Good Morning All,
Here’s our IPO note on Powertechnic Group Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
We assign a fair value of RM0.42 per share for POWER, indicating a 20.0% upside from the IPO price of RM0.35. This valuation is based on a PE multiple of 22.3x pegged to FY26f EPS of 1.87 sen.
Investment highlights include:
(i) Integrated end-to-end solutions for lifting systems
(ii) Business diversity across multiple sectors to reduce sector-concentration risk
(iii) Beneficiary of JSSEZ
(iv) Higher demand anticipated due to NIMP 2030
(v) Market share expansion through both offline and online marketing channels
Research Team, M+
14 Oct 2025
Here’s our IPO note on Powertechnic Group Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
We assign a fair value of RM0.42 per share for POWER, indicating a 20.0% upside from the IPO price of RM0.35. This valuation is based on a PE multiple of 22.3x pegged to FY26f EPS of 1.87 sen.
Investment highlights include:
(i) Integrated end-to-end solutions for lifting systems
(ii) Business diversity across multiple sectors to reduce sector-concentration risk
(iii) Beneficiary of JSSEZ
(iv) Higher demand anticipated due to NIMP 2030
(v) Market share expansion through both offline and online marketing channels
Research Team, M+
14 Oct 2025
M+ Global Market Wrap - 14Oct25
FBM KLCI: 1,611.46 pts (-3.73pts, -0.23%)
In line with the continuation of the regional market selldown as market participant could be taking a risk-off mode following the escalating US-China trade tensions. Thus, the FBMKLCI (-0.23%) extended its selling pressure toward 1,611.46 pts, dragged by losses in CIMB (-8.0 sen) and PETGAS (-38.0 sen). Meanwhile, with the ongoing US government shutdown delaying the release of some key economic data, investors will be watching Fed Chair Powell’s speech later tonight to gauge the US interest rate outlook. Market breadth remained negative, with 811 losers against 390 winners. In the broader market, Consumer Products & Services (+1.17%) was the only positive sector, buoyed by gains in GENM (+18.0 sen) and 99SMART (+8.0 sen).
Top 3 Active stocks:
GENM (4715): RM2.320 (+18.0 sen)
PHARMA (7081): RM0.260 (-1.5 sen)
ZETRIX (0138): RM0.840 (unch)
Volume: 3.66 bn (100-bar avg vol: 3.01 bn)
Value: RM3.79 bn (100-bar avg val: RM2.51 bn)
Market Breadth: ⬆️390⬇️811
Crude Palm Oil: RM4,499 (-RM28, -0.62%)
Dow Futures: 46,114 pts (-184 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,611.46 pts (-3.73pts, -0.23%)
In line with the continuation of the regional market selldown as market participant could be taking a risk-off mode following the escalating US-China trade tensions. Thus, the FBMKLCI (-0.23%) extended its selling pressure toward 1,611.46 pts, dragged by losses in CIMB (-8.0 sen) and PETGAS (-38.0 sen). Meanwhile, with the ongoing US government shutdown delaying the release of some key economic data, investors will be watching Fed Chair Powell’s speech later tonight to gauge the US interest rate outlook. Market breadth remained negative, with 811 losers against 390 winners. In the broader market, Consumer Products & Services (+1.17%) was the only positive sector, buoyed by gains in GENM (+18.0 sen) and 99SMART (+8.0 sen).
Top 3 Active stocks:
GENM (4715): RM2.320 (+18.0 sen)
PHARMA (7081): RM0.260 (-1.5 sen)
ZETRIX (0138): RM0.840 (unch)
Volume: 3.66 bn (100-bar avg vol: 3.01 bn)
Value: RM3.79 bn (100-bar avg val: RM2.51 bn)
Market Breadth: ⬆️390⬇️811
Crude Palm Oil: RM4,499 (-RM28, -0.62%)
Dow Futures: 46,114 pts (-184 pts)
**Source: M+ Global, Bloomberg **
M+ Morning Market Buzz - 15Oct25
Dow Jones: 46,270.46 pts (+202.88pts, +0.44%)
⬆️ Resistance: 47800
⬇️ Support: 44600
FBM KLCI: 1,611.46 pts (-3.73pts, -0.23%)
⬆️ Resistance: 1670
⬇️ Support: 1570
HSI Index: 25,441.35 pts (-448.13pts, -1.73%)
⬆️ Resistance: 27600
⬇️ Support: 24900
Crude Palm Oil: RM4,461 (+RM6, +0.13%)
⬆️ Resistance: 4710
⬇️ Support: 4370
Brent Oil: $62.39 (-$0.93, -1.47%)
⬆️ Resistance: 68.00
⬇️ Support: 60.30
Gold: $4,142.94 (+$16.86, +0.44%)
⬆️ Resistance: 4270
⬇️ Support: 3870
Source: Bloomberg, M+ Global
Dow Jones: 46,270.46 pts (+202.88pts, +0.44%)
⬆️ Resistance: 47800
⬇️ Support: 44600
FBM KLCI: 1,611.46 pts (-3.73pts, -0.23%)
⬆️ Resistance: 1670
⬇️ Support: 1570
HSI Index: 25,441.35 pts (-448.13pts, -1.73%)
⬆️ Resistance: 27600
⬇️ Support: 24900
Crude Palm Oil: RM4,461 (+RM6, +0.13%)
⬆️ Resistance: 4710
⬇️ Support: 4370
Brent Oil: $62.39 (-$0.93, -1.47%)
⬆️ Resistance: 68.00
⬇️ Support: 60.30
Gold: $4,142.94 (+$16.86, +0.44%)
⬆️ Resistance: 4270
⬇️ Support: 3870
Source: Bloomberg, M+ Global
👍4
M+ Global Market Update – 15Oct25
Wall Street Stayed Mixed Amid China Threat
US: Wall Street slipped on Tuesday amid escalating US-China trade tensions after President Trump threatened to ban cooking oil imports from China, accusing Beijing of halting US soybean purchases. The remarks have reignited concerns of an escalating trade war, following Trump’s threat of a 100% tariff hike on Chinese goods just days prior. However, sentiment was partly cushioned by Fed Chair Powell’s dovish comments, signalling that the central bank’s quantitative tightening programme may be nearing its end, which boosted expectations of further rate cuts. Nevertheless, with the ongoing uncertainties due to US-China trade tensions, we expect Wall Street to extend its profit-taking activities today.
