MARKET ROUNDUP (Source Bloomberg)

U.S. Stocks Advance as Spain Pledges Deficit Cuts; as Spain pledged to cut its deficit and speculation grew that China's government will do more to support economic growth. The S&P 500 rose 1 percent to 1,447.15 at 4 p.m. New York time, after slumping 1.9 percent in five days. The Dow Jones Industrial Average added 72.46 points, or 0.5 percent, to 13,485.97. Volume for exchange-listed stocks in the U.S. was 5.7 billion shares, or 4.4 percent below the three-month average.

European Stocks Rise Amid Speculation of China Stimulus; fter falling the most in two months yesterday, amid speculation China may announce new stimulus measures to bolster economic growth and as Spain's cabinet approved the 2013 budget. France's CAC 40 rose 0.7 percent, while the U.K.'s FTSE 100 and Germany's DAX both gained 0.2 percent.

Oil Rises for a Second Day in New York on U.S. Economic Outlook; headed for the biggest quarterly gain this year before a report that may show personal spending rose in the U.S., signaling an economic recovery that may boost fuel demand. Crude for November delivery gained as much as 54 cents to $92.39 a barrel in electronic trading on the New York Mercantile Exchange and was at $92.23 at 9:31 a.m. Sydney time. The contract yesterday climbed $1.87 to $91.35. Prices are up 8.6 percent this quarter and down 4.4 percent this month.



CORPORATE NEWS

V.S. Industry distributes 70.5% of profit; The integrated Electronic Manufacturing Services (EMS) provider's net profit rose 39.3% to RM38.6mil in the financial year. The dividend will be payable on Oct 25 to shareholders whose names appear on the company's Record of Depositors on Oct 12.

EPF, Fernandes, Kamarudin increase stakes in AirAsia; AirAsia shares had experienced some sell-down recently on concerns of intensifying competition domestically and regionally. The market had also been concerned that Malindo Airways, which was launched earlier in the month, would give AirAsia solid competition. Market dealers said that the move to increase stakes by AirAsia's key directors showed that they were committed to the business despite the impending competition from Malindo.

Yinson posts net profit of RM10.68m; or an earnings of 5.02 sen per share for the second quarter to July 31 this year. It announced a record second quarter revenue of RM235.8 million, up 48.62 per cent from RM158.6 million previously. The revenue growth is mainly due to the increased contribution from the trucking, trading and marine transport segments.

Gamuda nets RM566m; ended July 31 this year, up from RM432.95 million registered last year. Gamuda said the construction division had gotten a boost due to the higher work progress from the electrifying double-tracking project. Its property division recorded increased profit from existing projects in Malaysia and the land sale to Aeon Co of Japan in Caledon City, Vietnam.


Source:Jupiter Securities Research, 28 September 2012