KUALA LUMPUR, Nov 19 (Bernama) -- Bursa Malaysia gave up earlier gains to end mixed today, amid a higher regional market showing, as property, construction, and healthcare counters attracted buying interests, while plantation, banking, and telecommunication stocks saw some profit-taking, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 1.70 points to close at 1,602.34 from yesterday’s close of 1,604.04. The benchmark index, which opened 0.86 of-a-point lower at 1,603.18, moved between 1,601.02 and 1,608.88 during the trading session. However, the broader market was mixed to higher, with gainers leading decliners by 565 to 438 while 502 counters remained unchanged, 961 untraded, and 14 suspended. Turnover narrowed to 2.83 billion units valued at RM2.08 billion versus 2.96 billion units valued at RM2.23 billion yesterday. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the benchmark index remained range-bound and it required a dec
Hilton Worldwide has reduced its annual room revenue growth and net income forecasts, citing weaker demand in China and disruptions to its US business during the third quarter. Despite steady demand in Europe and business travel, these factors were not enough to offset the challenges faced by the global hotel chain.
Shares of Hilton fell 2% on Wednesday, with competitor Marriott International also declining by 3%. The company cited several contributing factors, including macroeconomic uncertainty affecting both American and Chinese consumers, ongoing labor disputes, and weather disruptions in the US, as well as the upcoming US election.
Hilton's system-wide comparable RevPAR (revenue per available room) rose by 1.4% in Q3, with room revenue dropping 9% in China but increasing by 1% in the United States. Hilton CEO Christopher Nassetta acknowledged flat or slightly declining demand, though the company suggested that increased room rates could help mitigate lower demand.
For 2024, Hilton now expects room revenue growth between 2% and 2.5%, down from its previous estimate of 2% to 3%. The company's net income for the third quarter fell 9% to US$344 million, and its full-year net income forecast was adjusted to a range of US$1.4 billion to US$1.42 billion, down from an earlier projection of US$1.53 billion to US$1.56 billion.
Despite the challenges, Hilton's net unit growth, reflecting room additions, rose 7.8% in the quarter. For the full year, the company expects room additions to be between 7% and 7.5%. Hilton's quarterly revenue totaled US$2.87 billion, just shy of estimates of US$2.9 billion.
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