MARKET ROUNDUP (Source Bloomberg)
S&P 500 Climbs to Four-Year High as ECB Details Bond Plan: as the European Central Bank announced specifics of its bond-buying plan and data boosted optimism in the American economy. The S&P 500 climbed 2 percent, the most since June, to 1,432.12 at 4 p.m. in New York.The Dow added 244.52 points, or 1.9 percent, to 13,292, its highest level since December 2007. The Nasdaq-100 Index (NDX) climbed 2.3 percent to almost a 12-year peak. More than five shares rose for each that declined on U.S. exchanges, with volume at 7.1 billion shares, or 18 percent above the three-month average.
European Stocks Gain as ECB Agrees on Bond-Purchase Plan: after European Central Bank President Mario Draghi said policy makers agreed to an unlimited bond-purchase program as they try to regain control of interest rates in the euro area. Germany’s DAX rallied 2.9 percent and the U.K.’s FTSE 100 gained 2.1 percent. France’s CAC 40 jumped 3.1 percent.
Oil Drops From One-Week High in New York Before U.S. Jobs Report: as investors speculated prices may have risen too far before a report forecast to show jobs growth slowed last month in the U.S., the world’s biggest crude consumer. Oil for October delivery declined as much as 98 cents to $94.55 a barrel in electronic trading on the New York Mercantile Exchange and was at $94.87 at 9:55 a.m. Sydney time. The contract climbed 17 cents yesterday to $95.53, the highest
close since Aug. 31. Front-month prices are down 1.7 percent this week and 4 percent this year.
CORPORATE NEWS
DRB-HICOM will not exit Bank Muamalat: DRB-HICOM Bhd has no intention of divesting its entire 70 per cent stake in Bank Muamalat Malaysia Bhd as it still wants to be involved in the financial services industry. Khazanah owns the other 30 per cent stake in Bank Muamalat.
Malaysia debt still at manageable level: As at the end of last year, the percentage of public debt to GDP ratio is 51.8 per cent. Although there is a self-imposed cap at 55 per cent, the government is careful in ensuring that the ratio will not exceed that level. Standard and Poor's Rating Services, in a report on Wednesday, said Malaysia's public debt is on the high side for an A-rated sovereign and it expected it to rise to 53.9 per cent by the end of 2012. Unlike the high debt levels of advanced economies like the US, coupled with high unemployment and slow growth rates, Malaysia still continues to enjoy strong growth, low inflation level, healthy foreign reserves as well high foreign direct investment (FDI) interest.
Btimes
MAS want to renegotiate catering terms: seeking to renegotiate the terms of the catering agreement with Brahim’s-LSG Sky Chefs Holdings Sdn Bhd (BLH), a subsidiary of Brahim’s Holdings Bhd. Brahim’s said the renegotiation of the
terms might affect its proposed acquisition of a 49% stake in BLH for RM130mil cash.
Huawei unveils latest smartphone Ascend P1: also announced the expansion of Huawei's device business under a new distribution partnership with ECS ICT Bhd via its whollyowned subsidiary, ECS Astar Sdn Bhd, which would open up access to over 3,000 resellers nationwide.
StarbIz
Source:Jupiter Securities Reasearch 07 September 2012
