M+ Global Market Update – 11Sep25
Technology Stocks May Remain Attractive
US: While the cost of wholesale goods and services fell in August from a high base in July, coupled with a slower job growth environment; this should fuel further rate cut bets. The Dow, however took a breather as we believe market participants are taking a ‘wait-and-see’ approach ahead of inflation data due tonight. On the semiconductor segment, NVIDIA, AMD, ARM, and CoreWeave ended significantly higher, following Oracle’s bullish guidance. In the near term, traders will be tracking the CPI and unemployment claims, assessing the FOMC’s decision next week. In the commodities market, Brent edged higher towards USD67/bbl while Gold remained stable at USD3,640/oz, with CPO closed lower to RM4,420/MT.
MY: Despite the mixed overnight performance in the US, we expect selective buying momentum to persist on the local front. Also, the Technology sector could be boosted by strong overnight performances from tech giants. In view of softer PPI numbers, coupled with soft jobs data, we expect gold to trade higher for the near to mid-term, which would benefit WELLCHIP and EMCC. Moreover, we believe CBHB is trading at undemanding valuations, supported by healthy DC pipelines. For a more conservative and stronger ringgit environment, we believe LWSABAH offers upside given its recent Twinine acquisition.
Stocks to watch:
Technology: *EDELTEQ*, INFOM, *NE*, *TTVHB*, UWC
Utility: GASMSIA, *JTGROUP*, *MNHLDG*, YTL
Gold-related: WELLCHIP
Gaming: *GENM*
Telco: MAXIS
Source: M+ Global
Technology Stocks May Remain Attractive
US: While the cost of wholesale goods and services fell in August from a high base in July, coupled with a slower job growth environment; this should fuel further rate cut bets. The Dow, however took a breather as we believe market participants are taking a ‘wait-and-see’ approach ahead of inflation data due tonight. On the semiconductor segment, NVIDIA, AMD, ARM, and CoreWeave ended significantly higher, following Oracle’s bullish guidance. In the near term, traders will be tracking the CPI and unemployment claims, assessing the FOMC’s decision next week. In the commodities market, Brent edged higher towards USD67/bbl while Gold remained stable at USD3,640/oz, with CPO closed lower to RM4,420/MT.
MY: Despite the mixed overnight performance in the US, we expect selective buying momentum to persist on the local front. Also, the Technology sector could be boosted by strong overnight performances from tech giants. In view of softer PPI numbers, coupled with soft jobs data, we expect gold to trade higher for the near to mid-term, which would benefit WELLCHIP and EMCC. Moreover, we believe CBHB is trading at undemanding valuations, supported by healthy DC pipelines. For a more conservative and stronger ringgit environment, we believe LWSABAH offers upside given its recent Twinine acquisition.
Stocks to watch:
Technology: *EDELTEQ*, INFOM, *NE*, *TTVHB*, UWC
Utility: GASMSIA, *JTGROUP*, *MNHLDG*, YTL
Gold-related: WELLCHIP
Gaming: *GENM*
Telco: MAXIS
Source: M+ Global
😍2
M+ Global Market Wrap - 11Sep25
FBM KLCI: 1,582.85 pts (-7.90pts, -0.50%)
While most Asian markets traded on a firmer note, Thursday’s session on the local bourse saw profit-taking as traders pared exposure on Consumer Products & Services heavyweights. However, market breadth was neutral with gainers matched losers at a 1-to-1 ratio. With Oracle posting stellar results and upbeat CapEx guidance, the latter lifted local Technology (+1.60%) stocks, led by VITROX (+19.0 sen) and UWC (+27.0 sen), while Financial Services (-0.77%) declined the most.
Top 3 Active stocks:
VS(6963): RM0.550 (+1.0 sen)
PHARMA (7081): RM0.245 (+2.5 sen)
TANCO (2429): RM0.810 (+1.0 sen)
Volume: 2.48 bn (100-bar avg vol: 2.91 bn)
Value: RM2.32 bn (100-bar avg val: RM2.37 bn)
Market Breadth: ⬆️461⬇️482
Crude Palm Oil: RM4,413 (+RM42, +0.95%)
Dow Futures: 45,568 pts (+28 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,582.85 pts (-7.90pts, -0.50%)
While most Asian markets traded on a firmer note, Thursday’s session on the local bourse saw profit-taking as traders pared exposure on Consumer Products & Services heavyweights. However, market breadth was neutral with gainers matched losers at a 1-to-1 ratio. With Oracle posting stellar results and upbeat CapEx guidance, the latter lifted local Technology (+1.60%) stocks, led by VITROX (+19.0 sen) and UWC (+27.0 sen), while Financial Services (-0.77%) declined the most.
