AirAsia's digital platform eyes more airline partnerships

Malaysian budget carrier AirAsia Group’s travel, e-commerce and fintech unit airasia.com is in partnership talks with several Middle Eastern and European airlines, its chief executive said on Wednesday.

Airasia.com CEO Karen Chan said the company was working on selling more flights on the online platform.

"Apart from just selling AirAsia flight tickets, we are now selling any airline's flights tickets. We are now in serious discussions with quite a few full-service carriers," Chan said at a CAPA — Centre for Aviation event.

She said the company was working closely with Middle Eastern airlines to drive traffic to pilgrimage destinations.

"Religious travel has taken a huge delay, and already we are getting a lot of requests from customers for pilgrimages," she said.

Airasia.com was also in talks with some European airlines, she said. "Once international borders are open, all of us are banking on pent-up demand," she said without providing details.

Last November, airasia.com announced a strategic partnership with Turkish Airlines for cross-promotion of its flight inventory with AirAsia flights, and offered travel itineraries with discounted fares.

"Now we can pull their content and inventory onto airasia.com's platform," Chan said. The company offers more than 15 lines of products online and via its super-app "to fly, to stay, to shop, to eat", an earlier media statement showed.

With the airline business taking a hit from the coronavirus pandemic, AirAsia Group last year rebranded its digital arm as AirAsia Digital, which houses airasia.com.

Malaysia's flagship budget airline AirAsia Group said last September it is considering raising capital to expand its digital business.

Top Glove commits to special dividend of 20%

 

The world’s largest glove maker said the special dividend was in addition to its existing dividend policy of a 50% dividend payout ratio on its profit after tax and minority interests for the second, third and fourth quarters of financial year 2021.

MAINBOARD-LISTED Top Glove Corporation has committed to a special dividend of 20 per cent, in addition to its existing dividend policy of a 50 per cent payout ratio on profit after tax and minority interests (PATMI).

The total 70 per cent dividend payout ratio on PATMI will be applicable for the second quarter to the fourth quarter of FY2021, the Malaysia glove maker said in a bourse filing on Monday.

This is in consideration of its "good profit performance and strong cash flow", as well as to reward shareholders, Top Glove said.

At 3.47pm, it was trading at RM5.65, down 47 sen with nearly 320 million shares done.

It hit an early low of RM5.23.

The FBM KLCI was down 18.90 points or 1.16% to 1,608.32. Turnover was 6.04 billion shares valued at RM4.85bil.

Decliners hammered advancers 1,000 to 289 while 307 counters were unchanged.

Top Glove and other glove makers fell sharply in early trade, triggered by the upliftment of the temporary suspension of regulated short selling (RSS) by the Securities Commission (SC) and Bursa Malaysia Bhd.

FBM KLCI charges ahead, up 15 points

 

KUALA LUMPUR: Gains from index-linked counters propelled the FBM KLCI to close higher alongside with the positive sentiment across the regional market on Wednesday.

At 5pm, the 30-stock index rose 15.58 points or 0.95% to 1,647.50 after opening 0.63 of-a-point lower at 1,631.55 this morning.

The market traded within a range of 25.06 points between an intra-day high of 1,652.59 and a low of 1,627.53 during the session.

Market breadth turned positive as gainers overpowered the losers on a ratio of 841-to-355 stocks. Traded volumes stood at 6.3 billion shares valued at RM3.41bil.

KLCI-component stocks were overwhelmingly in the positive, with 22 gainers, four decliners and four counters unchanged.

Dealers said sentiment was supported also by firmer key regional markets and local bourse was playing catching up after the recent bout of weakness.

Among the gainers, Heng Yuan rose 69 sen to RM5.69, KPower added 61 sen to RM6.55, Carlsberg gained 56 sen and Greatech advanced 52 sen to RM9.20.

KESM was the top loser on Bursa Malaysia, shedding 98 sen to RM12.30. F&N fell 94 sen to RM31.54, Petronas Gas declined 18 sen to RM17.30 and Supermax lost 13 sen to RM6.92.

