Singapore shares inched 0.55% higher this week as Fed signals slower pace of rate cuts. Fed Chair Jerome Powell said on Thursday the central bank did not need to rush to lower interest rates due to ongoing economic growth, a solid job market and inflation that remains above its 2% target.
In terms of star stocks, Riverstone jumped 10.99%; Frasers Property gained 3.37%.
Market News
SingTel sees improved full-year growth as half-year profit rises
Singapore Telecommunications posted a 6% rise in underlying net profit for the half-year and gave improved guidance for the full year on Wednesday, underpinned by strength at its Australia unit Optus and technology services business NCS.
Southeast Asia's largest telecoms provider also said it expects its earnings before interest and tax (EBIT) to grow at a low double-digit rate for fiscal year 2025, an improvement over earlier guidance which gave a wider range of high single-digit to low double-digit growth.
Riverstone Q3 earnings rise 21.8% to RM72.2 million
Glovemaker Riverstone Holdings reported a rise of 21.8 per cent in net profit to RM72.2 million (S$21.8 million) for the third quarter of the 2024 financial year, from RM59.3 million in Q3 FY2023.
In a bourse filing on Monday (Nov 11), Riverstone announced a 33.9 per cent increase in Q3 FY2024 revenue to RM298.4 million, from RM222.8 million in the same period a year prior. This was mainly driven by increased production volume and higher average selling prices.
Billionaire's Singapore Property Firm Frasers Sees Earnings Jump
Frasers Property Ltd., the developer controlled by Thai billionaire Charoen Sirivadhanabhakdi, saw full-year earnings rise, led by higher residential contributions from China and Australia.
Attributable profit climbed 19% to S$206.3 million ($154 million) in the fiscal year ended Sept. 30, the Singapore-based company said in an exchange filing Wednesday. That compared with S$173.1 million reported last year.
Shopee-Owner Sea Surpasses Revenue Estimates on Steady E-Commerce Demand
Sea Ltd beat third-quarter revenue estimates on Tuesday, helped by steady growth in its e-commerce, entertainment and financial services businesses.
Shopee achieved adjusted core profit in the third quarter in Asia and Brazil, said Sea CEO Forrest Li. The application is available mostly in South East Asia and Brazil after exiting India, and some markets in Europe and Latin America.
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