MY: Given the worsening US-China trade relations, we expect the FBMKLCI to continue trading in a cautious tone. Meanwhile, we are optimistic about AUMAS securing the renewal of its Bukit Mantri gold mine licence in Tawau, Sabah—the only large-scale gold mine in the state—which could support its share price rebound alongside elevated gold prices above $4,000. Lastly, with Consumer Products & Services being the only outperforming sector yesterday, we continue to favour 99SMART and MRDIY, as the RM15bn cash aid allocation under Budget 2026’s STR and SARA programmes is expected to lift consumer spending.
Stocks to watch:
Automotive: *BAUTO*, *BETA*, DRBHCOM, MCEHLDG
Technology: *ITMAX*
Construction: *UUE*
Gold-related: *WELLCHIP*
Plantation: TSH
Consumer: TEOSENG
Source: M+ Global
Wall Street Stayed Mixed Amid China Threat
US: Wall Street slipped on Tuesday amid escalating US-China trade tensions after President Trump threatened to ban cooking oil imports from China, accusing Beijing of halting US soybean purchases. The remarks have reignited concerns of an escalating trade war, following Trump’s threat of a 100% tariff hike on Chinese goods just days prior. However, sentiment was partly cushioned by Fed Chair Powell’s dovish comments, signalling that the central bank’s quantitative tightening programme may be nearing its end, which boosted expectations of further rate cuts. Nevertheless, with the ongoing uncertainties due to US-China trade tensions, we expect Wall Street to extend its profit-taking activities today.
MY: Given the worsening US-China trade relations, we expect the FBMKLCI to continue trading in a cautious tone. Meanwhile, we are optimistic about AUMAS securing the renewal of its Bukit Mantri gold mine licence in Tawau, Sabah—the only large-scale gold mine in the state—which could support its share price rebound alongside elevated gold prices above $4,000. Lastly, with Consumer Products & Services being the only outperforming sector yesterday, we continue to favour 99SMART and MRDIY, as the RM15bn cash aid allocation under Budget 2026’s STR and SARA programmes is expected to lift consumer spending.
Stocks to watch:
Automotive: *BAUTO*, *BETA*, DRBHCOM, MCEHLDG
Technology: *ITMAX*
Construction: *UUE*
Gold-related: *WELLCHIP*
Plantation: TSH
Consumer: TEOSENG
Source: M+ Global
M+ Global Market Wrap - 15Oct25
FBM KLCI: 1,611.55 pts (+0.09pts, +0.01%)
Following Fed Chair Powell’s dovish remarks, Asian markets rebounded from their losses, including the FBMKLCI (+0.01%), as gains in 99SMART (+11.0 sen) and MAXIS (+8.0 sen) lifted the key index higher. Meanwhile, market breadth turned positive, with 726 winners outpacing 426 losers. All sectors also ended in positive territory, with Telecommunications & Media (+1.57%) and Energy (+1.29%) emerged as the top performers.
Top 3 Active stocks:
VELESTO (5243): RM0.265 (+1.0 sen)
GENM (4715): RM2.340 (+2.0 sen)
GENTING (3182): RM3.400 (+39.0 sen)
Volume: 4.26 bn (100-bar avg vol: 3.03 bn)
Value: RM3.69 bn (100-bar avg val: RM2.53 bn)
Market Breadth: ⬆️726⬇️426
Crude Palm Oil: RM4,461 (+RM16, +0.36%)
Dow Futures: 46,670 pts (+170 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,611.55 pts (+0.09pts, +0.01%)
Following Fed Chair Powell’s dovish remarks, Asian markets rebounded from their losses, including the FBMKLCI (+0.01%), as gains in 99SMART (+11.0 sen) and MAXIS (+8.0 sen) lifted the key index higher. Meanwhile, market breadth turned positive, with 726 winners outpacing 426 losers. All sectors also ended in positive territory, with Telecommunications & Media (+1.57%) and Energy (+1.29%) emerged as the top performers.
