News Bits | 22 August 2013

IDEAS OF THE DAY (SEE SEPARATE REPORTS FOR DETAILS)

l  Results Note: AIRASIA, BSTEAD, IOICORP, KLCC, MAYBANK, PPB

l  Company Update: KOSSAN

l  Quick Bites: KIMLUN

l  On Our Radar: GHL

l  On Our Technical Watch: BIMB, DIALOG

l  Economic Viewpoint: 2Q13 GDP & BOP, July Inflation

 

NEWS HIGHLIGHTS

l  Bank Negara will not introduce new measures to curb household debt, says Zeti (Comment included in Kenanga Today)

l  PetDag earnings increase on higher fuel sales

l  Selangor Dredging to launch RM750.0m projects

l  Sentoria set to spend RM30.0m on 500 acres of land in Sarawak

l  TNB unit signs EPC contract with 4 firms to develop Manjung power plant

FOREIGN NEWS HIGHLIGHTS       

l  HP profit forecast misses some estimates on PC slump

l  Sembcorp joint venture to launch Oman IPO on Aug 28

 

ECONOMIC NEWS HIGHLIGHTS (MACRO BITS)

Malaysia

l  The 2Q13 GDP expanded by just 4.3% YoY

l  The Current Account Balance Surplus Narrowed Further To RM2.6b In The 1Q13

l  Bank Negara Trims Growth Forecast

Asia

l  BOJ: Sales Tax Increase Won’t Hurt Economy

l  Thailand Keeps Key Interest Rate At 2.5pc

USA

l  Sales Of U.S. Existing Homes Rise To Highest Since 2009

l  FOMC Minutes Show Broad Support For Bernanke Taper Timeline

Europe

l  U.K. Posts First July Deficit Since 2010 As Spending Up

Currencies

l  Bank Negara: Malaysia Can Manage Currency Volatility

l  Dollar Up As Fed Reaffirms Slowing Purchases

Commodities

l  Oil Slips, WTI Leads Decline As Crude Flows Back To Cushing

l  Gold Prices Flat As Fed Minutes Show Few Tapering Clues