<div class=newsTextDataWrapInner><p>(Nov&nbsp;7):&nbsp;The Nasdaq 100 Index climbed to its first record since July in the wake of the US presidential election, which&nbsp;added&nbsp;to the year’s powerful bull market in megacap tech stocks.</p></div>

<div class=newsTextDataWrapInner><p>The index rose 2.7% on Wednesday, its biggest one-day gain since Aug 8, and closed at an all-time high. It is now up 24% in 2024, and up 16% off an August low. The day’s gain came as investors bet the results of the election would result in a more favourable regulatory backdrop, though big tech has performed well throughout 2024 amid a boom in artificial intelligence (AI).&nbsp;</p></div>

<div class=newsTextDataWrapInner><p>Results this earnings season have reinforced the bull case for technology megacaps, with Alphabet Inc and Tesla Inc both seeing pronounced&nbsp;rallies&nbsp;following their&nbsp;reports. Amazon.com Inc hit a&nbsp;record&nbsp;of its own on Wednesday, and also recently reported strong results.</p></div><div class=inPageAd id=div-gpt-ad-inpage></div>

<div class=newsTextDataWrapInner><p>“So far I am encouraged, because it seems like fundamentals remain intact,” said Jim Awad, a senior managing director at Clearstead Advisors. “The market has been wanting to see that there is a benefit from all the spending on AI, and these reports indicate that it is so. I think the rally will continue, and if you have any sort of long-term investment horizon, you need to be in these names.”</p></div>

<div class="pb-5 imgw-800 mx-auto d-block"><a class="mobx embedimg-icon" data-desc="" data-rel="ceolightbox" href="//myassets.theedgemalaysia.com/pics/2024/20241107Nasdaq.png"><img alt="" src="//myassets.theedgemalaysia.com/pics/2024/20241107Nasdaq.png" /></a></div>

<div class=newsTextDataWrapInner><p><em>Uploaded by Isabelle Francis</em></p></div>


The Nasdaq 100 Index climbed to its first record since July in the wake of the US presidential election, which added to the year’s powerful bull market in megacap tech stocks.

Nasdaq 100 hits record as Big Tech extends climb after election

Confidence among US homebuilders advanced to a seven-month high in November on a jump in sales expectations and optimism a Trump administration will ease regulatory burdens.

A gauge of housing market conditions from the National Association of Home Builders (NAHB) and Wells Fargo climbed three points to 46 this month, exceeding all estimates in a Bloomberg survey of economists.

US homebuilder sentiment reaches seven-month high after election

An undersea data cable connecting Finland and Germany was severed in the early hours of Monday by what was likely an external impact, authorities in the Nordic country said.

The 1,200km (750-mile) high-speed fibre optic Helsinki-Rostock link serving data centres is damaged in the Baltic Sea east of southern Sweden, and there’s a high likelihood that it’s completely cut as all of its fibre connections are down, executives of its owner and operator Cinia Oy said at a news conference.

Finland says subsea Germany link serving data centres is cut

The only alternative to the UN Palestinian relief agency in Gaza is to allow Israel to run services there, its chief said on Monday, repeating calls for states to resist an Israeli ban.

No alternative to UNRWA in Gaza besides Israel, says agency chief 

Brazil's President Luiz Inacio Lula da Silva opened the summit of the Group of 20 (G20) major economies on Monday with the launch of a global alliance to combat poverty and hunger that 81 countries have agreed to back.

G20 summit kicks off with global pact to fight hunger, poverty

Oil prices rose on news on Monday that output at Norway's giant Johan Sverdrup oilfield has been halted, adding to earlier gains stemming from escalation in the Russia-Ukraine war.

Oil prices rise on Sverdrup outage, Ukraine war escalation

Here is a brief recap of some corporate announcements that made the news on Monday.

