MARKET ROUNDUP (Source Bloomberg)

U.S. Stocks Retreat as Greece Overshadows Stimulus Bets: as concern over Greece's debt crisis overshadowed speculation central banks will take action to spur the economy. The S&P 500 fell 0.6 percent to 1,429.08 at 4 p.m. in New York. The Dow Jones Industrial Average slid 52.35 points, or 0.4 percent, to 13,254.29. The Nasdaq Composite Index lost 1 percent to 3,104.02. About 5.6 billion shares traded hands on U.S. exchanges, 7.3 percent below the three-month average, while the Chicago Board Options Exchange Volatility Index, known as the VIX, rose 13 percent, the biggest jump in seven weeks, to 16.28.

European Stocks Drop on China Import Decline, Greek Aid: as China's imports unexpectedly dropped, and Greece struggled to qualify for aid payments. The U.K.'s FTSE 100 and Germany's DAX slipped less than 0.1 percent. France's CAC 40 lost 0.4 percent.

Oil Drops From Three-Week High on U.S. Fed Meeting, Saudi Arabia: as investors waited to see if U.S. policy makers will add stimulus to the economy and Saudi Arabia said rising prices are unjustified. Crude for October delivery decreased as much as 34 cents to $96.20 a barrel in electronic trading on the New York Mercantile Exchange and was at $96.28 at 9:42 a.m. Sydney time. The contract yesterday rose 12 cents to $96.54, the highest close since Aug. 22. Prices are 2.6 percent lower this year.


CORPORATE NEWS

Palm oil prices likely to hit RM3,200 by year-end: PALM oil prices are likely to climb back to RM3,200 a tonne by year-end, said Jupiter Securities chief market strategist Benny Lee Wan Yu. Lee was speaking on the sidelines of the International Palm Oil Sustainability Conference 2012 held here yesterday.

Pintaras unit wins RM21.55m condo job: unit Pintaras Geotecnics Sdn Bhd has won a contract worth RM21.55 million from Sime Darby Melawati Development Sdn Bhd to undertake piling and pile cap works for a condominium project in Desa Melawati, Setapak.

Btimes


LBS unit to buy 18% of Casa Inspirasi: has entered a deal to acquire an 18% stake, or 49,500 shares, in property development company Casa Inspirasi Sdn Bhd (CISB) for a total cash consideration of RM10mil.


ECS ICT proposes 1-for-2 bonus issue: the issue entailed the issuance of 60 million new ordinary shares of 50 sen par and was targeted for completion by the fourth quarter of 2012. This would result in the group's share capital increasing from RM60mil, comprising 120 million shares of 50 sen par, to RM90mil, comprising 180 million shares of 50 sen par.

StarbIz

Source:Jupiter Securities Research 11 September 2012