M+ Global Market Update – 21Jan26
Vix Spike Pushes Gold To New Heights
US: There was little progress towards de-escalating recent tariff measures; consequently, Wall Street closed on a weaker footing. Nevertheless, selected AI-related counters, such as Micron and AMD, managed to eke out marginal gains. We believe the magnitude of the pullback appears manageable, as the market is adopting a resilient stance, notably with gold reaching another all-time high. A weaker US Dollar should also support the precious metal in the near term. Therefore, we continue to favour mining companies like Newmont and Barrick. Furthermore, we believe Amazon provides a solid earnings play, as the company has consistently delivered above-consensus earnings over the last few quarters.
MY: In view of Wall Street’s lackluster overnight performance, we expect the local bourse to follow suit. However, we remain positive Athat a “pick-and-shovel” play is emerging within Data Centre (DC) value chains. Substations, along with underground and overhead utilities, are in the spotlight as project pipelines remain healthy—a fact reflected by MN Holdings’ recent project wins. Also, Mitrajaya is gaining traction through exposure to this sector, evidenced by further project additions from NEXTDC. Regarding pure construction plays, we observe that INTA’s trading volume is consistently exceeding its 20-day average.
Stocks to watch:
Consumer: *AEON*, AQUAWALK, *BAUTO*, *PADINI*
Property: *ECOWLD*
Utility: *RANHILL*
Technology: *INFOM*
Finance: RCECAP
Transportation: WPRTS
Construction: INTA
**Source: M+ Global**
Vix Spike Pushes Gold To New Heights
US: There was little progress towards de-escalating recent tariff measures; consequently, Wall Street closed on a weaker footing. Nevertheless, selected AI-related counters, such as Micron and AMD, managed to eke out marginal gains. We believe the magnitude of the pullback appears manageable, as the market is adopting a resilient stance, notably with gold reaching another all-time high. A weaker US Dollar should also support the precious metal in the near term. Therefore, we continue to favour mining companies like Newmont and Barrick. Furthermore, we believe Amazon provides a solid earnings play, as the company has consistently delivered above-consensus earnings over the last few quarters.
MY: In view of Wall Street’s lackluster overnight performance, we expect the local bourse to follow suit. However, we remain positive Athat a “pick-and-shovel” play is emerging within Data Centre (DC) value chains. Substations, along with underground and overhead utilities, are in the spotlight as project pipelines remain healthy—a fact reflected by MN Holdings’ recent project wins. Also, Mitrajaya is gaining traction through exposure to this sector, evidenced by further project additions from NEXTDC. Regarding pure construction plays, we observe that INTA’s trading volume is consistently exceeding its 20-day average.
Stocks to watch:
Consumer: *AEON*, AQUAWALK, *BAUTO*, *PADINI*
Property: *ECOWLD*
Utility: *RANHILL*
Technology: *INFOM*
Finance: RCECAP
Transportation: WPRTS
Construction: INTA
**Source: M+ Global**
M+ Global Market Wrap - 21Jan26
FBM KLCI: 1,705.81 pts (+6.75pts, +0.40%)
While there was little progress toward de-escalating the trade war, the KLCI bucked Wall Street’s lackluster overnight performance, with Industrial Products & Services heavyweights lifted the index by 7 points. Overall sentiment tilted positively as well, with gainers outpacing losers and sectors moving concurrently higher. Technology (+1.46%) outperformed, with GREATEC (+9.0 sen) and MI (+17.0 sen) leading the pack, while Construction (-1.27%) declined the most.
