MARKET ROUNDUP (Source Bloomberg)

S&P 500 Snaps 3-Day Rally On ECB Ahead Of Jobs Report: amid disappointment over Europe's efforts to tame the region's debt crisis as investors awaited tomorrow's American jobs report. The S&P 500 decreased 0.5 percent to 1,367.58. The Dow Jones Industrial Average fell 47.15 points, or 0.4 percent, to 12,896.67. Volume for exchange-listed stocks in the U.S. was 5.3 billion shares, 21 percent below the three- month average. Equities fell as European Central Bank President Mario Draghi said today's cut in interest rates to a record low may have only a
limited impact on the euro-area economy. China also reduced rates in a bid to spur growth. Tomorrow's Labor Department data may show the pace of hiring in the U.S. accelerated in June while remaining at less than half the average for the first quarter of the year, economists said.

European Stocks Drop As Draghi Sees Risks; Banks Retreat: as European Central Bank President Mario Draghi said downside risks to the economy remain, offsetting monetary policy easing by countries from China to the U.K. The ECB cut interest rates to a record low and said it won't pay anything on overnight deposits. The central bank reduced its main refinancing rate to 0.75 percent from 1 percent and cut its deposit rate to zero from 0.25 percent. Germany's DAX declined 0.5 percent and France's CAC 40 retreated 1.2 percent. The U.K.'s FTSE 100 gained 0.1 percent.

Oil Drops As ECB's Draghi Says Economic Risks Remain: after the dollar rose against the euro as European Central Bank President Mario Draghi said economic risks remain after the bank cut rates to a record low. Crude for August delivery fell 44 cents to settle at $87.22 a barrel on the New York Mercantile
Exchange. Prices are down 12 percent this year.

CORPORATE NEWS

BNM maintains OPR at 3%: the overnight policy rate at 3% at
the Monetary Policy Committee (MPC) meeting yesterday.
Headline inflation is expected to remain moderate for the
remainder of 2012. With some excess capacity in the economy,
the strength of domestic demand is not expected to result in
inflationary conditions.

Hektar to focus on niche, neighbourhood malls: Hektar Asset Management Sdn Bhd, manager of Hektar Real Estate Investment Trust (Hektar REIT), wants to focus on being a niche and neighbourhood mall manager besides turning around distressed properties. Yesterday, unitholders approved the proposed acquisition of the two shopping malls for a total of RM181 million ' RM98 million for Landmark Central in Kulim and RM83 million for Central Square in Sungai Petani. Unitholders also approved a renounceable rights issue of up to 93 million new units in Hektar REIT to part-finance the acquisition.

SunBiz

HSL wins RM291m UiTM campus contract: Hock Seng Lee Bhd (HSL), a marine engineering, civil engineering and building construction company, has won a RM291 million contract to design and build an educational institution in Mukah, Sarawak. The job, located within the Sarawak Corridor of Renewable Energy, will bring the value of the company's projects in hand to RM2 billion. The new project brings the total value of new contracts secured by HSL in 2012 to RM472 million. While the value of its projects in hand is RM2.07 billion, some RM1.3
billion is outstanding.

MAS targets 20-30 per cent digital revenue growth: aims to achieve 20%-30% growth in digital revenue this year from 10%-15% previously, driven by the PayPal payment method for its ticket bookings. 'We are confident of achieving the target as last year we saw an increase of 500% in average daily bookings via
MH Mobile,' senior vice-president (marketing and promotions) Al-Ishsal Ishak.

Sumatec submits regularisation plan: The regularisation plan, once approved and implemented, will see Sumatec onto stronger financial footing via the Joint Investment Agreement (JIA) with Markmore Energy (Labuan)Ltd and CaspiOilGas LLP
for the commercial development and production of the Rakushechnoye oil and gas field in Kazakhstan.

StarBiz


Source:Jupiter Securities Research 06 July 2012