Top 3 Active stocks:
VS(6963): RM0.550 (+1.0 sen)
PHARMA (7081): RM0.245 (+2.5 sen)
TANCO (2429): RM0.810 (+1.0 sen)
Volume: 2.48 bn (100-bar avg vol: 2.91 bn)
Value: RM2.32 bn (100-bar avg val: RM2.37 bn)
Market Breadth: ⬆️461⬇️482
Crude Palm Oil: RM4,413 (+RM42, +0.95%)
Dow Futures: 45,568 pts (+28 pts)
**Source: M+ Global, Bloomberg **
M+ Morning Market Buzz - 12Sep25
Dow Jones: 46,108.00 pts (+617.08pts, +1.36%)
⬆️ Resistance: 47100
⬇️ Support: 44400
FBM KLCI: 1,582.85 pts (-7.90pts, -0.50%)
⬆️ Resistance: 1630
⬇️ Support: 1550
HSI Index: 26,086.32 pts (-113.94pts, -0.43%)
⬆️ Resistance: 26900
⬇️ Support: 24600
Crude Palm Oil: RM4,454 (+RM12, +0.27%)
⬆️ Resistance: 4600
⬇️ Support: 4300
Brent Oil: $66.37 (-$1.12, -1.66%)
⬆️ Resistance: 69.20
⬇️ Support: 63.80
Gold: $3,634.07 (+$1.29, +0.04%)
⬆️ Resistance: 3750
⬇️ Support: 3470
Source: Bloomberg, M+ Global
Dow Jones: 46,108.00 pts (+617.08pts, +1.36%)
⬆️ Resistance: 47100
⬇️ Support: 44400
FBM KLCI: 1,582.85 pts (-7.90pts, -0.50%)
⬆️ Resistance: 1630
⬇️ Support: 1550
HSI Index: 26,086.32 pts (-113.94pts, -0.43%)
⬆️ Resistance: 26900
⬇️ Support: 24600
Crude Palm Oil: RM4,454 (+RM12, +0.27%)
⬆️ Resistance: 4600
⬇️ Support: 4300
Brent Oil: $66.37 (-$1.12, -1.66%)
⬆️ Resistance: 69.20
⬇️ Support: 63.80
Gold: $3,634.07 (+$1.29, +0.04%)
⬆️ Resistance: 3750
⬇️ Support: 3470
Source: Bloomberg, M+ Global
👏2😁1😍1
M+ Global Market Update – 12Sep25
FOMC Meeting In Focus
US: Recent data indicates that the new 2025 tariffs are being passed through to consumer prices, especially for core goods, adding about ~$88bn in revenues. This is reflected in the latest US CPI data, which is fuelling anticipation of a rate cut next week and driving Wall Street to new highs. Also, odds of a larger half-point reduction have risen in recent days, especially after preliminary benchmark revisions showed US job growth slowing. Moreover, we believe AI Chips player like NVIDIA and AMD should be a direct proxy for growing AI Chip spending, with Oracle recently guiding another CapEx spending; reflecting that AI demand remains strong. Hence, the market could sustain its momentum in the near term.
MY: With Wall Street’s positive performance overnight, we believe Malaysia’s key index will continue its recovery after a slight pullback yesterday. With tech giants reporting healthy spending on AI chips, we believe buying support may spillover to local technology players as Technology sub-indices experienced a flag breakout. In view of a rate cut and a weaker Dollar outlook, the price of gold should remain elevated, benefitting WELLCHIP and EMCC. Lastly, with healthy project pipelines, a solid order book, and recent contract wins of relatively higher value, we deem CBHB to be trading at undemanding valuation levels.
Stocks to watch:
Technology: *3REN*, *CORAZA*, *EDELTEQ*, EG
Consumer: FFB
Construction: GDB, *KIMLUN*
Utility: MALAKOF, *MNHLDG*
Source: M+ Global
FOMC Meeting In Focus
US: Recent data indicates that the new 2025 tariffs are being passed through to consumer prices, especially for core goods, adding about ~$88bn in revenues. This is reflected in the latest US CPI data, which is fuelling anticipation of a rate cut next week and driving Wall Street to new highs. Also, odds of a larger half-point reduction have risen in recent days, especially after preliminary benchmark revisions showed US job growth slowing. Moreover, we believe AI Chips player like NVIDIA and AMD should be a direct proxy for growing AI Chip spending, with Oracle recently guiding another CapEx spending; reflecting that AI demand remains strong. Hence, the market could sustain its momentum in the near term.
MY: With Wall Street’s positive performance overnight, we believe Malaysia’s key index will continue its recovery after a slight pullback yesterday. With tech giants reporting healthy spending on AI chips, we believe buying support may spillover to local technology players as Technology sub-indices experienced a flag breakout. In view of a rate cut and a weaker Dollar outlook, the price of gold should remain elevated, benefitting WELLCHIP and EMCC. Lastly, with healthy project pipelines, a solid order book, and recent contract wins of relatively higher value, we deem CBHB to be trading at undemanding valuation levels.
Stocks to watch:
Technology: *3REN*, *CORAZA*, *EDELTEQ*, EG
Consumer: FFB
Construction: GDB, *KIMLUN*
Utility: MALAKOF, *MNHLDG*
Source: M+ Global
👍2
Good Morning All,
We issued a technical buy call on MN Holdings Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) Earnings well-above consensus estimates,
(ii) Earnings visibility remains strong,
(iii) Plenty of projects in the pipeline
Research Team, M+
12 September 2025
We issued a technical buy call on MN Holdings Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) Earnings well-above consensus estimates,
(ii) Earnings visibility remains strong,
(iii) Plenty of projects in the pipeline
Research Team, M+
12 September 2025
M+ Global Market Wrap - 12Sep25
FBM KLCI: 1,600.13 pts (+17.28pts, +1.09%)
With Asian markets trading on a firmer note, Friday’s local bourse saw traders piling into Banking heavyweights, buoyed by growing expectations of rate cuts after US CPI data met consensus forecasts. Market breadth was positive, with gainers outpacing losers at a 639-to-394 ratio. Most sectors advanced, led by Utilities (+1.54%) as YTL-related counters topped the pack, while Transportation & Logistics (-0.21%) declined the most.
