Asia stocks mixed after Wall Street rebound
October 4, 2019, 10:35 am

Asia stocks mixed after Wall Street rebound

Tokyo and Hong Kong declined while Sydney gained and Seoul was unchanged on Friday. (File photo AP)

Asian stocks were mixed Friday after Wall Street rebounded on investor hopes for a US interest rate cut.

Tokyo and Hong Kong declined while Sydney gained and Seoul was unchanged.

US stocks pulled out of a two-day skid sparked by unexpectedly weak manufacturing and hiring data. Markets were hit again Thursday by a survey showing weaker-than-forecast growth in US service industries, but investor hopes were buoyed by growing expectations the US Federal Reserve will cut rates again to shore up economic activity.

“Increased hopes for further interest rate cuts by the Fed look to help stabilize markets into the end of the week,” Jingyi Pan of IG said in a report.

Tokyo’s Nikkei 225 lost just under 0.1 percent to 21,321.99 and Hong Kong’s Hang Seng shed 0.5 percent to 25,973.76.

Seoul’s Kospi edged 0.1 percent lower to 2,030.94 and Sydney’s S&P-ASX 200 added 0.2 percent to 6,508.60. Taiwan and New Zealand gained while Singapore declined.

On Wall Street, shares were boosted Thursday by strength in technology industries.

The Standard & Poor’s 500 index rose 0.8 percent to 2,910.63. The Dow Jones Industrial Average gained 0.5 percent to 26,201.04. The Nasdaq, which is heavily weighted with technology stocks, climbed 1.1 percent to 7,872.26.

Microsoft Corp. climbed 1.2 percent. Chipmakers were among the sector’s biggest gainers. Nvidia rose 4.8 percent and Micron Technology added 3.5 percent.

Health care, communication services and industrial stocks also helped power the rebound. Pfizer rose 2.2 percent, Facebook gained 2.7 percent and Boeing rose 1.3 percent.

Investors are wrestling with uncertainty about the economy and the impact of a US-Chinese tariff war.

Adding to their unease, the Institute for Supply Management, an association of purchasing managers, said its non-manufacturing index sank to 52.6 from 56.4 in August. Readings above 50 signal growth, but September’s figures are the lowest since August 2016.

Services account for more than two-thirds of the US economy and have been resilient in the face of the tariff war that is squeezing manufacturers.

The Fed has lowered rates by a quarter-percentage point twice this year in a bid to shield the economy from slowing growth abroad and the effects of the trade war. Investors put the odds the Fed will cut rates again at the end of this month at above 88 percent, according to the CME Group.

The federal government is due to release its own snapshot of the job market on Friday. The Labor Department is expected to report employers added 145,000 jobs last month, up from 130,00 in August, according to analysts polled by FactSet.

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.