MY Midday Insights | RISING AHEAD, KLCI ROSE 2.69 POINTS

According to the latest US economic data, there are obvious signs of economic slowdown, further strengthening the expectation that the Fed will suspend interest rate hikes. US stocks closed higher overnight, driving the Asian stock market generally higher this morning.

However, since then, the increase narrowed. As of 12:30 noon, the composite index closed at 1457.13 points, starting at 2.69 points, or 0.19%.

The half-day turnover was 2.2 billion shares, with a transaction value of RM1.4 billion.

The FTSE Malaysia All Stock Index closed at 10768.88 points, down 21.07 points.

There were 402 rising stocks, 503 falling stocks, 642 had no ups and downs, and 832 were not traded.

The Malaysian currency continued to weaken. As of 12:30 noon, the ringgit was 4.6388 to 1 US dollar.

The company announced this event called “Wonderlust” through its official website and email.

Apple will launch online and offline simultaneously. The venue will be the Jobs Theater in Cupertino, California. The webcast will begin at 10 a.m. Pacific time. Bloomberg News previously reported that Apple plans to launch a new product on the same day.

Apple is under more pressure than before for this iPhone launch. The company's sales have declined for three consecutive quarters, and consumer demand for smartphones and other electronic devices is weak.

The launch of this new product should help revive sales during the holiday season. Overall, most of Apple's revenue comes from iPhones and smartwatches.

The highlight of the event will be the iPhone 15 series, which includes two entry-level models and two high-end models.

The entry-level version may be named iPhone 15 and 15 Plus. It is expected that some features of last year's Pro model will be reflected in the entry-level version, such as the A16 chip, the Lingdong Island interface, and the 48-megapixel rear camera, but the current design will not change.

More important changes will come to the high-end model, including a redesigned case frame, the use of titanium instead of stainless steel, a narrower screen frame, and the use of an A17 processor with a more advanced 3-nm process.

Titanium will make the phone a little lighter, and there's a new customizable button that will replace the mute switch that was first introduced in 2007.

The new, highest-end iPhone has a 6.7-inch screen, and will also add a lens with a longer optical focal length.

All four new iPhones will be converted to USB-C connectors to comply with the EU's new regulations. This will be the first time an iPhone connector has been replaced since 2012.

Apple usually starts accepting pre-orders on the Friday after the new iPhone is released, and begins delivering to consumers and stores a week later.

According to Bloomberg News, Apple plans to raise the pricing of some high-end models this year.

To match the new iPhone, Apple will launch updated AirPods during the event, including a USB-C charging bay.

In terms of Apple Watch, the company will launch the second generation of the 9 series and the high-end Ultra series.

The new watch will be equipped with a faster chip, which will be the first performance improvement for an Apple smartwatch in three years, but other changes will be minimal.

The new case color is expected to be one of the selling points; for example, Apple has tested the black version of the Ultra.

OpenAI's generative artificial intelligence (AI) robot ChatGPT has already triggered a wave of AI investment.

As businesses continue to adopt the technology behind ChatGPT, the company's annual revenue is expected to reach $1 billion (approximately RM4.6 billion).

According to a Bloomberg person familiar with the matter, the startup invested by Microsoft now earns about 80 million US dollars (about 368 million ringgit) per month; since the relevant figures have not been disclosed, the person is unwilling to be named.

The Information was the first to report on OpenAI's revenue situation, including its loss of about US$540 million (about RM2.48 billion) in 2022 when developing GPT-4 and ChatGPT.

Outside of regular business hours, a representative of the company did not immediately respond to a reporter's request for comment.

According to the statement, MST Golf Group and SES will each hold 51% and 49% of the shares of the above associated companies.

SES was just listed on the Indonesia Stock Exchange in August of this year.

MST Golf Indonesia will operate golf equipment chain stores and indoor golf centers in Indonesia.

The group plans to open 6 retail stores including an indoor golf center in Indonesia and an office in Yegada.

The quarterly turnover was recorded at RM223 million 9,000. As the company changed its fiscal year end date, performance could not be compared year by year.

Earlier, leading media outlets changed the fiscal year deadline from December 31, 2022 to June 30, 2023. As a result, this fiscal year spans January 1, 2020 to June 30, 2023, and includes 18 months.

From January last year to the end of June this year, the primary media turnover reached RM1,431,727,000, and net profit was RM64,625,000.

According to the statement, the higher sales record was mainly due to advertising and broadcasting, including TV commercials and content sales, as well as digital media revenue.

Looking ahead, the group remains cautious about current economic challenges and the group's business, particularly advertising revenue.

Turnover at the end of the quarter also fell 13.03% to RM1,3262,000.

Looking at the whole year, turnover increased by 1.57% to RM5,685,59,000; net profit increased 16.08% annually to RM3,88,196,000.

According to the statement, the decline in net profit for the quarter was mainly due to a decrease in net income and higher operating expenses.

Looking ahead, Malaysia's economic growth is expected to be 4-5%. As private consumption and investment activities continue to expand, domestic demand is expected to recover, mitigating adverse external factors and global financial market instability.

Meanwhile, Bank Malaysia's revenue for the second quarter was RM16.134.64 billion, a year-on-year increase of 58.10%.

In the first half of the year, Bank Malaysia had a total net profit of RM4.63.96 billion, an increase of 25.96% year-on-year, while revenue rose 46.62% year-on-year to RM31.32 billion.

According to the statement, changes in the fair value of all financial assets of Bank Malaysia brought in a book profit of RM1 billion 40.31 million in the next quarter, while it suffered a book loss of RM1,1443.39 million in the same period last year. This is the main reason for Bank Malaysia's sharp rise in net profit in the next quarter.

Also, under the influence of interest rate hikes, Bank Malaysia's interest income for the second quarter increased by more than 49% year-on-year to RM7.395.41 million. However, interest expenses also surged by 188.54% to RM48.85 million. As a result, net interest income fell 8.64% year-on-year to RM3.276 million.

In the first quarter, turnover increased by 28.77% to RM18,456,000.

Looking ahead, the company said that as commodity prices fall, it believes operating costs will continue to drop in the second half of 2023.

Lei Duanyi, Managing Director and CEO of Farm Fresh, said that although the current operating environment is still full of challenges, he is happy that the company can continue to increase revenue and market share.

Furthermore, given the economic recovery, he said the Department would actively develop and expand to meet the growing demand for products.