Top 3 Active stocks:
VELESTO (5243): RM0.290 (+1.0 sen)
ZETRIX (0138): RM0.815 (+1.0 sen)
PMETAL (8869): RM7.400 (+16.0 sen)
Volume: 2.94 bn (100-bar avg vol: 3.31 bn)
Value: RM3.14 bn (100-bar avg val: RM2.74 bn)
Market Breadth: ⬆️591⬇️443
Crude Palm Oil: RM4,094 (+RM55, +1.34%)
Dow Futures: 48,770 pts (+104 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,705.81 pts (+6.75pts, +0.40%)
While there was little progress toward de-escalating the trade war, the KLCI bucked Wall Street’s lackluster overnight performance, with Industrial Products & Services heavyweights lifted the index by 7 points. Overall sentiment tilted positively as well, with gainers outpacing losers and sectors moving concurrently higher. Technology (+1.46%) outperformed, with GREATEC (+9.0 sen) and MI (+17.0 sen) leading the pack, while Construction (-1.27%) declined the most.
Top 3 Active stocks:
VELESTO (5243): RM0.290 (+1.0 sen)
ZETRIX (0138): RM0.815 (+1.0 sen)
PMETAL (8869): RM7.400 (+16.0 sen)
Volume: 2.94 bn (100-bar avg vol: 3.31 bn)
Value: RM3.14 bn (100-bar avg val: RM2.74 bn)
Market Breadth: ⬆️591⬇️443
Crude Palm Oil: RM4,094 (+RM55, +1.34%)
Dow Futures: 48,770 pts (+104 pts)
**Source: M+ Global, Bloomberg **
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M+ Global Market Update – 22Jan26
Wall Street Tilted Positively
US: With progress towards de-escalating trade tensions, Wall Street closed on a firmer note. We view Amazon as a compelling earnings play, supported by its consistent above-consensus results over recent quarters. Meanwhile, hyperscalers’ capex is expected to rise further this year, an environment that should bode well for chipmakers such as Nvidia and AMD. High-bandwidth memory is also set to benefit, underpinned by ongoing supply constraints and major players maintaining memory prices at a premium. Lastly, elevated global uncertainty, alongside a lower real-yield environment, should continue to support gold prices; hence, we maintain a positive view on Newmont Corporation and SSR Mining.
MY: Closer to home, we believe buying interest may spillover to the local market, with the Technology sector continuing to sustain its momentum. Sizeable order books and attractive valuations should underpin resilient trading interest in construction players such as Binastra, Mitrajaya, and Inta Bina. Also, the latter’s project wins from Mitra reflect that project pipelines within the value chains remain robust. Hence, we view this as positive for the broader downstream value chain, particularly substations as well as underground and overhead utilities. In view of the elevated gold price, gold-related stocks may be in focus.
Stocks to watch:
Technology: CATCHA, *DUFU*, *MI*, *SCICOM*, *UNISEM*, VITROX
Consumer: AQUAWALK, *LWSABAH*
Automotive: BETA
Property: *ECOWLD*
Finance: RCECAP
**Source: M+ Global**
Wall Street Tilted Positively
US: With progress towards de-escalating trade tensions, Wall Street closed on a firmer note. We view Amazon as a compelling earnings play, supported by its consistent above-consensus results over recent quarters. Meanwhile, hyperscalers’ capex is expected to rise further this year, an environment that should bode well for chipmakers such as Nvidia and AMD. High-bandwidth memory is also set to benefit, underpinned by ongoing supply constraints and major players maintaining memory prices at a premium. Lastly, elevated global uncertainty, alongside a lower real-yield environment, should continue to support gold prices; hence, we maintain a positive view on Newmont Corporation and SSR Mining.
MY: Closer to home, we believe buying interest may spillover to the local market, with the Technology sector continuing to sustain its momentum. Sizeable order books and attractive valuations should underpin resilient trading interest in construction players such as Binastra, Mitrajaya, and Inta Bina. Also, the latter’s project wins from Mitra reflect that project pipelines within the value chains remain robust. Hence, we view this as positive for the broader downstream value chain, particularly substations as well as underground and overhead utilities. In view of the elevated gold price, gold-related stocks may be in focus.
