24 months.

-Btimes

Source:Jupiter Securities Research 08 June 2012