Top 3 Active stocks:
VS(6963): RM0.545 (-0.5 sen)
TANCO (2429): RM0.825 (+1.5 sen)
VELESTO (5243): RM0.230 (+1.5 sen)
Volume: 2.23 bn (100-bar avg vol: 2.90 bn)
Value: RM2.10 bn (100-bar avg val: RM2.38 bn)
Market Breadth: ⬆️639⬇️394
Crude Palm Oil: RM4,454 (-RM25, -0.56%)
Dow Futures: 46,061 pts (-80 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,600.13 pts (+17.28pts, +1.09%)
With Asian markets trading on a firmer note, Friday’s local bourse saw traders piling into Banking heavyweights, buoyed by growing expectations of rate cuts after US CPI data met consensus forecasts. Market breadth was positive, with gainers outpacing losers at a 639-to-394 ratio. Most sectors advanced, led by Utilities (+1.54%) as YTL-related counters topped the pack, while Transportation & Logistics (-0.21%) declined the most.
Top 3 Active stocks:
VS(6963): RM0.545 (-0.5 sen)
TANCO (2429): RM0.825 (+1.5 sen)
VELESTO (5243): RM0.230 (+1.5 sen)
Volume: 2.23 bn (100-bar avg vol: 2.90 bn)
Value: RM2.10 bn (100-bar avg val: RM2.38 bn)
Market Breadth: ⬆️639⬇️394
Crude Palm Oil: RM4,454 (-RM25, -0.56%)
Dow Futures: 46,061 pts (-80 pts)
**Source: M+ Global, Bloomberg **
M+ Morning Market Buzz - 17Sep25
Dow Jones: 45,757.90 pts (-125.55pts, -0.27%)
⬆️ Resistance: 47100
⬇️ Support: 44500
FBM KLCI: 1,600.13 pts (+17.28pts, +1.09%)
⬆️ Resistance: 1640
⬇️ Support: 1550
HSI Index: 26,438.51 pts (-8.05pts, -0.03%)
⬆️ Resistance: 27200
⬇️ Support: 25400
Crude Palm Oil: RM4,470 (-RM11, -0.25%)
⬆️ Resistance: 4580
⬇️ Support: 4300
Brent Oil: $68.47 (+$1.03, +1.53%)
⬆️ Resistance: 70.10
⬇️ Support: 64.40
Gold: $3,689.98 (+$4.83, +0.12%)
⬆️ Resistance: 3780
⬇️ Support: 3550
Source: Bloomberg, M+ Global
Dow Jones: 45,757.90 pts (-125.55pts, -0.27%)
⬆️ Resistance: 47100
⬇️ Support: 44500
FBM KLCI: 1,600.13 pts (+17.28pts, +1.09%)
⬆️ Resistance: 1640
⬇️ Support: 1550
HSI Index: 26,438.51 pts (-8.05pts, -0.03%)
⬆️ Resistance: 27200
⬇️ Support: 25400
Crude Palm Oil: RM4,470 (-RM11, -0.25%)
⬆️ Resistance: 4580
⬇️ Support: 4300
Brent Oil: $68.47 (+$1.03, +1.53%)
⬆️ Resistance: 70.10
⬇️ Support: 64.40
Gold: $3,689.98 (+$4.83, +0.12%)
⬆️ Resistance: 3780
⬇️ Support: 3550
Source: Bloomberg, M+ Global
👍3
M+ Global Market Update – 17Sep25
Higher Volatility Expected Ahead of FOMC Meeting
US: Wall Street slipped on Tuesday ahead of the Fed’s widely expected 25bps rate cut, due to profit-taking activities after a long stretch of rally. August retail sales rose 0.6% MoM, beating estimates of 0.2% and signalling resilient consumer spending, although focus remains largely on labour market softness. Meanwhile, optimism over US-China trade talks and progress on a TikTok ownership deal will help support sentiment. Hence, we expect Wall Street on a positive note ahead of the FOMC meeting, which would benefit sectors like REITs and consumer discretionary.
MY: Despite the negative overnight performance in the US, we anticipate the local bourse to kickstart the week positively ahead of the highly anticipated FOMC meeting. Meanwhile, KLK has launched its KLK TechPark, a 1,500-acre integrated industrial hub in Tanjong Malim, anchored by Chinese EV giant BYD’s 150-acre facility in Phase 1. The project has an estimated GDV of RM3.5bn over the next decade, and will be developed in phases from 2025–2035. We view this positively as it (i) diversifies KLK’s earnings beyond plantations and (ii) positions the group to benefit from Malaysia’s EV and high-tech supply chain ambitions. KLK has a consensus TP of RM21.47, implying an upside potential of 7.6%. Lastly, traders can look into SKBSHUT, which is pending a breakout trading opportunity.
Stocks to watch:
Construction: *HEGROUP*, PESONA, *SKBSHUT*
Financial: *BURSA*, *MNRB*
Plantation: INNO, UTDPLT
Property: *ECOWLD*
Technology: *SNS*
Consumer: *GENM*
Utility: MALAKOF
Telco: MAXIS
Source: M+ Global
Higher Volatility Expected Ahead of FOMC Meeting
US: Wall Street slipped on Tuesday ahead of the Fed’s widely expected 25bps rate cut, due to profit-taking activities after a long stretch of rally. August retail sales rose 0.6% MoM, beating estimates of 0.2% and signalling resilient consumer spending, although focus remains largely on labour market softness. Meanwhile, optimism over US-China trade talks and progress on a TikTok ownership deal will help support sentiment. Hence, we expect Wall Street on a positive note ahead of the FOMC meeting, which would benefit sectors like REITs and consumer discretionary.
