MARKET ROUNDUP (Source Bloomberg)
U.S. Stocks Snap Six-Week Rally Amid Europe Concern: as investors speculated whether central banks would provide further economic stimulus. Equities rallied the final day on bets the Federal Reserve will act to boost growth. The S&P 500 declined 0.5 percent to 1,411.13, after the benchmark index for American equities briefly topped a four-year high during the week. The Dow Jones Industrial Average dropped 117.23 points, or 0.9 percent, to 13,157.97.
European Stocks Decline For First Week Since June: as Greece’s prime minister asked the leaders of Germany and France for a two-year reprieve from cutting government spending and Japan’s trade deficit widened. The U.K.’s FTSE 100 slipped 1.3 percent, while Germany’s DAX Index retreated 1 percent. France’s CAC 40 dropped 1.6 percent.
Oil Climbs First Time In Three Days As Storm Shuts Gulf Output: as Tropical Storm Isaac shut almost a quarter of crude output in the Gulf of Mexico. Venezuela halted some production at its biggest refinery after a fire killed at least 39 people. Oil for October delivery increased as much as 92 cents to $97.07 a barrel in electronic trading on the New York Mercantile Exchange and was at $96.88 at 9:42 a.m. Sydney time. The contract slid 12 cents to $96.15 on Aug. 24 and rose 0.2 percent last week. Prices are down 2 percent this year.
CORPORATE NEWS
Magna Prima plans RM1b jobs: The company said the GDV of the proposed development was estimated at RM832.67 million and the total development cost was estimated to be RM624.83 million with an expected gross profit of RM207.84 million.
Kamunting hunting for M&A opportunities: Kamunting Plantation is aiming to become a large scale player in the industry, to join the ranks of companies like TSH Resources Bhd and unlisted Pontian United Plantations Bhd.
Btimes
P.I.E. banks on its e-commerce business solutions: The group expects its sales for industrial products this year to remain flat compared to a year ago.
Markets hopeful the US Fed will launch QE3: Almost twothirds of investors believe QE3 is on its way, a Reuters poll finds. Another poll reveals markets are confident the ECB will buy Italian and Spanish bonds from September and will cut
interest rates to record lows.
StarbIz
Source:Jupiter Securities Research 27 August 2012
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