MARKET ROUNDUP (Source Bloomberg)
U.S. Stocks Gain as ISM Services Index Unexpectedly Rises: The Standard & Poor’s 500 Index (SPX) rose, amid the cheapest valuation in six months, after an unexpected increase in a measure of service industries and as a report said Europe’s bailout fund was preparing a credit line for Spain. The S&P 500 rose 0.6 percent to 1,285.50. The Dow Jones Industrial Average added 26.49 points, or 0.2 percent, to 12,127.95. It snapped a four-day drop.
European Stocks Rise as U.S. Services Data Beat Estimates: stocks extended their advance, snapping a four-day decline, as the U.S. services industry expanded at a faster pace than estimated and investors speculated that policy makers will stimulate economic growth. Germany’s DAX fell 0.2 percent, while the Swiss Market Index was little changed. France’s CAC 40 advanced 1.1 percent. U.K. market are closed for public
holidays.
Oil Rises for Second Day as Service Industries Grow: Oil rose for a second day as a gauge of U.S. service-industry growth unexpectedly increased, reducing worries that a slowing economic recovery will cut oil demand. Prices rebounded Crude for July delivery gained 31 cents, or 0.4 percent, to settle at $84.29 a barrel on the New York Mercantile Exchange. Prices have fallen 15 percent after the Institute for Supply Management’s index of non-manufacturing businesses advanced to 53.7 in May from April’s 53.5. this year.
CORPORATE NEWS
Bumi Armada wins pipelay barge contract in Turkmenistan: Bumi Armada Bhd's subsidiary Armada Marine Contractors Caspian Pte Ltd has been awarded a charter contract by Momentum Engineering (LLC) Turkmenistan to lay 15km of various size pipelines in the Caspian Sea, off Turkmenistan. The contract is for 30 days with an extension option of a further 15 days.
N2N bags job from Philippine stock exchange: ACE-listed N2N Connect Bhd has bagged the job to provide exchange-wide online trading, direct market access (DMA) and advanced trading tools including automated order taking and algorithmic trading for the Philippine Stock Exchange, Inc's (PSE) trading participants (TPs) and their clients.
-SunBiz
Ingress in RM13.4m autopart deal: will supply autopart inner sash worth RM13.4mil for a new Nissan model. In a filing to Bursa Malaysia, Ingress Corp said it had received a letter of intent from Nissan Motor Co Ltd through its subsidiary in Thailand, Ingress Autoventures Co Ltd.
MSC acquires 40% in Africa Smelting Corp: for US$400,000 (RM1.28mil), paving the way for its first direct participation in the tin smelting sector in the African continent. The remaining 60% will be held by Mining Mineral Resources (MMR), the company said in a statement to Bursa Malaysia.
-StarBiz
Scomi Monorail plant to start ops in Aug: Scomi Engineering Bhd said the monorail manufacturing plant owned by its local partner will commence operations in August this year.The new plant, owned by Montagens e Projetos Especiais SA, will be the first to produce monorails in Rio de Janeiro and the second in the country.
-Btimes
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