MY: Despite the negative overnight performance in the US, we anticipate the local bourse to kickstart the week positively ahead of the highly anticipated FOMC meeting. Meanwhile, KLK has launched its KLK TechPark, a 1,500-acre integrated industrial hub in Tanjong Malim, anchored by Chinese EV giant BYD’s 150-acre facility in Phase 1. The project has an estimated GDV of RM3.5bn over the next decade, and will be developed in phases from 2025–2035. We view this positively as it (i) diversifies KLK’s earnings beyond plantations and (ii) positions the group to benefit from Malaysia’s EV and high-tech supply chain ambitions. KLK has a consensus TP of RM21.47, implying an upside potential of 7.6%. Lastly, traders can look into SKBSHUT, which is pending a breakout trading opportunity.
Stocks to watch:
Construction: *HEGROUP*, PESONA, *SKBSHUT*
Financial: *BURSA*, *MNRB*
Plantation: INNO, UTDPLT
Property: *ECOWLD*
Technology: *SNS*
Consumer: *GENM*
Utility: MALAKOF
Telco: MAXIS
Source: M+ Global
Good Evening All,
We issued a technical buy call on PDD Holdings Inc: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) Strong fundamentals
(ii) Strengthening its ecosystem
(iii) Gaining traction in the US
Research Team, M+
17 September 2025
We issued a technical buy call on PDD Holdings Inc: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) Strong fundamentals
(ii) Strengthening its ecosystem
(iii) Gaining traction in the US
Research Team, M+
17 September 2025
M+ Global Market Wrap - 17Sep25
FBM KLCI: 1,611.70 pts (+11.57pts, +0.72%)
With the anticipation of a Fed rate cut in the FOMC meeting, the FBMKLCI (+0.72%) extended its gains toward 1611.70 pts, buoyed by gains in CIMB (+15.0 sen) and PETDAG (+124.0 sen). Meanwhile, foreign investors turned net buyers last week, with net equities inflow of RM223.9m. The market breadth was positive, with 739 winners against 408 losers. Sector-wise, 11 out of 13 sectors ended in the positive territory, with Consumer Products & Services (+1.74%) performing the best, while the Construction (-0.81%) sector saw the largest decline.
Top 3 Active stocks:
PHARMA (7081): RM0.275 (+2.5 sen)
ZETRIX (0138): RM0.875 (+1.5 sen)
VS (6963): RM0.555 (+1.0 sen)
Volume: 3.13 bn (100-bar avg vol: 2.92 bn)
Value: RM3.17 bn (100-bar avg val: RM2.38 bn)
Market Breadth: ⬆️739⬇️408
Crude Palm Oil: RM4,470 (-RM4, -0.09%)
Dow Futures: 46,123 pts (+4 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,611.70 pts (+11.57pts, +0.72%)
With the anticipation of a Fed rate cut in the FOMC meeting, the FBMKLCI (+0.72%) extended its gains toward 1611.70 pts, buoyed by gains in CIMB (+15.0 sen) and PETDAG (+124.0 sen). Meanwhile, foreign investors turned net buyers last week, with net equities inflow of RM223.9m. The market breadth was positive, with 739 winners against 408 losers. Sector-wise, 11 out of 13 sectors ended in the positive territory, with Consumer Products & Services (+1.74%) performing the best, while the Construction (-0.81%) sector saw the largest decline.
Top 3 Active stocks:
PHARMA (7081): RM0.275 (+2.5 sen)
ZETRIX (0138): RM0.875 (+1.5 sen)
VS (6963): RM0.555 (+1.0 sen)
Volume: 3.13 bn (100-bar avg vol: 2.92 bn)
Value: RM3.17 bn (100-bar avg val: RM2.38 bn)
Market Breadth: ⬆️739⬇️408
Crude Palm Oil: RM4,470 (-RM4, -0.09%)
Dow Futures: 46,123 pts (+4 pts)
**Source: M+ Global, Bloomberg **
M+ Morning Market Buzz - 18Sep25
Dow Jones: 46,018.32 pts (+260.42pts, +0.57%)
⬆️ Resistance: 47200
⬇️ Support: 44700
FBM KLCI: 1,611.70 pts (+11.57pts, +0.72%)
⬆️ Resistance: 1650
⬇️ Support: 1550
HSI Index: 26,908.39 pts (+469.88pts, +1.78%)
⬆️ Resistance: 27500
⬇️ Support: 25400
Crude Palm Oil: RM4,475 (-RM23, -0.51%)
⬆️ Resistance: 4650
⬇️ Support: 4310
Brent Oil: $67.95 (-$0.52, -0.76%)
⬆️ Resistance: 70.10
⬇️ Support: 64.40
Gold: $3,659.90 (+$3.29, +0.08%)
⬆️ Resistance: 3790
⬇️ Support: 3550
Source: Bloomberg, M+ Global
Dow Jones: 46,018.32 pts (+260.42pts, +0.57%)
⬆️ Resistance: 47200
⬇️ Support: 44700
FBM KLCI: 1,611.70 pts (+11.57pts, +0.72%)
⬆️ Resistance: 1650
⬇️ Support: 1550
HSI Index: 26,908.39 pts (+469.88pts, +1.78%)
⬆️ Resistance: 27500
⬇️ Support: 25400
Crude Palm Oil: RM4,475 (-RM23, -0.51%)
⬆️ Resistance: 4650
⬇️ Support: 4310
Brent Oil: $67.95 (-$0.52, -0.76%)
⬆️ Resistance: 70.10
⬇️ Support: 64.40
Gold: $3,659.90 (+$3.29, +0.08%)
⬆️ Resistance: 3790
⬇️ Support: 3550
Source: Bloomberg, M+ Global
👍2
M+ Global Market Update – 18Sep25
More Rate Cuts Expected Moving Forward
US: Wall Street ended mixed on Wednesday as the Fed delivered a 25bps rate cut, largely in line with market expectations, while signalling two further cuts this year to cushion the slowdown in the labour market. The Fed commented that inflation was "somewhat elevated" and the unemployment outlook was largely unchanged. Traders characterised the rate cut as a "risk management cut" rather than the beginning of an interest rate downcycle. Nonetheless, we expect the Russell 2000 index to continue gaining momentum in this environment, while the Technology sector may pull back further, translating to softer S&P 500 and Nasdaq movements.