Stocks to watch:
Technology: CATCHA, *DUFU*, *MI*, *SCICOM*, *UNISEM*, VITROX
Consumer: AQUAWALK, *LWSABAH*
Automotive: BETA
Property: *ECOWLD*
Finance: RCECAP
**Source: M+ Global**
M+ Morning Market Buzz - 22Jan26
Dow Jones: 49,077.23 pts (+588.64pts, +1.21%)
⬆️ Resistance: 50700
⬇️ Support: 47500
FBM KLCI: 1,705.81 pts (+6.75pts, +0.40%)
⬆️ Resistance: 1760
⬇️ Support: 1670
HSI Index: 26,585.06 pts (+97.55pts, +0.37%)
⬆️ Resistance: 27800
⬇️ Support: 25900
Crude Palm Oil: RM4,154 (+RM46, +1.11%)
⬆️ Resistance: 4250
⬇️ Support: 3900
Brent Oil: $65.24 (+$0.32, +0.49%)
⬆️ Resistance: 66.80
⬇️ Support: 62.00
Gold: $4,831.73 (-$41.32, -0.86%)
⬆️ Resistance: 4990
⬇️ Support: 4450
Source: Bloomberg, M+ Global
Dow Jones: 49,077.23 pts (+588.64pts, +1.21%)
⬆️ Resistance: 50700
⬇️ Support: 47500
FBM KLCI: 1,705.81 pts (+6.75pts, +0.40%)
⬆️ Resistance: 1760
⬇️ Support: 1670
HSI Index: 26,585.06 pts (+97.55pts, +0.37%)
⬆️ Resistance: 27800
⬇️ Support: 25900
Crude Palm Oil: RM4,154 (+RM46, +1.11%)
⬆️ Resistance: 4250
⬇️ Support: 3900
Brent Oil: $65.24 (+$0.32, +0.49%)
⬆️ Resistance: 66.80
⬇️ Support: 62.00
Gold: $4,831.73 (-$41.32, -0.86%)
⬆️ Resistance: 4990
⬇️ Support: 4450
Source: Bloomberg, M+ Global
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M+ Global Market Wrap - 22Jan26
FBM KLCI: 1,717.14 pts (+11.33pts, +0.66%)
Decent progress towards de-escalating Greenland’s trade tensions lifted overall sentiment in the global market, with resilient buying interest within Banking heavyweights lifted the KLCI index by 11 pts. Market breadth tilted positively, while overall sectors were concurrently positive as well. Construction (+1.15%) outperformed, the latter due to IJM’s reassurance on the ongoing MACC investigations.
Top 3 Active stocks:
VELESTO (5243): RM0.315 (+2.5 sen)
SMRT (0117): RM0.200 (+1.0 sen)
NATGATE (0270): RM1.190 (+19.0 sen)
Volume: 2.82 bn (100-bar avg vol: 3.29 bn)
Value: RM3.41 bn (100-bar avg val: RM2.74 bn)
Market Breadth: ⬆️622⬇️435
Crude Palm Oil: RM4,154 (+RM40, +0.96%)
Dow Futures: 49,453 pts (+188 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,717.14 pts (+11.33pts, +0.66%)
Decent progress towards de-escalating Greenland’s trade tensions lifted overall sentiment in the global market, with resilient buying interest within Banking heavyweights lifted the KLCI index by 11 pts. Market breadth tilted positively, while overall sectors were concurrently positive as well. Construction (+1.15%) outperformed, the latter due to IJM’s reassurance on the ongoing MACC investigations.