Top 3 Active stocks:
VELESTO (5243): RM0.265 (+1.0 sen)
GENM (4715): RM2.340 (+2.0 sen)
GENTING (3182): RM3.400 (+39.0 sen)
Volume: 4.26 bn (100-bar avg vol: 3.03 bn)
Value: RM3.69 bn (100-bar avg val: RM2.53 bn)
Market Breadth: ⬆️726⬇️426
Crude Palm Oil: RM4,461 (+RM16, +0.36%)
Dow Futures: 46,670 pts (+170 pts)
**Source: M+ Global, Bloomberg **
M+ Morning Market Buzz - 16Oct25
Dow Jones: 46,253.31 pts (-17.15pts, -0.04%)
⬆️ Resistance: 47700
⬇️ Support: 44600
FBM KLCI: 1,611.55 pts (+0.09pts, +0.01%)
⬆️ Resistance: 1670
⬇️ Support: 1570
HSI Index: 25,910.60 pts (+469.25pts, +1.84%)
⬆️ Resistance: 27600
⬇️ Support: 24900
Crude Palm Oil: RM4,512 (+RM3, +0.07%)
⬆️ Resistance: 4710
⬇️ Support: 4350
Brent Oil: $61.91 (-$0.48, -0.77%)
⬆️ Resistance: 68.00
⬇️ Support: 60.30
Gold: $4,207.48 (+$3.02, +0.07%)
⬆️ Resistance: 4310
⬇️ Support: 3870
Source: Bloomberg, M+ Global
Dow Jones: 46,253.31 pts (-17.15pts, -0.04%)
⬆️ Resistance: 47700
⬇️ Support: 44600
FBM KLCI: 1,611.55 pts (+0.09pts, +0.01%)
⬆️ Resistance: 1670
⬇️ Support: 1570
HSI Index: 25,910.60 pts (+469.25pts, +1.84%)
⬆️ Resistance: 27600
⬇️ Support: 24900
Crude Palm Oil: RM4,512 (+RM3, +0.07%)
⬆️ Resistance: 4710
⬇️ Support: 4350
Brent Oil: $61.91 (-$0.48, -0.77%)
⬆️ Resistance: 68.00
⬇️ Support: 60.30
Gold: $4,207.48 (+$3.02, +0.07%)
⬆️ Resistance: 4310
⬇️ Support: 3870
Source: Bloomberg, M+ Global
👍3
M+ Global Market Update – 16Oct25
Upbeat Bank Earnings Lifted The Market Sentiment
US: S&P 500 and Nasdaq advanced on Wednesday, supported by upbeat bank earnings and growing speculation that the Fed will deliver another rate cut later this month. Sentiment was lifted by stronger-than-expected results from major banks including Bank of America, Morgan Stanley, Goldman Sachs and JPMorgan, all of which performed better than expected. Fed Chair Powell’s dovish remarks and Governor Miran’s call for quicker rate cuts also reinforced expectations of further monetary easing in 2025. Nevertheless, with the ongoing US-China trade tensions, as Trump hinted at cutting trade ties and Beijing retaliated with sanctions on US-linked firms, this may cap further market upside in the near term.
MY: Tracking Wall Street’s positive overnight performance, we expect the FBMKLCI to follow suit and extend its bullish momentum. Meanwhile, with Budget 2026 reinforcing the NETR via allocations for LSS6 solar projects, we remain bullish on the RE-related stocks like SAMAIDEN, KENERGY, and NORTHERN. The NETR also highlights Tenaga’s RM43bn grid upgrades, which will benefit substation and cable-related companies such as MNHLDG, JTGROUP, and PWRWELL. Lastly, traders may focus on East Malaysia-related stocks amid higher allocations for Sabah (RM6.9bn) and Sarawak (RM6.0bn), alongside the upcoming Sabah state election.
Stocks to watch:
Technology: *EDELTEQ*, FRONTKN, *INFOM*
Construction: *JTGROUP*, *SSB8*
Consumer: *KOPI*, MFLOUR
Utility: *KENERGY*
Chemical: TMK
Gold-related: WELLCHIP
Source: M+ Global
Upbeat Bank Earnings Lifted The Market Sentiment
US: S&P 500 and Nasdaq advanced on Wednesday, supported by upbeat bank earnings and growing speculation that the Fed will deliver another rate cut later this month. Sentiment was lifted by stronger-than-expected results from major banks including Bank of America, Morgan Stanley, Goldman Sachs and JPMorgan, all of which performed better than expected. Fed Chair Powell’s dovish remarks and Governor Miran’s call for quicker rate cuts also reinforced expectations of further monetary easing in 2025. Nevertheless, with the ongoing US-China trade tensions, as Trump hinted at cutting trade ties and Beijing retaliated with sanctions on US-linked firms, this may cap further market upside in the near term.
MY: Tracking Wall Street’s positive overnight performance, we expect the FBMKLCI to follow suit and extend its bullish momentum. Meanwhile, with Budget 2026 reinforcing the NETR via allocations for LSS6 solar projects, we remain bullish on the RE-related stocks like SAMAIDEN, KENERGY, and NORTHERN. The NETR also highlights Tenaga’s RM43bn grid upgrades, which will benefit substation and cable-related companies such as MNHLDG, JTGROUP, and PWRWELL. Lastly, traders may focus on East Malaysia-related stocks amid higher allocations for Sabah (RM6.9bn) and Sarawak (RM6.0bn), alongside the upcoming Sabah state election.
Stocks to watch:
Technology: *EDELTEQ*, FRONTKN, *INFOM*
Construction: *JTGROUP*, *SSB8*
Consumer: *KOPI*, MFLOUR
Utility: *KENERGY*
Chemical: TMK
Gold-related: WELLCHIP
Source: M+ Global
👍2
M+ Global Market Wrap - 16Oct25
FBM KLCI: 1,612.29 pts (+0.74pts, +0.05%)
Despite the ongoing US-China trade tensions, Asian markets continued to end broadly higher, including the FBMKLCI (+0.05%), as gains in PETGAS (+48.0 sen) and AXIATA (+10.0 sen) lifted the key index. However, traders trimmed some of their positions, with market breadth turning mildly negative at 578 losers against 536 winners. Sector-wise, Telecommunications & Media (+2.32%) outperformed, buoyed by gains in AXIATA (+10.0 sen) and CDB (+2.0 sen), while the Construction (-1.77%) sector declined the most.