CelcomDigi, Ajinomoto, Master Tec, TMC Life Sciences, Perak Transit, UEM Sunrise, EA Technique, AWC, Johor Plantations, Berjaya Corp, REDtone, Mercury Industries, TCS Group, MMAG, Pecca, and OM Holdings

Members of President-elect Donald Trump’s transition team have told advisers they plan to make a federal framework for self-driving vehicles one of the Transportation Department’s priorities, according to people familiar with the matter.

Trump team is seeking to ease US rules for self-driving cars, Bloomberg reports

Wall Street's main indexes were mixed on Monday, as investors looked ahead to earnings from AI-chip leader Nvidia following a rout the previous week on apprehensions about Donald Trump's cabinet appointments and the central bank's policy path.

Wall Street indexes mixed; Nvidia earnings, Fed policy in focus

The new leadership change in the US is expected to affect the global trade landscape, particularly in trade relations between the US and China.

The Ministry of Investment, Trade and Industry (Miti) said that should the geopolitical issues continue, there is a greater opportunity for other countries such as Malaysia to become alternative destinations for multinational companies to increase or start their investments.

US-China trade war can boost Malaysia's chances to be multinational investment destination — Miti

Pharmaceutical company YSP Southeast Asia Holding Bhd (KL:YSPSAH)’s net profit fell 41.9% to RM3.47 million in the third quarter ended Sept 30, 2024 (3QFY2024), from RM5.98 million a year ago, dragged by foreign exchange (forex) loss and lower sales.

YSP's 3Q profit falls 42% on forex losses, lower sales

<p>A major shareholder of Lagenda Properties Bhd (KL:LAGENDA) and Epicon Bhd (KL:EPICON) has triggered a takeover offer for Mercury Industries Bhd (KL:MERCURY) after having purchased over half of the contractor’s equity interest.</p>


Lagenda Properties, Epicon major shareholder Doh Tee Leong triggers takeover offer of Mercury Industries

<p>Businessman Chung Chee Yang, who emerged as Cape EMS Bhd’s (KL:CEB) substantial shareholder last week, has mopped up an additional 3.39 million shares in the company.</p>


Cape EMS’s new substantial shareholder Chung Chee Yang continues to raise stake

<p>Here is a brief recap of some corporate announcements that made the news on Monday.</p>


<p>Johor Plantations Group Bhd (KL:JPG) said on Monday that it has appointed Johor Corporation (JCorp) affiliated company JL Projects Sdn Bhd as the project manager consortium (PMC) for the construction of its integrated sustainable palm oil complex (ISPOC) for RM30.99 million.</p>


Johor Plantations appoints JCorp unit to oversee construction of integrated refinery in Kota Tinggi

<p>Here’s a quick look at some of the stories that made headlines today.</p>


EVENING 5: Five things you need to know today

<p>Ajinomoto (Malaysia) Bhd's (KL:AJI) net profit surged 76.66% to RM18.29 million in the second quarter ended Sept 30, 2024 (2QFY2025), from RM10.35 million a year ago, helped by stronger sales from both consumer business and industrial business segments, and lower raw material costs.</p>


Ajinomoto's 2Q profit jumps 77% on higher sales, lower raw material costs

<p>The Civil Aviation Authority of Malaysia (CAAM) has issued a safety directive, banning the use of smart baggage or rather "scooters" as a mode of transportation, in airport aprons.</p>

<p>Its chief executive officer, Datuk Capt Norazman Mahmud in a safety information dated Nov 15 said while rideable smart baggage offers convenience to passengers, its use in restricted areas such as the apron poses significant safety risks.</p>


Smart baggage banned in airport aprons — CAAM

<p>Nestcon Bhd’s (KL:NESTCON) wholly owned subsidiary Nestcon Infra Sdn Bhd has received a letter of award for rock blasting and general works required for road and drainage systems.</p>


Nestcon secures RM32 mil contract for mixed-use development in Damansara Perdana

<p>The 13th Malaysia Plan (13MP) emphasises a need for talent development reforms in the country to meet workforce needs in the high-income economic sector, said Economy Minister Rafizi Ramli.</p>


