KUALA LUMPUR, July 30 (Bernama) -- Bursa Malaysia's key index closed at an intraday high today, supported by continued buying interest even as renewed geopolitical tensions and a weaker overnight lead from Wall Street following the US Federal Reserve's (Fed) decision to stand pat on interest rates weighed on broader sentiment. The Fed has decided to hold rates steady for the fifth consecutive meeting, with the Federal Funds Rate unchanged between 3.50 per cent and 3.75 per cent. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 4.84 points to 1,720.40 from yesterday’s close of 1,715.56. The benchmark index, which opened 1.14 points lower at 1,714.42, hit its lowest level of 1,710.69 in early trade before gaining momentum for the rest of the day. However, the broader market was negative with losers outpacing gainers 581 to 411, while 612 counters were unchanged, 1,173 untraded, and 87 suspended. Turnover declined to 2.49 billion units valued at RM2.25 billion from ...
Market Overview
- Singapore stocks opened lower on Wednesday, mirroring US market declines as concerns over chip trade restrictions and weak consumer confidence pressured tech stocks.
- Straits Times Index (STI) fell 0.23% to 3,906.84, with 122 gainers vs. 90 decliners.
- US markets struggled, with the Nasdaq falling 1.35% and the S&P 500 down 0.47%, as potential semiconductor export restrictions to China weighed on sentiment.
Singapore Market Performance & Sector Highlights
- Singapore equities gained 6% in the past three months, outpacing ASEAN markets, driven by:
- Financial sector (+13%), supported by rate alignment with the US.
- Telecom & Utilities sector growth, fueled by AI-driven data center expansion.
- Government bond yields remain stable, benefiting from steady inflation and interest rate trends.
Stocks to Watch
OCBC Bank (O39.SG):
- Q4 net profit rose 4% YOY to S$1.69 billion, but missed analyst expectations of S$1.78 billion.
- Announced final dividend of S$0.41 per share + special dividend of S$0.16 per share, as part of a S$2.5 billion capital return strategy.
- Shares fell 0.5% to S$17.60 on Tuesday.
City Developments (C09.SG):
- Net profit plunged 54.7% to S$113.5 million in 2H2024, with revenue dropping 23.6%.
- Full-year profit fell 36.6% to S$201.3 million.
- Requested a trading halt on Wednesday.
SingPost (S08.SG):
- EGM set for March 13 to approve the A$1.02 billion divestment of its Australian business.
- Expected to gain S$289.5 million from the sale.
Food Empire (F03.SG):
- Net profit fell 3.2% to US$28.9 million, despite 10.4% revenue growth to US$251.1 million.
- Proposed dividend of S$0.08 per share (including special dividend of S$0.02).
- Shares declined 1% to S$0.975 before the announcement.
Singapore Land Group (U06.SG):
- Net profit surged 76% to S$180.5 million in 2H2024, with revenue up 9% to S$390.5 million.
- Earnings per share (excluding property fair-value gains) rose to S$0.093.
Summary:
- Singapore stocks open lower, following global tech weakness.
- Financial and telecom sectors drive Singapore’s 6% market growth in recent months.
- OCBC posts profit growth but misses forecasts, announces capital return plan.
- City Developments faces profit decline, while SingPost prepares major asset divestment.
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