Top 3 Active stocks:
VELESTO (5243): RM0.315 (+2.5 sen)
SMRT (0117): RM0.200 (+1.0 sen)
NATGATE (0270): RM1.190 (+19.0 sen)
Volume: 2.82 bn (100-bar avg vol: 3.29 bn)
Value: RM3.41 bn (100-bar avg val: RM2.74 bn)
Market Breadth: ⬆️622⬇️435
Crude Palm Oil: RM4,154 (+RM40, +0.96%)
Dow Futures: 49,453 pts (+188 pts)
**Source: M+ Global, Bloomberg **
😁3
M+ Global Market Update – 23Jan26
Risk-On Sentiment Persists
US: In view of the positive developments regarding the de-escalation of trade tensions, Wall Street ended the session on a stronger note. With strong AI demand following TSMC’s earnings, the outlook is promising for the memory players like SK Hynix, Samsung, and Micron Technology as it is a critical complement to chip infrastructure, as they are maintaining prices at a premium amidst supply constraints. According to guidance, CY26 inventory is reportedly fully sold out, while consensus estimates suggest Micron may deliver >200% EPS growth for the 1HFY26. On the commodities front, consensus believes gold could breach the USD 5,000 mark, placing Newmont, Barrick, and SSR Mining in a strong position to benefit
MY: With BNM keeping the OPR unchanged, the Ringgit has continued to strengthen, moving towards RM4.04/USD. We anticipate that the recent steady foreign inflows will persist, providing upside to the local market, particularly within the Banking sector. Moreover, ongoing pressure for additional easing cycles by the Fed should bolster the Ringgit. Thus, consumer heavyweights such as 99SMART, while serving also as a proxy for VMY2026 theme could also benefit from strong RM. Lastly, DC project pipelines remain intact, following contract wins by MN Holdings and Mitrajaya, may eventually translate positive earnings growth in the utility segment.
Stocks to watch:
Technology: *CORAZA*, *DUFU*, *JHM*, KGB, NATGATE, RAMSSOL
Plantation: *SOP*, TAANN
Utility: *RANHILL*
Finance: *RCECAP*
**Source: M+ Global**
Risk-On Sentiment Persists
US: In view of the positive developments regarding the de-escalation of trade tensions, Wall Street ended the session on a stronger note. With strong AI demand following TSMC’s earnings, the outlook is promising for the memory players like SK Hynix, Samsung, and Micron Technology as it is a critical complement to chip infrastructure, as they are maintaining prices at a premium amidst supply constraints. According to guidance, CY26 inventory is reportedly fully sold out, while consensus estimates suggest Micron may deliver >200% EPS growth for the 1HFY26. On the commodities front, consensus believes gold could breach the USD 5,000 mark, placing Newmont, Barrick, and SSR Mining in a strong position to benefit
MY: With BNM keeping the OPR unchanged, the Ringgit has continued to strengthen, moving towards RM4.04/USD. We anticipate that the recent steady foreign inflows will persist, providing upside to the local market, particularly within the Banking sector. Moreover, ongoing pressure for additional easing cycles by the Fed should bolster the Ringgit. Thus, consumer heavyweights such as 99SMART, while serving also as a proxy for VMY2026 theme could also benefit from strong RM. Lastly, DC project pipelines remain intact, following contract wins by MN Holdings and Mitrajaya, may eventually translate positive earnings growth in the utility segment.
