KUALA LUMPUR, April 1 (Bernama) -- Bursa Malaysia closed higher on Wednesday, with the key index rising 1.10 per cent, in line with firm gains across regional markets following a strong rally on Wall Street overnight, said an analyst. IPPFA Sdn Bhd director of investment strategy and country economist Mohd Sedek Jantan said the improvement in sentiment was underpinned by easing geopolitical concerns and a decline in oil prices. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) increase 18.54 points or 1.10 per cent to 1,708.90 from Tuesday’s close of 1,690.36. The benchmark index opened 25.58 points higher at 1,715.94, marking its intraday high, and hit a low of 1,700.20 during the mid-morning session. The broader market was positive, with gainers leading decliners 780 to 444. A total of 475 counters were unchanged, 926 untraded and 11 suspended.
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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