MARKET ROUNDUP (Source Bloomberg)
S&P 500 Has Longest Slump Since May On Economic Concern: as concern intensified about a slowdown in the global economic recovery and American corporate earnings. The S&P 500 (SPX) slid 0.5 percent to 1,334.76 paring a drop of as much as 1.2 percent. The benchmark index for American equities retreated for a sixth straight day, losing 2.9 percent over the period. The Dow Jones Industrial Average fell 31.26 points, or 0.3 percent, to 12,573.27, after losing more than 112 points. Volume for exchange-listed stocks in the U.S. was 6.5 billion shares, 3.3 percent below the three- month average.
European Stocks Decline As Fed Damps Stimulus Optimism: as minutes released by the Federal Reserve disappointed investors seeking a more definitive signal
for further quantitative-easing measures. The U.K.’s FTSE 100 dropped 1 percent. France’s CAC 40 slid 0.7 percent and Germany’s DAX retreated 0.5 percent.
Oil Fluctuates Amid U.S. Sanctions On Iran, Euro’s Slip: the second-biggest crude-producing member of the Organization of Petroleum Exporting Countries. Crude oil for August delivery increased 27 cents to settle at $86.08 a barrel on the New York Mercantile Exchange. Prices have decreased 13 percent this
year.
CORPORATE NEWS
Wall St drops on tech warnings: Indian IT heavyweight Infosys Ltd became the latest big tech company to warn of sluggish sales, saying global economic uncertainty was hitting technology spending. Profit warnings from companies such as Advanced Micro Devices Inc have hurt the sector in recent days. The S&P
tech sector index ended Thursday down 1.1 percent.
RM20 note makes a comeback: Bank Negara Malaysia (BNM) has reintroduced the RM20 banknote after 16 years. n a new series of banknotes which will be in circulation from Monday. BNM said the old RM20 banknote made its first appearance in the second Malaysian banknote series in 1982 but was not introduced in the third series in 1996.
Starhill REIT distributes 3.62 sen: announced a final income distribution of 3.62 sen per unit for the six-month period from January 1 till June 30. The total payout amount translates to RM48mil. For the six-months ended Dec 31, Starhill REIT had paid out a 4.01 sen interim dividend. In total, its income distribution for its financial year ended June 30, 2012 stands at 7.63 sen per unit, compared to 6.49 sen per unit in the previous year.
WCT wins RM391mil contract: from UEM-MRCB JV Sdn Bhd for the proposed fourth lane widening between Nilai and Seremban.The RM391mil contract amount includes the provisional sum of RM10mil and prime cost sum of RM216mil respectively.
Source:Jupiter Securities Research 13 July 2012
Source:Jupiter Securities Research 13 July 2012
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