Singapore markets opened marginally higher, but underlying sentiment remains cautious as Middle East tensions threaten economic growth and inflation stability . Market Holds Steady Despite Rising Risks The FTSE Singapore Straits Times Index edged up 0.05% to 4,899.83 , reflecting a balanced market tone : Advancers: 57 | Decliners: 47 Trading activity remained relatively muted This suggests investors are waiting for clearer macro signals amid global uncertainty. Global Headwinds: Oil and Tech Weigh on US Markets On Wall Street, markets were mixed: Nasdaq Composite Index fell 0.7% S&P 500 Index declined 0.4% Dow Jones Industrial Average rose 0.1% Losses in technology stocks and rising oil prices offset relatively dovish comments from Jerome Powell , who signalled no immediate need for rate hikes. Singapore Growth Outlook Faces Downside Risks RHB flagged rising downside risks to ...
Key Takeaways:
- Profit Decline: Unisem (M) Bhd's net profit fell 29% to RM16.76 million in Q2FY2024 from RM24 million a year earlier.
- Revenue Increase: Despite the profit drop, revenue rose 4% to RM394.59 million due to higher sales volume and favorable USD to ringgit exchange rates.
- Dividend Announcement: Unisem declared a second interim dividend of two sen per share, payable on October 4.
- Earnings Per Share: EPS decreased to 1.04 sen from 1.48 sen.
- Six-Month Performance: For the first half of 2024, net profit decreased to RM25.22 million from RM33.79 million, while revenue grew to RM759.36 million from RM732.70 million.
- Industry Outlook: The semiconductor industry remains cautious, but Malaysia could benefit from global trade shifts and the National Semiconductor Strategy (NSS).
Despite the profit decline, Unisem's share price increased by eight sen to RM4.20 at midday, valuing the company at RM6.77 billion.
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