MARKET ROUNDUP (Source Bloomberg)

U.S. Stocks Rise as Service, Jobs Data Offset China; as better- than-forecast growth in American employment and service industries offset concern about China's economy. The S&P 500 rose 0.4 percent to 1,450.99 at 4 p.m. in New
York. The benchmark index for American equities has climbed 0.7 percent in three days. The Dow Jones Industrial Averageadded 12.25 points, or 0.1 percent, to 13,494.61 today. Volume for exchange-listed stocks in the U.S. was 6.2 billion shares, or 4.4 percent above the three-month average.

European Stocks Little Changed as Data Offsets Spain; as U.S. reports on private hiring and services-industry growth beat estimates, offsetting Spain's stance that it won't ask for a sovereign bailout soon. France's CAC 40 retreated 0.2 percent, the U.K.'s FTSE 100 gained 0.3 percent while Germany's DAX rose 0.2 percent.

Oil Trades Near Two-Month Low as U.S. Output Rises, Demand Eases; after the government reported that U.S. crude production climbed to the highest level in more than 15 years while fuel consumption decreased. Crude for November delivery was at $88.37 a barrel, up 23 cents, on the New York Mercantile Exchange at 8:29 a.m. in Tokyo. It earlier fell as much as 19 cents, or 0.2 percent. Futures dropped $3.75 yesterday to close at $88.14, the lowest level since Aug. 2. Prices are down 11 percent this year.


CORPORATE NEWS

Govt may cut CPO export tax to between 8% and 10%; The Malaysian crude palm oil (CPO) export tax policy that is unchanged since the 1970s will likely see a downward revision to between 8% and 10% from the current 23%. Plantation Industries and Commodities Minister Tan Sri Bernard Dompoksaid he would present a proposal to the cabinet tomorrow, and the proposal is understood to contain several measures to help stabilise the current CPO price that has slumped on concerns of the rising palm oil stocks that would outpace future demand.

Scientex to buy GW Plastics core business for RM283mil; as proposed to buy its rival GW Plastics Holdings Bhd's (GWP) core business for RM283.2mil cash, a deal market observers say could be a prelude to more mergers and acquisitions (M&A) in the plastics sector. Scientex, one of the world's top five producers of stretch film and the largest in Asia, told the stock exchange it had inked a share sale and purchase agreement to acquire Great Wall Plastics Industries Bhd and GW Packaging Sdn Bhd, both wholly-owned by GWP. The price tag values GWP at RM1.20 per share, a price-to-earnings ratio of 14.38 times and a price-to-book value of 1.46 times, Scientex said.

StarbIz


AZRB to redevelop Bangunan MAS; has won a RM673 million job to redevelop Bangunan MAS in Jalan Sultan Ismail here.The contract was awarded by Permodalan Nasional Bhd (PNB). Ahmad Zaki will demolish an existing podium at the 35- storey building, build a 50-storey hotel and upgrade the existing 35-storey office building. The hotel will also have six-storey basements for car park and mechanical and electrical service area. Construction is expected to be completed by October 2017, the company said.

UEM to sell Time by year-end; Government-linked UEM has been mulling over divesting its Time Engineering stake since 2010, which it sees as a non-core asset. UEM has four core business divisions - expressways, township and property development, engineering and construction, and asset and facility management.

Btimes

Source:Jupiter Securities Research 4 October 2012