Meanwhile, the ringgit was quoted at 4.0630, down 0.05% against the US dollar. The local currency was up 0.18% against the euro at 4.9528. It also declined 0.02% against the pound sterling at 5.4541 and down 0.18% against the Singapore dollar at 3.0475.

Brent crude futures fell 17 cents, or 0.34%, to US$49.91 a barrel while US West Texas Intermediate (WTI) crude futures slid 18 cents, or 0.38%, to US$46.84 a barrel.

Asia benchmark finished mostly higher today with Japan’s Nikkei 225 Index rose 0.33% to 26,524.79.

South Korea’s benchmark Kospi rose 26.14 points, or 0.96%, to 2,759.82, the sharpest daily gain since Dec 9, Reuters reported.

China’s Shanghai Composite index was up 0.76% at 3,382.32, while the blue-chip CSI300 index was up 0.85%.

Reuters reported that China's central bank will scale back support for the economy in 2021 and cool credit growth, but fears of derailing a recovery from a pandemic-induced slump and debt defaults are likely to prevent it from tightening any time soon, policy sources said.

KLCI extends profit-taking as year-end approaches

KUALA LUMPUR: The FBM KLCI ended Monday on a negative note, its third straight day of losses as profit-taking continued ahead of the year-end holiday season and fears of a new strain of coronavirus threatened the global recovery outlook.

At 5pm, the key index ended 4.6 points lower at 1,647.89, after having lost over 10 points earlier in the day.

Trading volume was 8.09 billion shares valued at RM3.67bil. Market breadth was negative with 848 decliners compared to 394 gainers.

An analyst speaking to StarBiz said the profit-taking in recent days was owing to thinning liquidity ahead of the coming festivities, especially after a strong rally in November.

Meanwhile, he believes that the euphoria surrounding the roll out of the Covid-19 vaccines could have been priced in for the short term.

"November and December data are starting to reflect the recent spike in Covid-19 cases and impact from targeted lockdown reimplementation," he added.

Over the next two days, the price action in the market could signal bullish investors' sentiment as seen during 2018's year-end rally.

"While investors had turned positive in 2018 due to the Fed's dovish turn on interest rates, market participants could similarly be energised by the US$900bil US fiscal stimulus this time around.

"On the flipside, given the already elevated share prices, market players could stay on the sidelines until 1H 2021," he said.

Bank stocks, which have been a driver of the market's rally earlier in the week, were seen mixed amid the broader retreat.

Maybank was up two sen to RM8.48, Public Bank rose two sen to RM20.66, CIMB dropped eight sen to RM4.30 and Hong Leong Bank was flat at RM18.58.

Global stocks were also seen stumbling on news that UK and other parts of Europe could face new lockdown measures following the discovery of a fast-spreading strain of the coronavirus.

The prospect of new economic shutdowns offset the news that US policymakers had reached a deal for a US$900bil relief package, resulting in mixed results in Asian markets.

MSCI index of Asia-Pacific shares ex-Japan slipped 0.2% after hitting successive new highs last week.

Can gloves break new high again after TOPGLOV boss interview?

 

Sector to focus: CONSTRUCTION , HEALTHCARE, PLANTATION 

1. JTIASA (4383) 

2. THPLANT (5112) 

3. GOODWAY (7192) 

4. KOMARK (7017)

🤔  Are we getting another big selldown soon?

 Market now rebound?

 Can gloves break new high again after TOPGLOV boss interview? 🤔

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Dollar, Bond Yields Tumble; U.S. Futures Slide: Markets Wrap

Volatility continued to reign in markets Wednesday, with sovereign bond yields tumbling anew after yesterday’s surge, the dollar sliding and U.S. stock futures dropping.

Contracts on the S&P 500 Index fell more than 2% after the U.S. administration failed to offer details on what President Donald Trump said would be “major” measures to combat the economic impact of the coronavirus. European futures rose after the near 5% rally on Wall Street Tuesday. Asian equities fell, while the yen surged and crude oil held most of Tuesday’s rebound.

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