MARKET ROUNDUP (Source Bloomberg)
U.S. Stocks Fall, Ending 2-Week Rally, On Growth Concern: after the Federal Reserve cut its economic forecast and a bear market in commodities prices dragged down energy producers. The S&P 500 slid 0.6 percent to 1,335.02, snapping a two- week rally of 5.1 percent. The Dow Jones Industrial Average declined 126.39 points, or 1 percent, to 12,640.78, trimming its advance for the year to 3.5 percent.
U.K. Stocks Slide Amid Global Growth Concern: led by a sell off in mining and energy companies, as base metals declined amid signs of a global economic slowdown. The FTSE 100 Index fell 1 percent to 5,513.69 at the close in London, trimming the gauge’s third week of gains to 0.6 percent.
Oil Gains A Second Day After Storm Cuts Gulf Of Mexico Output: Oil rose for a second day in New York after Tropical Storm Debby shut rigs and disrupted production in the Gulf of Mexico. The contract increased $1.56 to $79.76 on June 22. Prices are 19 percent lower this year.
CORPORATE NEWS
Chery investing RM250m in assembly plant: the Malaysian plant will have a capacity to assemble 10,000 cars annually for the first five years, with an option to expand to 20,000 units once it has expanded its overseas markets. Chery will focus on the domestic market first, as its exports are currently in small volumes to countries such as Indonesia, India, Thailand and Sri
Lanka.
MAS needs cash to succeed with turnaround plan: MAS on Thursday announced its target to return to profitability by 2014, which was an extension of a year from its turnaround plan announced in December last year. Despite its financial woes, he said MAS was still relevant as its plays a major role in spurring growth in related activities such as aircraft maintenance, repair and operations businesses, leasing aircraft as well as the tourism
industry..
SunBiz
Competition heats up among telcos in IDD segment: Recently, Maxis Bhd has up the ante and become more aggressive with cheaper new prepaid and IDD packages
among migrant workers with attractive headline rates. Maxis'aggressiveness has proved to be fruitful for the telco and continues to gain traction. Following this, DiGi.Com Bhd, which controls some 50% of the migrant worker market, responded to its rival's rate cut by slashing IDD rates for key migrant markets
by up to 77% in April.
Wah Seong a major oil and gas player in the making: outbidding other contenders for a substantial stake in Petra Energy Bhd, pipe-coating specialist Wah Seong Corp Bhd is set to emerge as the second-largest shareholder in the integrated oil and gas (O&G) brown field services provider once the deal is finalised. This will likely see Wah Seong strengthening its position as a major player in the O&G sector that is set to boom under Malaysia's Economic Transformation Programme (ETP).
StarBiz
Source:Jupiter Secutiries Research 26 June 2012
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