Rafizi: 13MP to focus on talent development reforms

<p>Power cable manufacturer Master Tec Group Bhd’s (KL:MTEC) third quarter net profit only grew marginally year-on-year, despite revenue jumping 34.4%, as its gross profit margin fell to 11.3% from 16.6%, its bourse filing on Monday showed.</p>


Master Tec sees little increase in 3Q profit despite revenue jumping 34% as margin drops

<p>Singapore police ended their pursuit of 15 people involved in the country’s largest-ever money laundering scandal, after the suspects agreed to surrender a total of S$1.85 billion (US$1.4 billion or RM6.26 billion) worth of assets to authorities.</p>


Singapore ends pursuit of money launderers who forfeited US$1.4 bil

<p>Berjaya Corp Bhd (KL:BJCORP), or BCorp, said it has sold 32 million shares or 4.14% equity stake in REDtone Digital Bhd (KL:REDTONE) on Monday, for RM29.76 million in cash.</p>


BCorp trims 4.14% stake in REDtone, to book RM7.7m gain

<p>Pecca Group Bhd (KL:PECCA) has on Monday declared a special dividend of 1.5 sen per share for the financial year ended June 30, 2024 (FY2024), which amounts to RM11.28 million.</p>


Pecca declares 1.5 sen special dividend, total dividend amounts to 6.5 sen per share

<p>KUALA LUMPUR (Nov 18): Packaging solutions provider, Public Packages Holdings Bhd (KL:PPHB) said on Monday it anticipates that its performance will remain encouraging after net profit rose 13.14% in the third quarter. &nbsp;</p>

<p>Public Packages’ net profits for the three months ended Sept 3...

Public Packages Holdings optimistic after net profit rises 13.14% in 3Q

<p>Wall Street's main indexes were mixed on Monday, as investors looked ahead to earnings from AI-chip leader Nvidia following a rout the previous week on apprehensions about Donald Trump's cabinet appointments and the central bank's policy path.</p>


<p>A three-member Court of Appeal bench had reserve its judgment in giving a decision over the appeal by Malaysia Competition Commission (MyCC) over a High Court’s decision last year that quashes its “proposed decision” on imposing a propose fine of RM86.77 million against Grab Holdings Inc, together with its subsidiaries GrabCar Sdn Bhd and MyTeksi Sdn Bhd.</p>


Appellate court reserves judgment in MyCC's appeal against Grab on quashing RM86.77 mil proposed decision

<p>Trive Property Group Bhd (KL:TRIVE) has proposed a share capital reduction to wipe out RM85 million of the company’s accumulated losses, in a move designed to better align its financial position with its actual asset base.</p>


Trive Property proposes RM85 mil share capital reduction  

<p>Electrical engineering services provider HE Group Bhd (KL:HEGROUP)&nbsp; which was listed on the ACE Market in January, reported a 32.38% jump in its third quarter net profit, thanks to increased contribution from higher-margin projects, particularly in the electrical equipment hook-up and retrofitting segment.</p>


HE Group’s 3Q profit jumps 32% on higher-margin projects

<p>Engineering services provider AWC Bhd (KL:AWC) has secured a RM48.57 million contract to provide facilities management and maintenance services at Menara Seri Wilayah in Putrajaya.</p>


AWC secures RM49 mil maintenance contract in Putrajaya

<p>Perak Transit Bhd’s (KL:PTRANS) net profit grew 6.72% year-on-year to a record high in the third quarter, thanks mainly to higher fees received from terminal development services as well as rental income and revenue sharing contributions from its terminals’ tenants.</p>

<p>The integrated public transportation terminal (IPTT) operator’s net profit for the three months ended Sept 30, 2024 (3QFY2024) rose to RM17.71 million — up 6.72% from RM16.6 million a year ago — marginally eclipsing its previous quarterly record earnings of RM17.69 million in 2QFY2024, according to the company’s bourse filing.</p>
