News Bits | 24 July 2013

IDEAS OF THE DAY (SEE SEPARATE REPORTS FOR DETAILS)

l  Results Notes: MAHB, PBBANK

l  Quick Bites : CRESNDO, PERDANA

l  On Our Technical Watch: MAGNUM, OLDTOWN

 

NEWS HIGHLIGHTS

l  Tanjung Offshore to issue new shares to fund acquisitions

l  Kinsteel secures rights to mine iron ore in Pahang

l  IHH Healthcare sells Gleneagles CRC for RM13m

l  Tropicana Corp proposes private placement to fund land acquisitions

l  PIDM records RM263m in revenue for FY12

l  Unconditional offer for Microlink

l  Trinity to start build-then-sell projects

FOREIGN NEWS HIGHLIGHTS       

l  Strong iPhone sales buoy Apple's Q3, shares climb

l  Brookfield Asset raises USD4.4b to buy real estate

 

ECONOMIC NEWS HIGHLIGHTS (MACRO BITS)

Global

l  Emerging Markets Gain Clout At IMF Amid Faster Growth Trends

l  IMF Promises Greater Openness

Malaysia

l  Second Finance Minister Says H1 GDP Growth At 5%

Asia

l  Japan Consumers Haven't Been This Confident In 7 Years

l  China Eyes Fresh Stimulus As Economy Stalls, Sets 7pc Growth Floor

l  Singapore Cuts 2013 Inflation Outlook

l  Investment Growth Slows In Indonesia

North America

l  U.S. House Prices Climbed 7.3% In Year Through May

l  Canada May Retail Sales Gain Fastest In 3 Years On Autos

Europe

l  Euro Zone Consumer Confidence Nears 2-Year High In July

l  UK Export Activity At Highest Level Since 2007, Says BCC

l  French Business Confidence Rises To Highest In 15 Months

l  Bunds Fall As China Growth Pledge Damps Safety Demand

Currencies

l  Dollar Falls In Low Trade On Richmond Fed Surprise

Commodities

l  Brent Edges Higher, Supported By Spread Trade

l  Gold Rises To 1-Month High On Options-Related Buying

 

Kenanga Coverage Rating Summary - (Please refer to the attached)