MARKET ROUNDUP (Source Bloomberg)
U.S. Stocks Cap Biggest Rally in 2012 on Stimulus Bets: giving benchmark indexes their biggest gains in 2012, on speculation global policy makers will take steps to stimulate economic growth. The Standard & Poor’s 500 Index advanced 2.3 percent to 1,315.13. The Dow Jones Industrial Average increased 286.84 points, or 2.4 percent, to 12,414.79. About 7.3 billion shares changed hands on U.S. exchanges today, or 8.3percent above the three-month average.
Equities rallied as European Central Bank President Mario Draghi said officials stand ready to act as the euro region’s outlook worsens. Federal Reserve Bank of Atlanta President Dennis Lockhart said extending Operation Twist, the program to lengthen maturities of debt on the U.S. central bank’s balance sheet, is an “option on the table.”
European Stocks Gain After ECB Keeps Rate at Record Low: ECB official today kept the benchmark interest rate at a record low of 1 percent. Germany’s DAX rose 2.1 percent, while the U.K.’s FTSE 100 gained 2.4 percent in its first day of trading this week after a two-day holiday for the royal jubilee. France’s CAC 40 also rallied 2.4 percent.
Oil Rises for Third Day on Economic Stimulus Speculation: Oil for July delivery climbed 73 cents to settle at $85.02 a barrel on the New York Mercantile Exchange. The Fed’s policy-setting Federal Open Market Committee meets June 19 to 20 to consider whether more stimulus is warranted amid signs the U.S. economy is slowing. The central bank bought a total of $2.3 trillion in bonds from December 2008 to June 2011 to stimulate the economy in an action known as quantitative easing.
CORPORATE NEWS
Petronas, PDVSA to drill off Cuba: Cash-strapped Cuba's long quest for black gold took another twist on Tuesday with the announcement that a Malaysian firm and Venezuela's PDVSA will use an advanced oil platform vacated by Spain's Repsol. Repsol had been doing exploratory drilling since February offshore not far from Havana, but on May 22 said it had not found oil with the Scarabeo-9, a state-of-the-art US$500,000-aday platform.
Total tradeup 3.2% in April : Malaysia’s total trade increased 3.2% in April to RM107.97 billion from the same month last year, He said exports declined slightly to RM57.74 billion from RM57.8 billion while imports rose 7.4% to RM50.23 billion. MMHE to invest in yard optimisation: Malaysia Marine and Heavy Engineering Holdings Bhd (MMHE) will spend RM1.9 billion on its yard optimisation programme over the course of four years, to upgrade its efficiency. “The capital commitment for this year alone is over RM300 million for the optimisation programme,”
-SunBiz
Daya plans to form JV in Sri Lanka: with Sri Lanka's Malco Engineering (Private) Ltd. It told Bursa Malaysia it had inked a memorandum of understanding with Malco Engineering, which is involved in projects associated with power plants, renewable energy, oil and gas, telecommunications, infrastructure and water supply, to pursue mutual cooperation in business in Sri Lanka.
Guan Chong gets nod for SGX listing: Guan Chong said it had obtained the green light for its corporate exercise from the Securities Commission and the Singapore Exchange last week.
-StarBiz
Gumusut full start-up delayed to H2 2013: Malaysia's 135,000 barrels per day (bpd) Gumusut-Kakap deepsea oilfield has been delayed to the second half of 2013 from 2012, an official at Petroliam Nasional Bhd (Petronas) said yesterday.
Lloyd's plans big investments in Malaysia: plans to make substantial investments in the next six to 12 months to expand its business in Malaysia. Llyod's is an independent provider of assurance to companies operating high-risk, capital-intensive assets in the energy and transportation sectors. Its president (Asia) John Rowley said the group would be expanding its delivery centre in Malaysia.
-Btimes
Source:Jupiter Securities Research 07 Jun 2012
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