MARKET ROUNDUP (Source Bloomberg)
U.S. Stocks Fall On Concern Europe’s Crisis Is Worsening: amid concern Europe’s debt crisis is deepening and after a Chinese central- bank adviser said the nation’s economic growth may slow further. About five stocks fell for each rising on U.S. exchanges. The S&P 500 fell 0.9 percent to 1,350.52, paring a loss of 1.8 percent. The Dow Jones Industrial Average dropped 101.11 points, or 0.8 percent, to 12,721.46. The Chicago Board Options Exchange Volatility Index rose 14 percent to 18.62. Volume for exchange-listed stocks in the U.S. was 6.4 billion shares, or 3.9 percent below the three-month average.
Europe Stocks Sink Most In Three Months Amid Debt Crisis: as concern grew that Greece will default and more Spanish regions will follow Valencia in seeking a bailout. Short Ban ; Germany’s DAX Index extended declines today after the bans were announced, as investors sold euro-area stocks outside of Spain and Italy. The gauge closed 3.2 percent lower. The FTSE 100 2.1 percent, biggest two-day selloff since May, as banks slumped amid renewed concern the euro area has yet to contain its sovereign-debt crisis.
Oil Tumbles Most This Year On European Debt Crisis: on concern that Europe’s sovereign-debt crisis is deepening and as a Chinese central-bank adviser said the country’s economic expansion may slow further. Crude oil for September delivery fell $3.69 to settle at $88.14 a barrel on the New York Mercantile Exchange. It was the biggest decrease for a frontmonth contract since Dec. 14. Prices are down 11 percent this year.
CORPORATE NEWS
Inari to raise RM66.9m from rights, preference share issues: to part-finance its acquisition of Cayman Islands-incorporated Amertron Inc (Global) Ltd for RM101.8 million. The remaining funds needed for the acquisition will be sourced internally. Amertron Global, established in 1988, specialises in end-to-end EMS services, primarily in the manufacturing of optoelectronic modules. It has two plants in the Philippines and one in China with a combined staff strength of about 3,700.For the financial year ended Dec 31, 2011, its adjusted net tangible assets stood at US$32 million and revenue at US$120.8 million.
SunBiz
Cycle & Carriage Q2 pre-tax profit down: for the second quarter ended June 30 2012, declined to RM5.411 million, compared to the RM7.369 million recorded in the same period last year. Cycle & Carriage said trading conditions for the group were challenging due to the intense competition in the luxury car segment.
Sapura Kencana awards O&G deal: has awarded a RM8.5 million contract for three process packages to Global Process Systems (GPS), a global provider of technology-based "design and build" process facilities solutions for the oil and gas industry..
Btimes
Tanjung announces dividend payment: announced a special dividend of 35 sen per share. The special dividend would be paid on Sept 10.
MTD ACPI, Ekovest win RM550mil road jobs: secured road construction-related jobs worth about RM550mil from UEMBMRCB JV Sdn Bhd (formerly Intria Urus Sdn Bhd).
BizTheStar
Source:Jupiter Securities Research 24 July 2012
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