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Market Daily Report: Bursa Malaysia's Benchmark Index Ends At Intraday High On Late Buying

KUALA LUMPUR, March 12 (Bernama) -- Bursa Malaysia’s benchmark index reversed earlier losses to end at its intraday high on Thursday, staging a late rebound during the final hour of trading. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 2.23 points to 1,711.01 from yesterday’s close of 1,708.78. The market bellwether opened 8.09 points lower at 1,700.69, and slipped to its day’s low of 1,694.80 during the mid-morning session before gaining momentum in the afternoon trading toward the close. However, market breadth was negative, with losers leading gainers 538 to 529. A total of 525 counters were unchanged, 1,075 untraded, and 17 suspended. Turnover climbed to 3.01 billion units worth RM3.53 billion from Wednesday’s 2.70 billion units worth RM2.78 billion.
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Singapore Market Update: OCBC Reports Profit Growth, Tech Stocks Decline Amid Trade Concerns

 

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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