MY: Following the Fed's rate cut decision, we expect the FBMKLCI to continue trading higher today, as improving global liquidity should bode well for Asian and emerging markets, including Malaysia. However, with the 19% tariff on 1st August, coupled with a weakening USD, we believe the export-oriented sectors will be negatively impacted in the upcoming results. On the flip side, domestically-driven sectors such as construction, utilities, REITs, banks, and consumer products & services should be in focus. Meanwhile, with the news of KLK launching its KLK TechPark, we remain bullish on KLK, as well as property developers with industrial or tech park exposure, including ECOWLD, SIMEPROP, and MAHSING.
Stocks to watch:
Financial: *AMBANK*, *BURSA*, *MNRB*
Consumer: 99SMART, *HAPSENG*
Utility: YTL, YTLPOWR
Technology: *SNS*
Gaming: *GENM*
Construction: HEGROUP
REIT: SUNREIT
Source: M+ Global
More Rate Cuts Expected Moving Forward
US: Wall Street ended mixed on Wednesday as the Fed delivered a 25bps rate cut, largely in line with market expectations, while signalling two further cuts this year to cushion the slowdown in the labour market. The Fed commented that inflation was "somewhat elevated" and the unemployment outlook was largely unchanged. Traders characterised the rate cut as a "risk management cut" rather than the beginning of an interest rate downcycle. Nonetheless, we expect the Russell 2000 index to continue gaining momentum in this environment, while the Technology sector may pull back further, translating to softer S&P 500 and Nasdaq movements.
MY: Following the Fed's rate cut decision, we expect the FBMKLCI to continue trading higher today, as improving global liquidity should bode well for Asian and emerging markets, including Malaysia. However, with the 19% tariff on 1st August, coupled with a weakening USD, we believe the export-oriented sectors will be negatively impacted in the upcoming results. On the flip side, domestically-driven sectors such as construction, utilities, REITs, banks, and consumer products & services should be in focus. Meanwhile, with the news of KLK launching its KLK TechPark, we remain bullish on KLK, as well as property developers with industrial or tech park exposure, including ECOWLD, SIMEPROP, and MAHSING.
Stocks to watch:
Financial: *AMBANK*, *BURSA*, *MNRB*
Consumer: 99SMART, *HAPSENG*
Utility: YTL, YTLPOWR
Technology: *SNS*
Gaming: *GENM*
Construction: HEGROUP
REIT: SUNREIT
Source: M+ Global
M+ Global Market Wrap - 18Sep25
FBM KLCI: 1,598.93 pts (-12.77pts, -0.79%)
Taking a cue from Wall Street’s negative lead, after the Fed’s widely expected 25bps rate cut, Thursday’s session saw profit-taking in Banking heavyweights, snapping an overstretched rally from the 2nd September lows on the local front. Market breadth was negative, with losers outpacing gainers at 515-to-494 stocks. Meanwhile, ASEAN chip players ticked higher after China’s NVIDIA curbs, spilling buying interest into local Technology (+0.65%) counters, led by INARI (+5.0 sen) and GREATEC (+4.0 sen), while Utilities (-0.99%) declined the most.
Top 3 Active stocks:
PHARMA (7081): RM0.285 (+1.0 sen)
VS (6963): RM0.550 (-0.5 sen)
TANCO (2429): RM0.840 (unch)
Volume: 2.57 bn (100-bar avg vol: 2.93 bn)
Value: RM2.52 bn (100-bar avg val: RM2.40 bn)
Market Breadth: ⬆️494⬇️515
Crude Palm Oil: RM4,475 (-RM34, -0.76%)
Dow Futures: 46,708 pts (+343 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,598.93 pts (-12.77pts, -0.79%)
Taking a cue from Wall Street’s negative lead, after the Fed’s widely expected 25bps rate cut, Thursday’s session saw profit-taking in Banking heavyweights, snapping an overstretched rally from the 2nd September lows on the local front. Market breadth was negative, with losers outpacing gainers at 515-to-494 stocks. Meanwhile, ASEAN chip players ticked higher after China’s NVIDIA curbs, spilling buying interest into local Technology (+0.65%) counters, led by INARI (+5.0 sen) and GREATEC (+4.0 sen), while Utilities (-0.99%) declined the most.
