MARKET ROUNDUP (Source Bloomberg)

S&P 500 Rises To Two-Month High On Earnings Amid Fed Bets: amid better- than-estimated earnings and bets that disappointing economic data will lead the Federal Reserve to add stimulus. The S&P 500 (SPX) advanced 0.3 percent to
1,376.51, the highest since May 3. The Dow Jones Industrial Average added 34.66 points, or 0.3 percent, to 12,943.36. The Nasdaq Composite Index gained 0.8 percent to 2,965.90. Volume for exchange-listed stocks in the U.S. was 7 billion
shares, up 4.8 percent from the three-month average.

Investors also watched economic data. Sales of existing U.S. homes unexpectedly dropped and manufacturing in the Philadelphia region contracted for a third month. Other reports today showed consumer confidence weakened, claims for
unemployment benefits rose and an index of leading economic indicators declined more than forecast.

European Stocks Rise As Company Earnings Beat Forecasts: as companies reported quarterly earnings that exceeded analysts'estimates. The U.K.'s FTSE 100 gained 0.5 percent. France's CAC 40 climbed 0.9 percent and Germany's
DAX advanced 1.1 percent.

Oil Rises To Two-Month High On Rising Mideast Tension: on rising concern that instability in the Middle East will disrupt supplies from a region responsible for about one- third of world production. Crude for August delivery increased $2.79, or 3.1 percent, to settle at $92.66 a barrel on the New York Mercantile Exchange. The price has risen 10 percent in seven days of gains, the longest such streak since Feb. 24. Prices are down
6.2 percent this year.


CORPORATE NEWS

TNB turns a profit for 2nd consecutive quarter: posted a third-quarter net profit of RM619.1 million ' its second consecutive quarterly profit ' against a net loss of RM179.2 million a year ago, expects higher electricity demand, implementation of fuel cost-sharing mechanism, higher coal plant availability and falling coal prices to support its performance in the final quarter.

SunBiz


VW interested in Proton stake: has a renewed interest in buying a stake in Malaysian automaker Proton Holdings Bhd. VW in the long-term might be even consider fully acquiring Proton, which is owned by DRB-Hicom Bhd, the German monthly magazine reported.

Btimes


Zecon sells mall to Tabung Haji: Zecon Land Sdn Bhd, with Zecon Land's 51% owned subsidiary Zecon Petra Jaya Sdn Bhd, had entered into a sale and purchase agreement with Lembaga Tabung Haji (LTH) for the sale of a retail mall for RM155.85mil. The retail mall, with a gross floor area of 774,859 sq ft, will be situated in Kuching, Sarawak and be developed by Zecon Land for LTH.

TSMC posts 2nd highest quarterly profit: Taiwan Semiconductor Manufacturing Co Ltd (TSMC) posted its second highest quarterly profit, helped by hot demand for smartphones and tablets, but the company forecast a dip in revenue at the end of the year as an inventory buildup unwinds.

India economy to grow at slowest pace in 10 years: India's gross domestic product is now expected to grow 6.3% during the fiscal year 2012/2013 and by 7% next fiscal, down from 7.1% and 8%, respectively, expected in the last survey in April. Growth of 6.3% would be slackest pace of expansion for Asia's third largest economy since 200203, when it grew 4%.

BizStar


Source:Jupiter Securities Research 20 July 2012