Stocks to watch:
Technology: *CORAZA*, *DUFU*, *JHM*, KGB, NATGATE, RAMSSOL
Plantation: *SOP*, TAANN
Utility: *RANHILL*
Finance: *RCECAP*
**Source: M+ Global**
M+ Morning Market Buzz - 23Jan26
Dow Jones: 49,384.01 pts (+306.78pts, +0.63%)
⬆️ Resistance: 50700
⬇️ Support: 47500
FBM KLCI: 1,717.14 pts (+11.33pts, +0.66%)
⬆️ Resistance: 1760
⬇️ Support: 1670
HSI Index: 26,629.96 pts (+44.90pts, +0.17%)
⬆️ Resistance: 27800
⬇️ Support: 25900
Crude Palm Oil: RM4,197 (-RM19, -0.45%)
⬆️ Resistance: 4300
⬇️ Support: 3900
Brent Oil: $64.06 (-$1.18, -1.81%)
⬆️ Resistance: 66.80
⬇️ Support: 62.00
Gold: $4,936.02 (+$19.06, +0.39%)
⬆️ Resistance: 5040
⬇️ Support: 4450
Source: Bloomberg, M+ Global
Dow Jones: 49,384.01 pts (+306.78pts, +0.63%)
⬆️ Resistance: 50700
⬇️ Support: 47500
FBM KLCI: 1,717.14 pts (+11.33pts, +0.66%)
⬆️ Resistance: 1760
⬇️ Support: 1670
HSI Index: 26,629.96 pts (+44.90pts, +0.17%)
⬆️ Resistance: 27800
⬇️ Support: 25900
Crude Palm Oil: RM4,197 (-RM19, -0.45%)
⬆️ Resistance: 4300
⬇️ Support: 3900
Brent Oil: $64.06 (-$1.18, -1.81%)
⬆️ Resistance: 66.80
⬇️ Support: 62.00
Gold: $4,936.02 (+$19.06, +0.39%)
⬆️ Resistance: 5040
⬇️ Support: 4450
Source: Bloomberg, M+ Global
😁2
M+ Global Market Wrap - 23Jan26
FBM KLCI: 1,719.99 pts (+2.85pts, +0.17%)
The FBM KLCI (+0.17%) experienced a gap up and ended the week higher at 1,719.99 pts, buoyed by gains in MAYBANK (+14.0 sen) and IHH (+11.0 sen). However, market breadth tilted negatively, with 568 losers against 514 winners. As the MYR breaks below the RM4.00 level against the USD, Property (+1.08%) outperformed, as investors perceive a stronger MYR can increase purchasing power and reduce raw material costs, while Technology (-1.65%) underperformed, as a stronger MYR will hurt the export-oriented sector.
Top 3 Active stocks:
CAPITALA (5099): RM0.545 (+2.5 sen)
ZETRIX (0138): RM0.815 (+0.5 sen)
AAX (5238): RM1.840 (+18.0 sen)
Volume: 3.41 bn (100-bar avg vol: 3.30 bn)
Value: RM3.50 bn (100-bar avg val: RM2.71 bn)
Market Breadth: ⬆️514⬇️568
Crude Palm Oil: RM4,197 (-RM29, -0.69%)
Dow Futures: 49,518 pts (-40 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,719.99 pts (+2.85pts, +0.17%)
The FBM KLCI (+0.17%) experienced a gap up and ended the week higher at 1,719.99 pts, buoyed by gains in MAYBANK (+14.0 sen) and IHH (+11.0 sen). However, market breadth tilted negatively, with 568 losers against 514 winners. As the MYR breaks below the RM4.00 level against the USD, Property (+1.08%) outperformed, as investors perceive a stronger MYR can increase purchasing power and reduce raw material costs, while Technology (-1.65%) underperformed, as a stronger MYR will hurt the export-oriented sector.