Top 3 Active stocks:
PHARMA (7081): RM0.285 (+1.0 sen)
VS (6963): RM0.550 (-0.5 sen)
TANCO (2429): RM0.840 (unch)
Volume: 2.57 bn (100-bar avg vol: 2.93 bn)
Value: RM2.52 bn (100-bar avg val: RM2.40 bn)
Market Breadth: ⬆️494⬇️515
Crude Palm Oil: RM4,475 (-RM34, -0.76%)
Dow Futures: 46,708 pts (+343 pts)
**Source: M+ Global, Bloomberg **
M+ Morning Market Buzz - 19Sep25
Dow Jones: 46,142.42 pts (+124.10pts, +0.27%)
⬆️ Resistance: 47300
⬇️ Support: 44800
FBM KLCI: 1,598.93 pts (-12.77pts, -0.79%)
⬆️ Resistance: 1650
⬇️ Support: 1560
HSI Index: 26,544.85 pts (-363.54pts, -1.35%)
⬆️ Resistance: 27600
⬇️ Support: 25800
Crude Palm Oil: RM4,435 (+RM4, +0.09%)
⬆️ Resistance: 4650
⬇️ Support: 4320
Brent Oil: $67.95 (-$0.42, -0.62%)
⬆️ Resistance: 70.10
⬇️ Support: 64.40
Gold: $3,644.28 (-$15.62, -0.43%)
⬆️ Resistance: 3790
⬇️ Support: 3560
Source: Bloomberg, M+ Global
Dow Jones: 46,142.42 pts (+124.10pts, +0.27%)
⬆️ Resistance: 47300
⬇️ Support: 44800
FBM KLCI: 1,598.93 pts (-12.77pts, -0.79%)
⬆️ Resistance: 1650
⬇️ Support: 1560
HSI Index: 26,544.85 pts (-363.54pts, -1.35%)
⬆️ Resistance: 27600
⬇️ Support: 25800
Crude Palm Oil: RM4,435 (+RM4, +0.09%)
⬆️ Resistance: 4650
⬇️ Support: 4320
Brent Oil: $67.95 (-$0.42, -0.62%)
⬆️ Resistance: 70.10
⬇️ Support: 64.40
Gold: $3,644.28 (-$15.62, -0.43%)
⬆️ Resistance: 3790
⬇️ Support: 3560
Source: Bloomberg, M+ Global
M+ Global Market Update – 19Sep25
Bargain Hunting Set To Emerge
US: Although China’s stringent trade policies may cap upside for NVIDIA, we believe KLA Corp stands as a direct beneficiary of NVIDIA’s investment. We see NVIDIA’s USD5bn investment in Intel, along with their collaboration on PC and data center chips, as a positive catalyst for KLA Corp. This is because it increases the likelihood of Intel developing a viable foundry business, which in turn fuels a stronger long-term CapEx outlook. Moreover, following the Fed’s rate cut decision, we expect gold prices to remain elevated, supported by robust central bank demand. Net purchases continue to outpace sales, with Poland among the notable buyers.
MY: In view of Wall Street's positive lead, we expect the FBMKLCI to trade on a firmer note, underpinned by the interest rate downcycle in the US, which may further improve liquidity in emerging markets. Also, the overall positive sentiment for Technology in the US may boost buying support into local Technology stocks in the near term. However, we expect less appetite for export-oriented companies due to the tariff environment and the weakness in USD. On the data center front, we believe the theme is here to stay, with the Chinese operator Zdata reportedly seeking a USD500m private loan recently.
Stocks to watch:
Technology: *AGMO*, *CORAZA*, *MI*
Construction: *HEGROUP*, JTGROUP
Building Material: *SKBSHUT*
O&G: *HAWK*
Property: SIMEPROP
Transportation & Logistics: WPRTS
Gaming: GENM
Utility: KJTS
Source: M+ Global
Bargain Hunting Set To Emerge
US: Although China’s stringent trade policies may cap upside for NVIDIA, we believe KLA Corp stands as a direct beneficiary of NVIDIA’s investment. We see NVIDIA’s USD5bn investment in Intel, along with their collaboration on PC and data center chips, as a positive catalyst for KLA Corp. This is because it increases the likelihood of Intel developing a viable foundry business, which in turn fuels a stronger long-term CapEx outlook. Moreover, following the Fed’s rate cut decision, we expect gold prices to remain elevated, supported by robust central bank demand. Net purchases continue to outpace sales, with Poland among the notable buyers.
MY: In view of Wall Street's positive lead, we expect the FBMKLCI to trade on a firmer note, underpinned by the interest rate downcycle in the US, which may further improve liquidity in emerging markets. Also, the overall positive sentiment for Technology in the US may boost buying support into local Technology stocks in the near term. However, we expect less appetite for export-oriented companies due to the tariff environment and the weakness in USD. On the data center front, we believe the theme is here to stay, with the Chinese operator Zdata reportedly seeking a USD500m private loan recently.
Stocks to watch:
Technology: *AGMO*, *CORAZA*, *MI*
Construction: *HEGROUP*, JTGROUP
Building Material: *SKBSHUT*
O&G: *HAWK*
Property: SIMEPROP
Transportation & Logistics: WPRTS
Gaming: GENM
Utility: KJTS
Source: M+ Global
Good Evening All,
We issued a technical buy call on KLA Corporation: Your Trusted Guide to Global Trading |Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) A proxy for Intel's turnaround
(ii) Robust data centre capex from hyperscalers
(iii) Earnings above consensus
Research Team, M+
19 September 2025
We issued a technical buy call on KLA Corporation: Your Trusted Guide to Global Trading |Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) A proxy for Intel's turnaround
(ii) Robust data centre capex from hyperscalers
(iii) Earnings above consensus
Research Team, M+
19 September 2025
M+ Global Market Wrap - 19Sep25
FBM KLCI: 1,598.23 pts (-0.70pts, -0.04%)
Friday session saw the FBMKLCI (-0.04%) continue to exert selling pressure, closing lower at 1598.23 pts, as investors trimmed some of their shares in banking heavyweights like CIMB (-9.0 sen) and MAYBANK (-8.0 sen). Meanwhile, the country also reported a slowdown in exports growth in August, rising only 1.9% YoY to RM131.6bn, weaker than market expectations of 3.0% and far below July’s 6.8% growth. Market breadth was positive, with 564 winners against 493 losers. In the broader environment, Transportation & Logistics (+1.75%) outperformed, buoyed by gains in HEXTECH (+10.0 sen) and MISC (+4.0 sen), while Financial Services (-0.52%) declined the most.