Top 3 Active stocks:
GENTING (3182): RM3.470 (+7.0 sen)
GENM (4715): RM2.330 (-1.0 sen)
TWL (7079): RM0.025 (unch)
Volume: 3.49 bn (100-bar avg vol: 3.03 bn)
Value: RM2.85 bn (100-bar avg val: RM2.54 bn)
Market Breadth: ⬆️536⬇️578
Crude Palm Oil: RM4,512 (+RM15, +0.33%)
Dow Futures: 46,575 pts (+83 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,612.29 pts (+0.74pts, +0.05%)
Despite the ongoing US-China trade tensions, Asian markets continued to end broadly higher, including the FBMKLCI (+0.05%), as gains in PETGAS (+48.0 sen) and AXIATA (+10.0 sen) lifted the key index. However, traders trimmed some of their positions, with market breadth turning mildly negative at 578 losers against 536 winners. Sector-wise, Telecommunications & Media (+2.32%) outperformed, buoyed by gains in AXIATA (+10.0 sen) and CDB (+2.0 sen), while the Construction (-1.77%) sector declined the most.
Top 3 Active stocks:
GENTING (3182): RM3.470 (+7.0 sen)
GENM (4715): RM2.330 (-1.0 sen)
TWL (7079): RM0.025 (unch)
Volume: 3.49 bn (100-bar avg vol: 3.03 bn)
Value: RM2.85 bn (100-bar avg val: RM2.54 bn)
Market Breadth: ⬆️536⬇️578
Crude Palm Oil: RM4,512 (+RM15, +0.33%)
Dow Futures: 46,575 pts (+83 pts)
**Source: M+ Global, Bloomberg **
😁2
M+ Morning Market Buzz - 17Oct25
Dow Jones: 45,952.24 pts (-301.07pts, -0.65%)
⬆️ Resistance: 47700
⬇️ Support: 44600
FBM KLCI: 1,612.29 pts (+0.74pts, +0.05%)
⬆️ Resistance: 1670
⬇️ Support: 1570
HSI Index: 25,888.51 pts (-22.09pts, -0.09%)
⬆️ Resistance: 27100
⬇️ Support: 24900
Crude Palm Oil: RM4,520 (+RM39, +0.86%)
⬆️ Resistance: 4710
⬇️ Support: 4350
Brent Oil: $61.06 (-$0.85, -1.37%)
⬆️ Resistance: 66.70
⬇️ Support: 59.70
Gold: $4,326.58 (+$34.64, +0.80%)
⬆️ Resistance: 4420
⬇️ Support: 3870
Source: Bloomberg, M+ Global
Dow Jones: 45,952.24 pts (-301.07pts, -0.65%)
⬆️ Resistance: 47700
⬇️ Support: 44600
FBM KLCI: 1,612.29 pts (+0.74pts, +0.05%)
⬆️ Resistance: 1670
⬇️ Support: 1570
HSI Index: 25,888.51 pts (-22.09pts, -0.09%)
⬆️ Resistance: 27100
⬇️ Support: 24900
Crude Palm Oil: RM4,520 (+RM39, +0.86%)
⬆️ Resistance: 4710
⬇️ Support: 4350
Brent Oil: $61.06 (-$0.85, -1.37%)
⬆️ Resistance: 66.70
⬇️ Support: 59.70
Gold: $4,326.58 (+$34.64, +0.80%)
⬆️ Resistance: 4420
⬇️ Support: 3870
Source: Bloomberg, M+ Global
👍4👏1
M+ Global Market Update – 17Oct25
Market Reversed Amid Shutdown and Trade Worries
US: Wall Street reversed on Thursday, as sentiment weakened amid ongoing U.S. government shutdown concerns and worsening US-China trade tensions. Hopes for a quick resolution faded after the Senate failed to pass a funding bill, while Treasury Secretary Bessent reaffirmed the administration’s hardline stance toward Beijing. Meanwhile, Fed Governor Waller signalled support for another 25bps rate cut later this month, reinforcing dovish expectations, but weaker US factory data and persistent political uncertainty weighed on risk appetite. Hence, we expect Wall Street to continue trading on a softer note today. Also, gold extended its record rally amid uncertainty and global turmoil, signalling deepening market unease.
MY: Given Wall Street's negative performance, we expect the FBMKLCI to trade on a softer note ahead of the long weekend. Meanwhile, analysts remain optimistic on FRONTKN, underpinned by: (i) stronger demand from TSMC ahead of 2nm mass production, (ii) improved pricing power arising from more complex precision cleaning processes, and (iii) new business opportunities from TSMC’s ongoing US expansion plans. The Budget 2026's continued support for the National Semiconductor Strategy (NSS) may also bode well for the semiconductor stocks. Finally, traders may focus on INARI, PENTA, and AWC for trading opportunities.
Stocks to watch:
Technology: CNERGENZ, *EDELTEQ*, *QES*
Gold-related: *POHKONG*, *TOMEI*, WELLCHIP
Construction: *SSB8*
Automotive: *BETA*
O&G: KEYFIELD
Consumer: MFLOUR
Source: M+ Global
Market Reversed Amid Shutdown and Trade Worries
US: Wall Street reversed on Thursday, as sentiment weakened amid ongoing U.S. government shutdown concerns and worsening US-China trade tensions. Hopes for a quick resolution faded after the Senate failed to pass a funding bill, while Treasury Secretary Bessent reaffirmed the administration’s hardline stance toward Beijing. Meanwhile, Fed Governor Waller signalled support for another 25bps rate cut later this month, reinforcing dovish expectations, but weaker US factory data and persistent political uncertainty weighed on risk appetite. Hence, we expect Wall Street to continue trading on a softer note today. Also, gold extended its record rally amid uncertainty and global turmoil, signalling deepening market unease.
