KUALA LUMPUR, July 29 (Bernama) -- Bursa Malaysia rebounded to close higher on Wednesday on selective buying of defensive stocks after a volatile trading session. IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said consumer products and services stocks lifted the key index higher, overcoming lingering geopolitical concerns. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 3.08 points to 1,715.56 from yesterday’s close of 1,712.48. The benchmark index, which opened 1.91 points higher at 1,714.39, moved between 1,710.79 and 1,720.59 during the day’s trading. In the broader market, gainers outstripped decliners 550 to 476, while 612 counters were unchanged, 1,129 untraded, and 48 suspended. Turnover rose to 2.96 billion units valued at RM2.48 billion from 2.94 billion units valued at RM2.56 billion on Tuesday.
Market Snapshot
- Singapore Shares: Opened higher on Monday, with the Straits Times Index (STI) up 0.01% to 3,745.24 as of 9:11 a.m.
- Market Activity: 98 gainers, 66 decliners, with 68.25M securities worth S$96.23M changing hands.
Takeaways:
- SIA and ST Engineering show strong growth, reflecting recovery in travel and robust business performance.
- Property developers are set for a standout November, with key launches driving sales.
- Singapore’s tech advancements come with heightened cybersecurity risks, necessitating proactive measures to safeguard critical systems.
- Investors should watch for continued updates on major project launches and cybersecurity strategies shaping Singapore's economic and technological landscape.
Breaking News
Developer Sales Surge Predicted for November 2024
- Major Launches Driving Sales:
- November sales expected to reach up to 2,100 units, the highest since March 2013.
- Total 2024 sales projected at 5,500-6,000 units, with prices potentially rising 3%.
- Top Performers:
- Chuan Park: 696 units sold.
- Emerald of Katong: Over 3,600 cheques collected, reflecting high demand.
- Other strong performers include The Collective at One Sophia and Union Square Residences.
Cybersecurity Risks Escalate Amid Singapore’s Tech Growth
- Key Risks:
- Increased cyber threats to critical infrastructure such as transportation, water systems, and emergency alerts.
- Proliferation of IoT devices heightens risks of data breaches and identity theft.
- Response Required: A comprehensive cybersecurity strategy to counter threats and maintain public trust in smart city systems.
Stocks to Watch
1. Singapore Airlines (SIA.SG)
- October 2024 Performance:
- Passenger traffic increased 7.4% YoY to 12.9 billion revenue passenger-kilometres.
- Reflects continued recovery in air travel demand.
- Market Reaction: Shares rose 1.1%, closing at S$6.33 on Friday.
2. ST Engineering (S63.SG)
- Q3 2024 Financials:
- Revenue up 14% to S$2.8 billion.
- Steady interim dividend of S$0.04 per share.
- Market Reaction: Shares increased 0.2%, closing at S$4.71.
3. Frasers Property Limited (TQ5.SG)
- Development Update:
- Entered a 51:49 joint venture with Japan’s Sekisui House for the redevelopment of Robertson Walk into a mixed-use project with 348 residential units.
- Operations to cease on May 31, 2025, ahead of redevelopment.
- Market Reaction: Shares remained unchanged at S$0.92.
4. Keppel Infrastructure Trust (A7RU.SG)
- Acquisition Proposal:
- Plans to acquire 50% interest in Marina East Water desalination plant.
- Expected to boost DPU by 0.4% for FY2023.
- Market Reaction: Shares declined 2.2%, closing at S$0.44.
5. Dyna-Mac (NO4.SG)
- Acquisition Clearance:
- Hanwha Ocean SG Holdings received approval for its voluntary conditional cash offer.
- Despite the corporate development, shares remained unchanged at S$0.665.
6. CSE Global (544.SG)
- Q3 2024 Performance:
- Revenue rose 15.4% to S$213.9 million, despite a 0.7% decline in orderbook to S$633.6 million.
- Market Reaction: Shares unchanged, closing at S$0.435.
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