MARKET ROUNDUP (Source Bloomberg)

U.S. Stocks Rally in S&P 500's Best Week Since December: amid speculation European and American central banks will join China in trying to spur economic growth. The S&P 500 rose 3.7 percent to 1,325.66, rebounding from a 3 percent slump last week. The Dow Jones Industrial Average climbed 435.63 points, or 3.6 percent, to 12,554.20, the biggest increase since Dec. 23, after dipping below its 2011 closing level on June 1 amid a worse-than-forecast jobs report.

European Stocks Post Biggest Weekly Gain in Four Months: as China cut interest rates and the European Central Bank said it's ready to add more stimulus if the economy worsens. The U.K.'s FTSE 100 gained 3.3 percent. France's CAC 40 rose 3.4 percent and Germany's DAX added 1.3 percent.

Asia Stocks Rise, Ending 5 Weeks of Losses on Stimulus Optimism: as global policy makers in the U.S., Europe and China signaled they would take steps to stimulate growth, amid concern China's economy is slowing. Japan's Nikkei 225 Stock Average gained 0.2 percent. Hong Kong's Hang Seng Index
slid 0.3 percent, while China's Shanghai Composite Index retreated 3.9 percent.

Oil Gains Most in Five Months on Spain Bailout, China: on speculation fuel demand will increase after Spain requested a European bailout to shore up its banks and China's imports of crude climbed to a record. Oil for July delivery increased as much as $2.54 to $86.64 a barrel in electronic trading on the New York Mercantile Exchange.

CORPORATE NEWS

OCK to buy mobile telco towers, lease back to players: OCK Group Bhd, a leading telecommunications network service provider by revenue, is in talks with local telecom operators including Celcom Axiata Bhd and Maxis Bhd, to acquire their mobile-transmission towers and lease them back to multiple telecoms operators, as part of its plan to grow its recurring income: OCK, which has submitted a draft IPO prospectus to list on the Ace Market of Bursa Malaysia, plans to use part of the proceeds for this purpose. OCK is 60% owned by Aliran Armada Sdn Bhd, in which Ooi holds a 40% stake.

Yung Kong to boost steel exports to Asean: plans to export 30% of its ColorCoat prepainted steel to Asean markets by 2015, Yung Kong currently has three lines, one in Kuching, Sarawak and two in Klang. Of the Klang lines, one is a new line integrated with a RM30 million continuous colour coating line process.

-SunBiz

Yinson's earnings from oil and gas set to quadruple to 85% of its profit: Last week, reports and rumours were swirling that oil and gas provider Yinson Holdings Bhd, together with its Vietnam partner PetroVietnam Technical Services Corp (PTSC), were extremely close to securing a US$500mil (RM1.6bil) job from Lam Son.

Naim Holdings Bhd turning old Bintulu airport site into integrated upmarket project with RM2bil GDV: The new city centre for the booming industrial town will comprise condominiums, street mall, international class hotel, shopping complex and other related facilities. Corporate services senior director Ricky Kho said the project on about 12ha would have a gross development value (GDV) of RM2bil.

US$500mil smelting plant gets nod for EIA: OM Materials (Sarawak) Sdn Bhd (OM Sarawak) has obtained detailed environmental impact assessment (DEIA) approval for its US$500mil joint-venture manganese and ferro alloy smelting plant project in Samalaju Industrial Park, Bintulu.

-StarBiz

Kelington major owners to hold on to stakes: Kelington, which offers ultra high purity gas (UHP) and chemical delivery systems, is founded by the company's chief executive officer Raymond Gan. Gan and Ong have a combined 47.2 per cent stake in the company.

-Btimes

Source:Jupiter Securities Research 11 June 2012