MARKET ROUNDUP (Source Bloomberg)

S&P 500 Erases Loss as Apple Recovery Overshadows Spain; as a rebound in Apple (AAPL) Inc. overshadowed disappointment after Spanish Prime Minister Mariano Rajoy said a bailout request is not imminent. The S&P 500 rose 0.1 percent to 1,445.75 at 4 p.m. New York time, after dropping as much as 0.4 percent. The Dow Jones Industrial Average lost 32.75 points, or 0.2 percent, to 13,482.36. Volume for exchange-listed stocks in the U.S. was 5.8 billion shares, or 3.4 percent below the threemonth average.

European Stocks Decline; Alstom, Erste Drop; after yesterday rallying the most in more than three weeks, as companies from Alstom SA to Erste Group Bank AG (EBS) sold shares. France's CAC 40 slipped 0.6 percent. The U.K.'s FTSE 100 retreated 0.2 percent, while Germany's DAX lost 0.3 percent.

Oil Drops a Second Day as Crude Stockpiles Advance a Fourth Week; after an industry-funded report showed stockpiles climbed for a fourth week in the U.S., the world's biggest crude user. Crude for November delivery decreased as much as 31 cents to $91.58 a barrel in electronic trading on the New York Mercantile Exchange and was at $91.60 at 9:16 a.m. Sydney time. The contract yesterday fell 59 cents, or 0.6 percent, to $91.89, the lowest close since Sept. 27 and the first drop in four days. Prices are 7.3 percent lower this year.


CORPORATE NEWS

CPO plunges 8.4%; The three-month benchmark December contract fell 8.4% to close at RM2,255 per tonne, its biggest single day drop since July 2008. It reached an intra-day low of RM2,250 per tonne with a turnover of 28,743 lots. In July, famed palm oil forecaster Dorab Mistry, director at Godrej International warned that crude palm oil (CPO) price was indeed heading south with a 50% chance that Malaysia's CPO futures would drop to RM2,300 per tonne in the final quarter.

Pestech, Mega form JV for TNB job; Pestech Sdn Bhd and Mega Linear Sdn Bhd have formed a joint-venture company to undertake the supply, construction and commissioning of a 132 kilovolt and 33 kilovolt switchgear, transformer and ancillary equipment worth RM16.48mil. In a filing to Bursa Malaysia, Pestech said the contract, awarded byTenaga Nasional Bhd (TNB), would also include civil works for PMU 132/33 kilovolts, Bukit Siput extension in Johor.

StarbIz


Subsea: Malaysia positioned to be global oil & gas hub; The Prime Minister announced a 100 per cent income tax exemption for a period of 10 years, exemption of withholding tax and exemption of stamp duty to be given to public-private partnership projects in the development of oil and gas industry. Subsea UK is the industry body and focal point for the entire British subsea industry and aims to increase business opportunities at home and abroad for the sector.

Kejuruteraan Samudra wins Petronas deal; has won a contract from Petronas Carigali to provide tubular handling equipment and services. The contract was for the D-21, Samarang Phase 2AD and Tangga Barat Cluster Development Phase 1 projects from September 28 this year to August 31, 2013, it said

Btimes


Source:Jupiter Securities Research, 03 October 2012