Top 3 Active stocks:
TWL (7079): RM0.025 (-0.5 sen)
FOCUS (0116): RM0.005 (-0.5 sen)
VS (6963): RM0.595 (+4.5 sen)
Volume: 3.59 bn (100-bar avg vol: 2.93 bn)
Value: RM4.16 bn (100-bar avg val: RM2.41 bn)
Market Breadth: ⬆️564⬇️493
Crude Palm Oil: RM4,435 (-RM10, -0.23%)
Dow Futures: 46,511 pts (-5 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,598.23 pts (-0.70pts, -0.04%)
Friday session saw the FBMKLCI (-0.04%) continue to exert selling pressure, closing lower at 1598.23 pts, as investors trimmed some of their shares in banking heavyweights like CIMB (-9.0 sen) and MAYBANK (-8.0 sen). Meanwhile, the country also reported a slowdown in exports growth in August, rising only 1.9% YoY to RM131.6bn, weaker than market expectations of 3.0% and far below July’s 6.8% growth. Market breadth was positive, with 564 winners against 493 losers. In the broader environment, Transportation & Logistics (+1.75%) outperformed, buoyed by gains in HEXTECH (+10.0 sen) and MISC (+4.0 sen), while Financial Services (-0.52%) declined the most.
Top 3 Active stocks:
TWL (7079): RM0.025 (-0.5 sen)
FOCUS (0116): RM0.005 (-0.5 sen)
VS (6963): RM0.595 (+4.5 sen)
Volume: 3.59 bn (100-bar avg vol: 2.93 bn)
Value: RM4.16 bn (100-bar avg val: RM2.41 bn)
Market Breadth: ⬆️564⬇️493
Crude Palm Oil: RM4,435 (-RM10, -0.23%)
Dow Futures: 46,511 pts (-5 pts)
**Source: M+ Global, Bloomberg **
💯1
M+ Morning Market Buzz - 22Sep25
Dow Jones: 46,315.27 pts (+172.85pts, +0.37%)
⬆️ Resistance: 47400
⬇️ Support: 44800
FBM KLCI: 1,598.23 pts (-0.70pts, -0.04%)
⬆️ Resistance: 1650
⬇️ Support: 1570
HSI Index: 26,545.10 pts (+0.25pts, +0.00%)
⬆️ Resistance: 27600
⬇️ Support: 25800
Crude Palm Oil: RM4,425 (-RM10, -0.23%)
⬆️ Resistance: 4650
⬇️ Support: 4320
Brent Oil: $66.68 (+$0.07, +0.10%)
⬆️ Resistance: 70.10
⬇️ Support: 65.20
Gold: $3,685.30 (+$4.18, +0.11%)
⬆️ Resistance: 3790
⬇️ Support: 3560
Source: Bloomberg, M+ Global
Dow Jones: 46,315.27 pts (+172.85pts, +0.37%)
⬆️ Resistance: 47400
⬇️ Support: 44800
FBM KLCI: 1,598.23 pts (-0.70pts, -0.04%)
⬆️ Resistance: 1650
⬇️ Support: 1570
HSI Index: 26,545.10 pts (+0.25pts, +0.00%)
⬆️ Resistance: 27600
⬇️ Support: 25800
Crude Palm Oil: RM4,425 (-RM10, -0.23%)
⬆️ Resistance: 4650
⬇️ Support: 4320
Brent Oil: $66.68 (+$0.07, +0.10%)
⬆️ Resistance: 70.10
⬇️ Support: 65.20
Gold: $3,685.30 (+$4.18, +0.11%)
⬆️ Resistance: 3790
⬇️ Support: 3560
Source: Bloomberg, M+ Global
M+ Global Market Update – 22Sep25
Technology Stocks Back In Play
US: With NVIDIA's $5 billion investment rollout on Intel, Wall Street continues to chart higher, with the Nasdaq lifting the overall sentiment. Moreover, we see this investment, along with its collaboration on PC and data center chip segments, as a potential catalyst for KLA Corp. and the overall semiconductor segment to grow steadily over the near term. This could translate to further buying interest in the technology sector. We believe Wall Street may sustain its movement in the near term. Besides, we believe gold-related stocks like SSRM and CDE are well-positioned given rising prices. This is driven by another rate cut expectation, robust central bank demand, as well as ongoing global uncertainties.
MY: Taking a cue from Wall Street's positive lead, we expect the KLCI's key index to trade on a firmer footing due to the narrowing U.S.-Malaysia interest rate differential. Moreover, the overall positive sentiment on the Nasdaq may spill over into the local technology stocks in the near term. With gold prices remaining elevated, we expect the environment to bode well for gold- and pawn-related counters like POHKONG, WELLCHIP, and EMCC. On the construction front, we like BNASTRA and LSH given their robust order book coverage ratios and diverse business models. For a smaller-cap, we view INTA's valuation as still undemanding, despite its positive order book and healthy take-up rate in the property development segment.
Stocks to watch:
Consumer: 99SMART, *HAPSENG*, *HEIM*
Technology: *CBHB*, DUFU, *EG*, NE
Construction: *HEGROUP*, *SKBSHUT*
Conglomerate: SIME
Source: M+ Global
Technology Stocks Back In Play
US: With NVIDIA's $5 billion investment rollout on Intel, Wall Street continues to chart higher, with the Nasdaq lifting the overall sentiment. Moreover, we see this investment, along with its collaboration on PC and data center chip segments, as a potential catalyst for KLA Corp. and the overall semiconductor segment to grow steadily over the near term. This could translate to further buying interest in the technology sector. We believe Wall Street may sustain its movement in the near term. Besides, we believe gold-related stocks like SSRM and CDE are well-positioned given rising prices. This is driven by another rate cut expectation, robust central bank demand, as well as ongoing global uncertainties.
