News Bits | 26 July 2013

IDEAS OF THE DAY (SEE SEPARATE REPORTS FOR DETAILS)

l  Result Notes: AXREIT, BAT

l  On Our Technical Watch: MMHE, ZHULIAN

 

NEWS HIGHLIGHTS

l  Gadang Q4 profit falls 84.0%, declares 3.0sen/share dividend

l  Hong Leong’s Tasek Corp Q2 profit falls 6.0%, pays 32.0sen dividend

l  Encorp wins RM114.0m biz centre construction contract

l  Ranhill Energy IPO ‘back on track’

l  Tanjung Offshore will undertake a major fund-raising exercise

l  Minetech gets job from Gamuda

l  Poh Kong aims to open outlets in Sabah, Sarawak in 2-5 years

FOREIGN NEWS HIGHLIGHTS       

l  U.S. charges SAC Capital with insider trading crimes

l  AIA group 1H profit jumps 34.0%, beating analyst estimates

 

ECONOMIC NEWS HIGHLIGHTS (MACRO BITS)

Asia

l  Philippines Holds Rate To Shield Growth As Global Risks Rise

l  Korea's Second Quarter GDP Beats Expectations

l  China Cuts Capacity In Some Industries To Reshape Economy

l  China Sees Job Pressures In Coming Months

USA

l  U.S. Jobless Claims Rose Last Week By 7,000 To 343,000

l  Increase In Goods Orders Points To Factory Rebound

l  Comfort Index Climbs As U.S. Economy Views Reach Five-Year High

Europe

l  U.K. Economic Growth Quickens To 0.6% As Recovery Gains

l  Spain's Jobless Rate Falls For First Time In Two Years

l  German Business Confidence Rises For A Third Month

l  IMF Calls For Further Action To Solve Eurozone Crisis

Currencies

l  Dollar Falls To One-Month Lows Vs. Euro, Pound

Commodities

l  Brent Crude Up Slightly; Gasoline Falls Nearly 4 Cents

l  Gold Rises On Dollar Drop, Economic Data In Focus

 

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