News Bits | 26 June 2013

IDEAS OF THE DAY (SEE SEPARATE REPORTS FOR DETAILS)

l  Sector Update: Construction

l  Results Note: CRESNDO

l  On Our Portfolio: MPHB

l  On Our Technical Watch: IOICORP, SCIENTX

 

NEWS HIGHLIGHTS

l  Glomac Q4 net profit surges to RM31.1m

l  George Kent earnings up in Q1

l  AirAsia terminates Japan joint venture

l  Scientex spends RM50.0m to expand capacity

l  IHH Healthcare for 2-digit growth driven by more beds

l  Inari completes RM102.9m acquisition of Amertron

l  Pelikan aims to penetrate Brazil, Peru, Chile and Ecuador

FOREIGN NEWS HIGHLIGHTS

l  Marathon Oil to buy back shares with Angola deal proceeds

l  Dish T-Mobile bid seen as Ergen’s last resort

 

ECONOMIC NEWS HIGHLIGHTS (MACRO BITS)

Malaysia

l  M'sian 2012 Gross Fixed Capital Formation Hits Rm242bil, Highest In 7 Years

Asia

l  PBOC Says It Will Ensure Stability Of China Money Market

USA

l  Consumers To Factories Point To Durable Expansion

l  Consumer Confidence in U.S. Increases More Than Forecast

l  Orders For U.S. Durable Goods Rose More Than Forecast

l  US Home Prices See Biggest Annual Rise Since 2006

Europe

l  'Normal' Interest Rates A Long Way Off

l  UK Housing And Business Lending Diverge, Banks' Data Shows

l  Dutch Economy Contracts More Than Initially Estimated

l  Hungary Cuts Main Rate To Record As Bank Targets Growth

Currencies

l  Dollar Up As Strong Housing Data Support Tapering

Commodities

l  Oil Ends Flat In Thin Trade, Brent/WTI Spread Narrows

l  Gold Slips As Robust Data Boosts Dollar