MY: Taking a cue from Wall Street's positive lead, we expect the KLCI's key index to trade on a firmer footing due to the narrowing U.S.-Malaysia interest rate differential. Moreover, the overall positive sentiment on the Nasdaq may spill over into the local technology stocks in the near term. With gold prices remaining elevated, we expect the environment to bode well for gold- and pawn-related counters like POHKONG, WELLCHIP, and EMCC. On the construction front, we like BNASTRA and LSH given their robust order book coverage ratios and diverse business models. For a smaller-cap, we view INTA's valuation as still undemanding, despite its positive order book and healthy take-up rate in the property development segment.
Stocks to watch:
Consumer: 99SMART, *HAPSENG*, *HEIM*
Technology: *CBHB*, DUFU, *EG*, NE
Construction: *HEGROUP*, *SKBSHUT*
Conglomerate: SIME
Source: M+ Global
Good Morning All,
Here’s our IPO note on Cheeding Holdings Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
We assign a target P/E of 16.0x mid-FY27f EPS, translating to a fair value of RM0.72 per share (100% upside from the IPO price of RM0.36 per share). The assigned valuation takes into account several factors: (i) CHEEDING’s niche involvement in overhead infrastructure utilities, (ii) its long-term relationship with TENAGA, which provides healthy cash flow as reflected in its low receivable turnover, and (iii) its healthy net profit margins and EPS growth relative to peers.
We do not rule out the possibility of a rerating catalyst of CHEEDING to 17.5-19x as (i) higher demand in data center may contribute to TENAGA increasing CapEx of its power grid network going forward and (ii) ongoing execution in NETR projects which will require more power transmission network, translating to stronger earnings potential for CHEEDING.
For FY26F, we reckon that CHEEDING will be able to deliver another year of solid improvement, backed by (i) a strong order book of ~RM202.7m, providing a coverage ratio of ~1–1.5x, of which we estimate ~66–70% should be recognised by FY26f, with most of the balance carried into FY27f, and (ii) TENAGA’s favourable capex rollout focused on improving the efficiency of the nation’s utilities industry.
Research Team, M+
22 Sep 2025
Here’s our IPO note on Cheeding Holdings Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
We assign a target P/E of 16.0x mid-FY27f EPS, translating to a fair value of RM0.72 per share (100% upside from the IPO price of RM0.36 per share). The assigned valuation takes into account several factors: (i) CHEEDING’s niche involvement in overhead infrastructure utilities, (ii) its long-term relationship with TENAGA, which provides healthy cash flow as reflected in its low receivable turnover, and (iii) its healthy net profit margins and EPS growth relative to peers.
We do not rule out the possibility of a rerating catalyst of CHEEDING to 17.5-19x as (i) higher demand in data center may contribute to TENAGA increasing CapEx of its power grid network going forward and (ii) ongoing execution in NETR projects which will require more power transmission network, translating to stronger earnings potential for CHEEDING.
For FY26F, we reckon that CHEEDING will be able to deliver another year of solid improvement, backed by (i) a strong order book of ~RM202.7m, providing a coverage ratio of ~1–1.5x, of which we estimate ~66–70% should be recognised by FY26f, with most of the balance carried into FY27f, and (ii) TENAGA’s favourable capex rollout focused on improving the efficiency of the nation’s utilities industry.
Research Team, M+
22 Sep 2025
M+ Global Market Wrap - 22Sep25
FBM KLCI: 1,603.34 pts (+5.11pts, +0.32%)
With Asian markets trading on a firmer footing, the local bourse began the week with traders piling into Banking heavyweights. However, market breadth tilted negatively, with losers outpacing gainers at 528-to-478, with total traded volume stood below the norm. On the broader market, Construction (+1.73%) outperformed, led by GAMUDA (+17.0 sen) despite a slight consensus miss, while Telco & Media (-0.39%) declined the most.
Top 3 Active stocks:
VS (6963): RM0.605 (+1.0 sen)
ZETRIX (0138): RM0.870 (unch)
PHARMA (7081): RM0.260 (-0.5 sen)
Volume: 2.79 bn (100-bar avg vol: 2.93 bn)
Value: RM2.28 bn (100-bar avg val: RM2.44 bn)
Market Breadth: ⬆️478⬇️528
Crude Palm Oil: RM4,425 (+RM3, +0.07%)
Dow Futures: 46,524 pts (-127 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,603.34 pts (+5.11pts, +0.32%)
With Asian markets trading on a firmer footing, the local bourse began the week with traders piling into Banking heavyweights. However, market breadth tilted negatively, with losers outpacing gainers at 528-to-478, with total traded volume stood below the norm. On the broader market, Construction (+1.73%) outperformed, led by GAMUDA (+17.0 sen) despite a slight consensus miss, while Telco & Media (-0.39%) declined the most.
Top 3 Active stocks:
VS (6963): RM0.605 (+1.0 sen)
ZETRIX (0138): RM0.870 (unch)
PHARMA (7081): RM0.260 (-0.5 sen)
Volume: 2.79 bn (100-bar avg vol: 2.93 bn)
Value: RM2.28 bn (100-bar avg val: RM2.44 bn)
Market Breadth: ⬆️478⬇️528
Crude Palm Oil: RM4,425 (+RM3, +0.07%)
Dow Futures: 46,524 pts (-127 pts)
**Source: M+ Global, Bloomberg **