MY: Given Wall Street's negative performance, we expect the FBMKLCI to trade on a softer note ahead of the long weekend. Meanwhile, analysts remain optimistic on FRONTKN, underpinned by: (i) stronger demand from TSMC ahead of 2nm mass production, (ii) improved pricing power arising from more complex precision cleaning processes, and (iii) new business opportunities from TSMC’s ongoing US expansion plans. The Budget 2026's continued support for the National Semiconductor Strategy (NSS) may also bode well for the semiconductor stocks. Finally, traders may focus on INARI, PENTA, and AWC for trading opportunities.
Stocks to watch:
Technology: CNERGENZ, *EDELTEQ*, *QES*
Gold-related: *POHKONG*, *TOMEI*, WELLCHIP
Construction: *SSB8*
Automotive: *BETA*
O&G: KEYFIELD
Consumer: MFLOUR
Source: M+ Global
Good Morning All,
We issued a technical buy call on Inari Amerton Bhd: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) Gradual earnings recovery in FY26–27
(ii) Lumileds acquisition to broaden OSAT capabilities
(iii) Beneficiary of National Semiconductor Strategy (NSS)
Research Team, M+
17 October 2025
We issued a technical buy call on Inari Amerton Bhd: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) Gradual earnings recovery in FY26–27
(ii) Lumileds acquisition to broaden OSAT capabilities
(iii) Beneficiary of National Semiconductor Strategy (NSS)
Research Team, M+
17 October 2025
M+ Global Market Wrap - 17Oct25
FBM KLCI: 1,607.18 pts (-5.11pts, -0.32%)
Tracking the Asian markets’ selldown amid concerns over weakening credit health among the US regional banks, the FBMKLCI (-0.32%) experienced a pullback ahead of the long weekend, dragged by losses in GAMUDA (-14.0 sen) and SUNWAY (-12.0 sen). Market breadth remained negative, with 985 losers against 292 winners. All sectors also ended in negative territory, with Technology (-3.82%) and Construction (-2.21%) as the worst performers.
Top 3 Active stocks:
AIZO (7219): RM0.080 (+0.5 sen)
ZETRIX (0138): RM0.835 (-2.0 sen)
PHARMA (7081): RM0.270 (+0.5 sen)
Volume: 3.81 bn (100-bar avg vol: 3.04 bn)
Value: RM3.03 bn (100-bar avg val: RM2.55 bn)
Market Breadth: ⬆️292⬇️985
Crude Palm Oil: RM4,520 (-RM11, -0.24%)
Dow Futures: 45,793 pts (-367 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,607.18 pts (-5.11pts, -0.32%)
Tracking the Asian markets’ selldown amid concerns over weakening credit health among the US regional banks, the FBMKLCI (-0.32%) experienced a pullback ahead of the long weekend, dragged by losses in GAMUDA (-14.0 sen) and SUNWAY (-12.0 sen). Market breadth remained negative, with 985 losers against 292 winners. All sectors also ended in negative territory, with Technology (-3.82%) and Construction (-2.21%) as the worst performers.
Top 3 Active stocks:
AIZO (7219): RM0.080 (+0.5 sen)
ZETRIX (0138): RM0.835 (-2.0 sen)
PHARMA (7081): RM0.270 (+0.5 sen)
Volume: 3.81 bn (100-bar avg vol: 3.04 bn)
Value: RM3.03 bn (100-bar avg val: RM2.55 bn)
Market Breadth: ⬆️292⬇️985
Crude Palm Oil: RM4,520 (-RM11, -0.24%)
Dow Futures: 45,793 pts (-367 pts)
**Source: M+ Global, Bloomberg **
👏2
M+ Morning Market Buzz - 21Oct25
Dow Jones: 46,706.58 pts (+515.97pts, +1.12%)
⬆️ Resistance: 47700
⬇️ Support: 44600
FBM KLCI: 1,607.18 pts (-5.11pts, -0.32%)
⬆️ Resistance: 1660
⬇️ Support: 1580
HSI Index: 25,858.83 pts (+611.73pts, +2.42%)
⬆️ Resistance: 26700
⬇️ Support: 24700
Crude Palm Oil: RM4,513 (-RM7, -0.15%)
⬆️ Resistance: 4670
⬇️ Support: 4350
Brent Oil: $61.01 (-$0.28, -0.46%)
⬆️ Resistance: 65.00
⬇️ Support: 58.90
Gold: $4,356.30 (+$11.37, +0.26%)
⬆️ Resistance: 4470
⬇️ Support: 4010
Source: Bloomberg, M+ Global
Dow Jones: 46,706.58 pts (+515.97pts, +1.12%)
⬆️ Resistance: 47700
⬇️ Support: 44600
FBM KLCI: 1,607.18 pts (-5.11pts, -0.32%)
⬆️ Resistance: 1660
⬇️ Support: 1580
HSI Index: 25,858.83 pts (+611.73pts, +2.42%)
⬆️ Resistance: 26700
⬇️ Support: 24700
Crude Palm Oil: RM4,513 (-RM7, -0.15%)
⬆️ Resistance: 4670
⬇️ Support: 4350
Brent Oil: $61.01 (-$0.28, -0.46%)
⬆️ Resistance: 65.00
⬇️ Support: 58.90
Gold: $4,356.30 (+$11.37, +0.26%)
⬆️ Resistance: 4470
⬇️ Support: 4010
Source: Bloomberg, M+ Global
M+ Global Market Update – 21Oct25
Wall Street Gained Amid Easing US-China Tensions
US: Wall Street rallied on Monday, supported by easing US-China tensions and optimism over a potential end to the ongoing government shutdown. President Trump downplayed the likelihood of triple-digit tariffs on China and confirmed plans to meet President Xi in South Korea later this month, while Treasury Secretary Bessent held “constructive discussions” with Chinese officials according to Chinese state news sources. Meanwhile, investors will turn their focus to key earnings from Netflix and Tesla this week, alongside the delayed release of US inflation data on Friday. Given the positive developments in US-China relations, we expect Wall Street to continue its optimism today.
