MY Morning Wrap | Bursa Malaysia Opens Lower but Rebounds Thereafter on Monday
Good morning mooers! Here are things you need to know about today's market:
●The Dow Jones Industrial Average eked out its tenth-straight daily gain last Friday
●Bursa Malaysia opens lower but rebounds thereafter
●Malaysia telecoms firms reach agreement on equity participation in 5G agency
●Malaysia, Cuba exploring potential for cooperation in tourism
●Stocks to watch: Malaysia Airports, 7-Eleven Malaysia, AirAsia X, Pharmaniaga, Sersol
-moomoo News MY
Wall Street Summary
The Dow Jones Industrial Average eked out its tenth-straight daily gain last Friday, overcoming an earnings-day selloff in American Express shares with gains from a range of blue-chips, including Intel, Procter & Gamble, Nike and Chevron.
It is the Dow's longest winning streak in nearly six years and shows how the rally in stocks is spreading from a few chip makers and highflying tech firms into other corners of the economy, such as healthcare, airlines, energy and banking.
On Friday, the $Dow Jones Industrial Average(.DJI.US$ added less than 0.1%, or about 3 points. The $S&P 500 Index(.SPX.US$ also climbed less than 0.1%, while the $Nasdaq Composite Index(.IXIC.US$ , which is loaded with technology stocks, declined 0.2%. The Dow gained 2.1% during the week.
MY Market Trend
Bursa Malaysia opened lower but rebounds thereafter on Monday. At 9:34 am, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 1.25 points to 1,414.77 from 1,413.52 at Friday's close.
The index opened 0.84 of-a-point easier at 1,412.68.
The broader market was negative as losers surpassed gainers 284 to 255, while 347 counters were unchanged.
Breaking News
Malaysia telecoms firms reach agreement on equity participation in 5G agency
Malaysia said on last Friday telecommunications firms CelcomDigi, Maxis, Telekom Malaysia, U Mobile and YTL Communications will take up stakes in state 5G agency Digital Nasional Berhad (DNB), following an agreement reached between the firms and the government on equity participation and 5G access. The announcement comes as mobile operators and the government look set to conclude protracted negotiations over Malaysia's 5G rollout plans.
Malaysia, Cuba exploring potential for cooperation in tourism
Malaysia and Cuba are exploring the potential for cooperation in the tourism sector, key to their economic development, said Mohd Akbal Setia, Vice President (Americas) of Tourism Malaysia, Mohd Akbal during a meeting in Havana with representatives of various travel agencies during his five-day visit to Cuba (17 and 21 July) with the aim of improving bilateral relations focused on tourism said the industry is very important for their respective economies. Mohd Akbal noted that work can be done to promote holiday travel in both directions and explore other opportunities.
Stocks to Watch
$AIRPORT(5014$ : Malaysia Airports Holdings Bhd's (MAHB) network of airports recorded over 10 million passengers in June 2023, the highest since the global shutdown in March 2020. MAHB's network of airports in Malaysia and Turkiye continued to showcase consistent passenger growth by recording a new high of 4.9 million total international passenger movements for June 2023, an increase of 7.1 per cent from the preceding month. Meanwhile, total domestic passenger movements maintained above the 5.0 million mark for the second consecutive month in June 2023 at 5.3 million.
$SEM(5250$ : 7-Eleven Malaysia Holdings Bhd has made a significant decision to divest its entire 75% equity interest in Caring Pharmacy Group Bhd to BIG Pharmacy Healthcare Sdn Bhd for a substantial RM637.5 million. The company revealed that its wholly-owned subsidiary, Convenience Shopping (Sabah) Sdn Bhd (CSSSB), received a binding term sheet from BIG Pharmacy on June 28, 2023.
$CAPITALA(5099$ : Long haul budget carrier AirAsia X Bhd. has applied to Bursa Malaysia to be removed from the exchange’s financially distressed category after reporting three straight quarters of profit and positive shareholders’ equity. The airline in a statement Friday also asked the bourse to exempt it from the need to submit a regularization plan, which was due by July 28, and to scrap the so-called Practice Note 17 status it was accorded by Bursa in 2021.
$PHARMA(7081$ : Pharmaniaga Bhd has successfully concluded its 10% first private share placement exercise, marking a significant milestone in its growth plan. Furthermore, the company revealed that a second tranche of 10% is poised to be taken up by the Armed Forces Fund Board (LTAT), subject to shareholders’ approval. The initial private share placement, announced on July 13, 2023, witnessed the issuance of 131.02 million new shares to third-party investors.
$SERSOL(0055$ : Sersol Bhd has issued a firm ultimatum to its CEO, Datuk Justin Lim Hwa Tat, who has been absent from work since February 2023 for undisclosed reasons. Amid an ongoing investigation by the Malaysian Anti-Corruption Commission (MACC) regarding certain payments made by the company, Sersol’s board of directors has taken decisive action.
Source: Dow Jones Newswires, Bursa Malaysia, The Malaysian Reserve, The Star
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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