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      MY Morning Wrap | AirAsia Anticipates Revenue Boost with Expanded Domestic Network

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      Moomoo News MY wrote a column · Sep 24 01:09
      Good morning mooers! Here are things you need to know about today's market:
      ● Dow Jones Hits Trading High as S&P 500 Sets New Records Amid Market Stability
      ● Malaysian Rubber Exports Projected to Exceed RM30 Billion in 2024
      ● Penang Port's Container Volume to Decline Amid Red Sea Crisis
      ● Singapore Stocks Hit 17-Year High; Regional Currencies Struggle
      ● Stocks to Watch: Affin Bank, Capital A, Pharmaniaga, etc.
      - Moomoo News MY
      MY Morning Wrap | AirAsia Anticipates Revenue Boost with Expanded Domestic Network
      Wall Street Summary
      On a relatively flat trading day, the Dow Jones Industrial Average managed to hit a trading high, while the S&P 500 closed at new records. This performance reflects investor optimism following last week's interest rate cut, as they adjusted positions in the final full trading week of Q3. Approximately 6,400 stocks advanced on Monday, surpassing the 5,200 that declined. The market saw gains across major indexes near the close at 4:10 pm ET, with the $S&P 500 Index (.SPX.US)$ up by 0.28%, the $Dow Jones Industrial Average (.DJI.US)$ increasing by 0.15%, and the $Nasdaq Composite Index (.IXIC.US)$ rising by 0.14%. This positive shift indicates a cautiously optimistic outlook among investors as they navigate economic indicators and central bank policies.
      Breaking News
      Malaysian Rubber Exports Projected to Exceed RM30 Billion in 2024
      The Malaysian Rubber Council (MRC) projects that Malaysia's rubber and related product exports will surpass RM30 billion by the end of 2024, fueled by a robust first-half performance with exports reaching RM15.5 billion, a 16.3% increase from the previous year. Rubber gloves remained the dominant export, contributing RM6.8 billion, followed by significant contributions from medical gloves and other rubber products. The United States continues to be the largest market, with substantial growth also seen in other key markets including China, Japan, Germany, and Singapore. This positive trend highlights the strong global demand for Malaysian rubber products and the country's pivotal role in the international rubber market.
      Penang Port's Container Volume to Decline Amid Red Sea Crisis
      Penang Port Sdn Bhd, operated by MMC Corp, expects a shortfall in its container throughput for 2024, projecting a loss of 50,000 to 60,000 twenty-foot equivalent units (TEUs) due to the ongoing Red Sea crisis. This disruption stems from the conflict initiated when Houthi militants attacked Israel in October 2023, leading to increased hostilities and necessitating major shipping reroutes around the Cape of Good Hope instead of passing through the crucial Red Sea route. This route diversion has significantly increased transit times and operational costs globally. Despite the current challenges, CEO Datuk Sasedharan Vasudevan remains optimistic that the situation will stabilize, potentially by next year, as new capacities and routes are explored, including opportunities in the Bay of Bengal and North Sumatra. Meanwhile, Penang Port is seeking tariff increases to mitigate rising operational costs, although approval is still pending.
      Singapore Stocks Hit 17-Year High; Regional Currencies Struggle
      Singapore shares reached a near 17-year peak on Monday, driven by significant gains in the city-state's major banks, which benefited from strong investor inflows due to attractive dividend yields. The Straits Times index rose 0.7% to its highest since November 2007, with banks like DBS Group, OCBC, and UOB hitting record levels. Meanwhile, currencies in emerging Asia faltered against a resilient US dollar, influenced by the US Federal Reserve's recent substantial rate cut. In other parts of Asia, markets showed mixed results, with the Philippine stocks rising and the Thai stocks slipping, while the Malaysian ringgit remained stable but poised for a strong quarterly performance.
      Stocks to Watch
      $AFFIN (5185.MY)$: Sarawak is set to significantly increase its stake in Affin Bank Bhd to around 30%, positioning it as the bank's largest shareholder. The state government will finalize this enhancement by acquiring a 20% stake from Boustead Holdings Bhd and a portion from Lembaga Tabung Angkatan Tentera (LTAT), which currently holds 28.88%. The agreement, marking a strategic shift in ownership, will be formalized in Kuching, elevating Sarawak's influence in the financial institution from its current 4.8% stake.
      $CAPITALA (5099.MY)$: Capital A Bhd's aviation subsidiary, AirAsia Bhd, expects a 10% revenue increase as it expands its domestic flight operations. The airline plans to add 2,000 weekly domestic flights and 150,000 seats across 40 key routes by year-end. This expansion aims to boost AirAsia’s domestic market share from 53% to 64%, making a total of 1.7 million seats available by December 2024. Datuk Captain Fareh Mazputra, AirAsia Malaysia MD, emphasized that this growth is part of their commitment to making air travel more accessible and affordable.
      $PHARMA (7081.MY)$: Pharmaniaga Bhd has announced the voluntary resignation of PricewaterhouseCoopers PLT (PwC) as its external auditor, effective from a notice dated September 20, 2024. After a 19-year relationship with the company, PwC stepped down under Section 281 of the Companies Act 2016. The board of Pharmaniaga has approved the appointment of Ernst & Young as the new auditor for the financial year ending December 31, 2024. This change aims to provide a fresh perspective and align with the group's strategy to streamline its external auditors.
      $ITMAX (5309.MY)$: ITMAX System Bhd has been awarded a 15-year contract by the Segamat Municipal Council (MPS) to manage 7,637 street parking spaces in the Segamat district of Johor. This agreement, which marks ITMAX's fourth parking management contract in Johor, involves a revenue-sharing model where ITMAX's 65%-owned subsidiary will retain 70% of the revenue from parking fees and fines, with the remaining 30% going to MPS. ITMAX already operates parking systems in other Johor districts including Kulai, Tangkak, and Iskandar Puteri, further solidifying its presence in the region.
      $KJTS (0293.MY)$: KJTS Group Bhd has announced that its subsidiary, KJ Technical Services Sdn Bhd, has secured a RM23.75 million subcontract for work at a data center located in Sedenak Tech Park, Johor. The contract was awarded by Sunway Engie DC Sdn Bhd and involves the commissioning and comprehensive maintenance of air-conditioning and mechanical ventilation (ACMV) systems at the facility. This new contract marks a significant step for KJTS Group in expanding its portfolio in the building support services industry.
      Source: Dow Jones Newswires, Bursa Malaysia, The Malaysian Reserve, The Star, The EDGE
      Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only. Read more
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