MY: Tracking the positive overnight performance in the US, we expect the FBMKLCI to kickstart the week on a stronger note. Meanwhile, we noticed some buying interest in automotive stocks such as DRBHCOM and MBMR, potentially benefitting from the car scrapping policy that offers up to RM4,000 in matching grants for replacing vehicles over 20 years old with a new national car. With anticipated rate cuts moving forward, we remain optimistic toward the REIT and Property sectors. Lastly, traders may monitor CAPITALA and AAX for trading opportunities, underpinned by CAPITALA’s potential PN17 upliftment by December.
Stocks to watch:
O&G: *DIALOG*, *KEYFIELD*
Healthcare: EDGENTA, *KPJ*
Technology: *INFOM*
Automotive: *BETA*
Finance: *BURSA*
Plantation: JPG
Telco: MAXIS
Aviation: CAPITALA
Source: M+ Global
Wall Street Gained Amid Easing US-China Tensions
US: Wall Street rallied on Monday, supported by easing US-China tensions and optimism over a potential end to the ongoing government shutdown. President Trump downplayed the likelihood of triple-digit tariffs on China and confirmed plans to meet President Xi in South Korea later this month, while Treasury Secretary Bessent held “constructive discussions” with Chinese officials according to Chinese state news sources. Meanwhile, investors will turn their focus to key earnings from Netflix and Tesla this week, alongside the delayed release of US inflation data on Friday. Given the positive developments in US-China relations, we expect Wall Street to continue its optimism today.
MY: Tracking the positive overnight performance in the US, we expect the FBMKLCI to kickstart the week on a stronger note. Meanwhile, we noticed some buying interest in automotive stocks such as DRBHCOM and MBMR, potentially benefitting from the car scrapping policy that offers up to RM4,000 in matching grants for replacing vehicles over 20 years old with a new national car. With anticipated rate cuts moving forward, we remain optimistic toward the REIT and Property sectors. Lastly, traders may monitor CAPITALA and AAX for trading opportunities, underpinned by CAPITALA’s potential PN17 upliftment by December.
Stocks to watch:
O&G: *DIALOG*, *KEYFIELD*
Healthcare: EDGENTA, *KPJ*
Technology: *INFOM*
Automotive: *BETA*
Finance: *BURSA*
Plantation: JPG
Telco: MAXIS
Aviation: CAPITALA
Source: M+ Global
M+ Global Market Wrap - 21Oct25
FBM KLCI: 1,614.69 pts (+7.51pts, +0.47%)
In line with the positive Wall Street overnight performance, the FBMKLCI (+0.60%) started the week on a stronger note, buoyed by gains in key heavyweights like PBBANK (+7.0 sen) and NESTLE (+450.0 sen). Asian markets also closed broadly higher, underpinned by easing US-China tensions. Market breadth was positive, with 779 winners against 369 losers. Sector-wise, Technology (+2.38%) rebounded, led by INARI (+11.0 sen) and GREATEC (+10.0 sen), while REIT (-0.22%) was the only sector that ended in negative territory.
Top 3 Active stocks:
TANCO (2429): RM0.870 (+1.0 sen)
EAH (0154): RM0.005 (unch)
TWL (7079): RM0.025 (unch)
Volume: 3.69 bn (100-bar avg vol: 3.05 bn)
Value: RM2.55 bn (100-bar avg val: RM2.56 bn)
Market Breadth: ⬆️779⬇️369
Crude Palm Oil: RM4,513 (-RM2, -0.04%)
Dow Futures: 46,826 pts (-87 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,614.69 pts (+7.51pts, +0.47%)
In line with the positive Wall Street overnight performance, the FBMKLCI (+0.60%) started the week on a stronger note, buoyed by gains in key heavyweights like PBBANK (+7.0 sen) and NESTLE (+450.0 sen). Asian markets also closed broadly higher, underpinned by easing US-China tensions. Market breadth was positive, with 779 winners against 369 losers. Sector-wise, Technology (+2.38%) rebounded, led by INARI (+11.0 sen) and GREATEC (+10.0 sen), while REIT (-0.22%) was the only sector that ended in negative territory.
Top 3 Active stocks:
TANCO (2429): RM0.870 (+1.0 sen)
EAH (0154): RM0.005 (unch)
TWL (7079): RM0.025 (unch)
Volume: 3.69 bn (100-bar avg vol: 3.05 bn)
Value: RM2.55 bn (100-bar avg val: RM2.56 bn)
Market Breadth: ⬆️779⬇️369
Crude Palm Oil: RM4,513 (-RM2, -0.04%)
Dow Futures: 46,826 pts (-87 pts)
**Source: M+ Global, Bloomberg **
M+ Global Market Update – 22Oct25
“Sell The Dollar” Sentiment Faded
US: While there was little progress towards de-escalating trade war and government shutdown concerns, Wall Street inched higher ahead of inflation data and Q3 corporate earnings. To reiterate, we believe AI-related stocks remain a key tailwind, with ASML’s Q3 results coming in above analysts’ estimates, underscoring ongoing demand amid strong investments in AI infrastructure. Moreover, we believe market participants are starting to recognize Salesforce’s autonomous agent segment, given the recent breakout. This breakout, we believe, reflects that recent quarters’ bookings were largely driven by its existing customers—all of which stand as a strong testament to its delivery capabilities.
