MARKET ROUNDUP (Source Bloomberg)

U.S. Stocks Fall Amid Concern Over Stimulus Efforts; erasing earlier gains after benchmark indexes approached fiveyear highs, amid concern that global stimulus measures won't be enough to boost growth at the world's largest economy. The Standard & Poor's 500 Index retreated 1.1 percent to 1,441.59 at 4 p.m. New York time, the biggest decline since June 25. The index dropped a fourth day. The Dow Jones Industrial Average decreased 101.37 points, or 0.8 percent, to 13,457.55. Volume for exchange-listed stocks in the U.S. was 6.7 billion shares today, or 12 percent above the three-month average.

European Stocks Gain on U.S. Home-Price, Confidence Data; as U.S. home prices and consumer confidence increased more than forecast, adding to signs the world's largest economy is strengthening. Germany's DAX added 0.2 percent and France's CAC 40 increased 0.5 percent. The U.K.'s FTSE 100 Index gained 0.4 percent.

Oil Drops From Seven-Week Low on Rising Supplies, Growth Outlook; after a report showed rising U.S. stockpiles and the Federal Reserve Bank of Philadelphia President Charles Plosser said a new stimulus plan probably won't boost economic growth. Crude for November delivery fell as much as 64 cents to $90.73 a barrel in electronic trading on the New York Mercantile Exchange and was at $90.93 at 9:19 a.m. Sydney time. Futures slid 56 cents to $91.37 yesterday, the lowest close since Aug. 2, and are down 8 percent this year.

CORPORATE NEWS

Shareholders approve Hing Yiap's brand acquisitions; Hing Yiap Group Bhd's proposed acquisition of a variety of brands, which include Anakku, Audrey and Mickey Junior for RM245mil in cash and shares from Asia Brands Corp Bhd. While there is no profit guarantee for the acquisition, based on historical figures, the acquisition of the new companies will increase Hing Yiap's earnings per share from 32 sen to 54 sen based on its financial year ended June 30, 2011.

Miti working on roadmap for steel industry; to finalise on the roadmap for the future competitiveness of the strategic RM40bil local steel industry, said Boston Consulting Group (BCG) partner and managing director Nor Azah Razali. BCG forecast that by 2020, the local steel sector would be able to contribute 6.5% to the GDP and employed 225,000 workforce.

StarbIz

Top Glove plans RM3b investment; will pump RM3 billion into domestic investments over the next 15 years. This commitment will generate RM75 billion in export sales revenue for Malaysia, said its chairman Tan Sri Lim Wee-Chai. Under the company's plan, 40 new factories equipped with new and high-tech automated machinery will be constructed.

KKB secures RM11m Petronas job; contract extension from Petronas Dagangan for the fabrication, supply and delivery of 14kg and 50kg LPG Cylinders. The extension is for a period of one year effective September 2012 and the contract is estimated to be worth about RM11 million.

Btimes

Source:Jupiter Securities Research, 26 September 2012