MARKET ROUNDUP (Source Bloomberg)

U.S. Stocks Fall Most in Week Since June on IMF, Profits; as the International Monetary Fund reduced its global growth forecasts and projections from Advanced Micro Devices Inc. (AMD)and Alcoa Inc. (AA) disappointed investors. The S&P 500 tumbled 2.2 percent to 1,428.59 for the week. The Dow Jones Industrial Average fell 281.30 points, or 2.1 percent, to 13,328.85. Both gauges had their biggest weekly retreat since June 1. Stocks fell worldwide as the IMF reduced its global growth estimate for 2012 to 3.3 percent from 3.5 percent, the
slowest since the 2009 recession. The Washington-based lender warned of even slower expansion unless officials in the U.S. and Europe address threats to their economies.

Europe Stocks Drop for Third Week in Four; as the International Monetary Fund and the World Bank lowered economic-growth forecasts and companies predicted their earnings will miss estimates. Germany's DAX slid 2.2 percent,the U.K.'s FTSE 100 lost 1.3 percent, France's CAC 40 retreated 2 percent.

Oil Drops a Second Day as Iran Offers Uranium-Enrichment Deal; to suspend domestic production of medium-enriched uranium before European leaders meet to discuss tighter sanctions on the Persian Gulf country. Crude for November delivery fell as much as 79 cents to $91.07 a barrel in electronic trading on the New York Mercantile Exchange and was at $91.19 at 10:37 a.m. Sydney time. The contract declined 0.2 percent on Oct. 12 to $91.86. Prices are down 7.7 percent this year.


CORPORATE NEWS

Fernandes: Aborted Batavia Air deal not setback, AirAsia will forge ahead in Indonesia; On Wednesday, AirAsia and its Indonesian partner PT Fersindo Nusaperkasa dropped plans to buy domestic carrier Batavia Air as the three companies failed to reach an agreement. AirAsia said in July that it planned to buy a 49% stake in closely held Batavia Air, while Fersindo would buy the balance 51% stake. The companies were expected to pay a total US$80mil (RM245mil) for Batavia Air.From the onset, the deal faced hurdles such as regulatory issues.

MKH to gain from MRT project as its property developments are close to the rail line; The company is planning to launch properties with an estimated gross development value of more than RM5bil over the next seven years in Kajang and Semenyih, including its Puncak Alam RM135mil turnkey project from Puncak Alam Resources Sdn Bhd. MKH, which used to derive its revenue from property development and investment, has added oil palm plantation to its current core business. The plantation division will start to contribute positively from 2013 onwards.

StarbIz


MASwings eyes 1.5m passengers; the target can be achieved based on the growing number of passengers in the areas served by MASwings as well as the success of its expansion plan in the Brunei, Indonesia, Malaysia, Philippines-East Asean Growth Area (BIMP-EAGA). MASwings' flight on time performance was the best in the country with an average of 94 per cent registered last year and expected to achieve more positive result this year.

Maybank unit aims to be key player in Asia by 2017; MALAYAN Banking Bhd's (Maybank) asset management companies are targeting to grow their assets under management at about 50 per cent a year, reaching RM37 billion by 2015.The country's largest lender is currently consolidating all its asset management businesses which are managed by Maybank Asset Management Sdn Bhd (Maybank AM), Maybank Ventures in Malaysia, KE Capital Partners in Singapore, Kim Eng Asset Management in Thailand and ATR Kim Eng in the Philippines under one roof.

Btimes

Source:Jupiter Securities Research, 15 October 2012