MY: In view of a mixed Wall Street performance, coupled with Malaysia’s upcoming ASEAN Summit as well as positive developments from the Budget 2026, we expect the KLCI index to trade on a firmer note. On stock picks, we believe DRBHCOM, MBMR, and TCHONG are potential proxies for the recent car scrapping policy (matching grants for replacing vehicles over 20 years old with a new national car). Moreover, growing power demand from data centre investments, compounded by the ongoing NETR masterplan and Tenaga’s expanding CapEx could bode well for utility players such as GASMSIA, MNHLDG, and KJTS.
Stocks to watch:
Technology: ATECH, *EG*, SNS, *UNISEM*
Automotive: BETA, *MCEHLDG*
Consumer: *MFLOUR*, TEOSENG
O&G: *KEYFIELD*
Healthcare: EDGENTA
Source: M+ Global
“Sell The Dollar” Sentiment Faded
US: While there was little progress towards de-escalating trade war and government shutdown concerns, Wall Street inched higher ahead of inflation data and Q3 corporate earnings. To reiterate, we believe AI-related stocks remain a key tailwind, with ASML’s Q3 results coming in above analysts’ estimates, underscoring ongoing demand amid strong investments in AI infrastructure. Moreover, we believe market participants are starting to recognize Salesforce’s autonomous agent segment, given the recent breakout. This breakout, we believe, reflects that recent quarters’ bookings were largely driven by its existing customers—all of which stand as a strong testament to its delivery capabilities.
MY: In view of a mixed Wall Street performance, coupled with Malaysia’s upcoming ASEAN Summit as well as positive developments from the Budget 2026, we expect the KLCI index to trade on a firmer note. On stock picks, we believe DRBHCOM, MBMR, and TCHONG are potential proxies for the recent car scrapping policy (matching grants for replacing vehicles over 20 years old with a new national car). Moreover, growing power demand from data centre investments, compounded by the ongoing NETR masterplan and Tenaga’s expanding CapEx could bode well for utility players such as GASMSIA, MNHLDG, and KJTS.
Stocks to watch:
Technology: ATECH, *EG*, SNS, *UNISEM*
Automotive: BETA, *MCEHLDG*
Consumer: *MFLOUR*, TEOSENG
O&G: *KEYFIELD*
Healthcare: EDGENTA
Source: M+ Global
M+ Morning Market Buzz - 22Oct25
Dow Jones: 46,924.74 pts (+218.16pts, +0.47%)
⬆️ Resistance: 48100
⬇️ Support: 44900
FBM KLCI: 1,616.83 pts (+9.65pts, +0.60%)
⬆️ Resistance: 1660
⬇️ Support: 1580
HSI Index: 26,027.55 pts (+168.72pts, +0.65%)
⬆️ Resistance: 26900
⬇️ Support: 24700
Crude Palm Oil: RM4,505 (-RM10, -0.22%)
⬆️ Resistance: 4670
⬇️ Support: 4350
Brent Oil: $61.32 (+$0.31, +0.51%)
⬆️ Resistance: 64.40
⬇️ Support: 58.90
Gold: $4,125.22 (-$15.39, -0.37%)
⬆️ Resistance: 4470
⬇️ Support: 4010
Source: Bloomberg, M+ Global
Dow Jones: 46,924.74 pts (+218.16pts, +0.47%)
⬆️ Resistance: 48100
⬇️ Support: 44900
FBM KLCI: 1,616.83 pts (+9.65pts, +0.60%)
⬆️ Resistance: 1660
⬇️ Support: 1580
HSI Index: 26,027.55 pts (+168.72pts, +0.65%)
⬆️ Resistance: 26900
⬇️ Support: 24700
Crude Palm Oil: RM4,505 (-RM10, -0.22%)
⬆️ Resistance: 4670
⬇️ Support: 4350
Brent Oil: $61.32 (+$0.31, +0.51%)
⬆️ Resistance: 64.40
⬇️ Support: 58.90
Gold: $4,125.22 (-$15.39, -0.37%)
⬆️ Resistance: 4470
⬇️ Support: 4010
Source: Bloomberg, M+ Global
M+ Global Market Wrap - 22Oct25
FBM KLCI: 1,602.16 pts (-14.67pts, -0.91%)
FBMKLCI (-0.87%) experienced a decline due to the drop in gold price, causing panic among investors and pressuring the market. Market breadth was negative with 355 winners against 699 losers. Sector-wise, Telecommunication & Media (-1.21%) was the biggest drop sector, dragged by AXIATA (-8.0 sen) and CDB (-5.0 sen), while Plantation (+0.07%) was the only sector that outperformed.
Top 3 Active stocks:
PTRANS (0186): RM0.335 (-30.0 sen)
VERDANT (0373): RM0.37 (unch)
PHARMA (7081): RM0.26 (-1.5 sen)
Volume: 3.41 bn (100-bar avg vol: 3.05 bn)
Value: RM2.34 bn (100-bar avg val: RM2.56 bn)
Market Breadth: ⬆️355 ⬇️699
Crude Palm Oil: RM4,505 (-RM68, -1.51%)
Dow Futures: 47,115 pts (-20 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,602.16 pts (-14.67pts, -0.91%)
FBMKLCI (-0.87%) experienced a decline due to the drop in gold price, causing panic among investors and pressuring the market. Market breadth was negative with 355 winners against 699 losers. Sector-wise, Telecommunication & Media (-1.21%) was the biggest drop sector, dragged by AXIATA (-8.0 sen) and CDB (-5.0 sen), while Plantation (+0.07%) was the only sector that outperformed.
Top 3 Active stocks:
PTRANS (0186): RM0.335 (-30.0 sen)
VERDANT (0373): RM0.37 (unch)
PHARMA (7081): RM0.26 (-1.5 sen)
Volume: 3.41 bn (100-bar avg vol: 3.05 bn)
Value: RM2.34 bn (100-bar avg val: RM2.56 bn)
Market Breadth: ⬆️355 ⬇️699
Crude Palm Oil: RM4,505 (-RM68, -1.51%)
Dow Futures: 47,115 pts (-20 pts)
**Source: M+ Global, Bloomberg **
M+ Global Market Update – 23Oct25
US-China Trade Tension Intensified
US: With the recent consideration by the Trump administration to curb exports to China made with US software, coupled with Netflix’s disappointing results, risk-off sentiment persists across Wall Street’s major indices. However, we still like the AI space, especially with the introduction of the autonomous agent segment by Salesforce. Its recent breakout is largely driven by existing customers’ bookings, which strongly proves the product’s value. Heading into the earnings season, we believe Amazon could offer an earnings play, given its continuous earnings beats over the last few quarters, while Adobe appears to be trading at deep valuations.
MY: Tracking Wall Street’s negative lead, we expect the KLCI index to follow suit and extend the risk-off sentiment. However, we believe glove valuations remain undemanding: (i) despite the Malaysia-China pricing differentials, (ii) amid the ongoing US-China trade tensions, and (iii) supported by TOPGLOV’s robust earnings. Moreover, we see trading opportunities within BNASTRA and INTA, given their (i) steady earnings results, (ii) sizeable order book coverage, and (iii) undemanding valuations. Over in the utilities sector, GASMSIA, MNHLDG, and KJTS are direct proxies for the NETR master plan and TNB’s CapEx rollout.
Stocks to watch:
Technology: ADB, EDELTEQ, *INFOM*, *NE*, QES, *VITROX*
Consumer: MEGAFB, *TEOSENG*
Construction: *JTGROUP*
O&G: *KEYFIELD*
Utility: KENERGY
Source: M+ Global
US-China Trade Tension Intensified
US: With the recent consideration by the Trump administration to curb exports to China made with US software, coupled with Netflix’s disappointing results, risk-off sentiment persists across Wall Street’s major indices. However, we still like the AI space, especially with the introduction of the autonomous agent segment by Salesforce. Its recent breakout is largely driven by existing customers’ bookings, which strongly proves the product’s value. Heading into the earnings season, we believe Amazon could offer an earnings play, given its continuous earnings beats over the last few quarters, while Adobe appears to be trading at deep valuations.
MY: Tracking Wall Street’s negative lead, we expect the KLCI index to follow suit and extend the risk-off sentiment. However, we believe glove valuations remain undemanding: (i) despite the Malaysia-China pricing differentials, (ii) amid the ongoing US-China trade tensions, and (iii) supported by TOPGLOV’s robust earnings. Moreover, we see trading opportunities within BNASTRA and INTA, given their (i) steady earnings results, (ii) sizeable order book coverage, and (iii) undemanding valuations. Over in the utilities sector, GASMSIA, MNHLDG, and KJTS are direct proxies for the NETR master plan and TNB’s CapEx rollout.
Stocks to watch:
Technology: ADB, EDELTEQ, *INFOM*, *NE*, QES, *VITROX*
Consumer: MEGAFB, *TEOSENG*
Construction: *JTGROUP*
O&G: *KEYFIELD*
Utility: KENERGY
Source: M+ Global
M+ Morning Market Buzz - 23Oct25
Dow Jones: 46,590.41 pts (-334.33pts, -0.71%)
⬆️ Resistance: 48100
⬇️ Support: 44900
FBM KLCI: 1,602.69 pts (-14.14pts, -0.87%)
⬆️ Resistance: 1650
⬇️ Support: 1580
HSI Index: 25,781.77 pts (-245.78pts, -0.94%)
⬆️ Resistance: 26900
⬇️ Support: 24700
Crude Palm Oil: RM4,456 (-RM33, -0.74%)
⬆️ Resistance: 4670
⬇️ Support: 4340
Brent Oil: $62.59 (+$1.27, +2.07%)
⬆️ Resistance: 65.80
⬇️ Support: 58.90
Gold: $4,098.42 (-$1.93, -0.05%)
⬆️ Resistance: 4470
⬇️ Support: 3930
Source: Bloomberg, M+ Global
Dow Jones: 46,590.41 pts (-334.33pts, -0.71%)
⬆️ Resistance: 48100
⬇️ Support: 44900
FBM KLCI: 1,602.69 pts (-14.14pts, -0.87%)
⬆️ Resistance: 1650
⬇️ Support: 1580
HSI Index: 25,781.77 pts (-245.78pts, -0.94%)
⬆️ Resistance: 26900
⬇️ Support: 24700
Crude Palm Oil: RM4,456 (-RM33, -0.74%)
⬆️ Resistance: 4670
⬇️ Support: 4340
Brent Oil: $62.59 (+$1.27, +2.07%)
⬆️ Resistance: 65.80
⬇️ Support: 58.90
Gold: $4,098.42 (-$1.93, -0.05%)
⬆️ Resistance: 4470
⬇️ Support: 3930
Source: Bloomberg, M+ Global
Good Morning All,
We issued a 3Q25 results note on our coverage stock IGB Commercial REIT: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
We maintain our BUY recommendation with a higher target price of RM0.75. The target price is derived based on a targeted yield of 5.5% on its FY26f EPU of 4.03 sen.
Research Team, M+
23 October 2025
We issued a 3Q25 results note on our coverage stock IGB Commercial REIT: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
We maintain our BUY recommendation with a higher target price of RM0.75. The target price is derived based on a targeted yield of 5.5% on its FY26f EPU of 4.03 sen.
Research Team, M+
23 October 2025