Top 3 Active stocks:
CAPITALA (5099): RM0.545 (+2.5 sen)
ZETRIX (0138): RM0.815 (+0.5 sen)
AAX (5238): RM1.840 (+18.0 sen)
Volume: 3.41 bn (100-bar avg vol: 3.30 bn)
Value: RM3.50 bn (100-bar avg val: RM2.71 bn)
Market Breadth: ⬆️514⬇️568
Crude Palm Oil: RM4,197 (-RM29, -0.69%)
Dow Futures: 49,518 pts (-40 pts)
**Source: M+ Global, Bloomberg **
👍3
Good Evening All,
We issued a technical buy call on Vertiv Holdings Co: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) AI-powered predictive maintenance platform (Vertiv Next Predict)
(ii) Dominance in next-generation cooling and power architecture
(iii) Improving fundamentals
Research Team, M+
23 January 2026
We issued a technical buy call on Vertiv Holdings Co: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) AI-powered predictive maintenance platform (Vertiv Next Predict)
(ii) Dominance in next-generation cooling and power architecture
(iii) Improving fundamentals
Research Team, M+
23 January 2026
M+ Morning Market Buzz - 26Jan26
Dow Jones: 49,098.71 pts (-285.30pts, -0.58%)
⬆️ Resistance: 50600
⬇️ Support: 47500
FBM KLCI: 1,719.99 pts (+2.85pts, +0.17%)
⬆️ Resistance: 1760
⬇️ Support: 1670
HSI Index: 26,749.51 pts (+119.55pts, +0.45%)
⬆️ Resistance: 27500
⬇️ Support: 25900
Crude Palm Oil: RM4,175 (-RM22, -0.52%)
⬆️ Resistance: 4300
⬇️ Support: 3970
Brent Oil: $65.88 (-$0.25, +2.84%)
⬆️ Resistance: 67.70
⬇️ Support: 62.00
Gold: $4,987.49 (+$40.43, +1.04%)
⬆️ Resistance: 5100
⬇️ Support: 4540
Source: Bloomberg, M+ Global
Dow Jones: 49,098.71 pts (-285.30pts, -0.58%)
⬆️ Resistance: 50600
⬇️ Support: 47500
FBM KLCI: 1,719.99 pts (+2.85pts, +0.17%)
⬆️ Resistance: 1760
⬇️ Support: 1670
HSI Index: 26,749.51 pts (+119.55pts, +0.45%)
⬆️ Resistance: 27500
⬇️ Support: 25900
Crude Palm Oil: RM4,175 (-RM22, -0.52%)
⬆️ Resistance: 4300
⬇️ Support: 3970
Brent Oil: $65.88 (-$0.25, +2.84%)
⬆️ Resistance: 67.70
⬇️ Support: 62.00
Gold: $4,987.49 (+$40.43, +1.04%)
⬆️ Resistance: 5100
⬇️ Support: 4540
Source: Bloomberg, M+ Global
👍5👏1
M+ Global Market Update – 26Jan26
Focusing On Tech Results and FOMC Meeting
US: Despite Intel reporting a Q4 loss last Friday, investors will continue to focus on broader tech-related earnings, with Apple, Microsoft, Meta, and Tesla scheduled to report results this week. We believe sentiment will pivot towards the contribution of AI CapEx to the companies’ bottom-line efficiency. Meanwhile, we recommend investors accumulate Nvidia following reports that Beijing is nearing formal approval for H200 AI chip imports, such a move would likely trigger further upside re-rating for the AI leader. Lastly, we favour thermal cooling provider Vertiv, as its high-efficiency 800V power systems are specifically timed for Nvidia’s upcoming Rubin architecture, positioning Vertiv to capture the next phase of AI infrastructure growth.
MY: Following weaker results from Intel, coupled with the USD/MYR trading near the RM4.00 level, we believe this may pose a downside risk to the local technology sector. However, we expect this environment to favour domestic-driven sectors, such as banking and consumer, which should lead the FBM KLCI index higher. We also favour HARTANAH, as it has secured an RM184.3m contract from JKR Sarawak to upgrade and repair the Sarawak Stadium ahead of the 2027 SEA Games. Also, we believe CMSB and AFFIN stand to benefit from the RM6.0bn Budget 2026 allocation, alongside rising infrastructure development and economic activities in Sarawak.
Stocks to watch:
Technology: *CAPITALA*, *ITMAX*, KOBAY
Property: *ECOWLD*, IBHD, *UEMS*
Construction: *PWRWELL*, SKBSHUT
Consumer: *LWSABAH*
Aviation: *AAX*
**Source: M+ Global**
Focusing On Tech Results and FOMC Meeting
US: Despite Intel reporting a Q4 loss last Friday, investors will continue to focus on broader tech-related earnings, with Apple, Microsoft, Meta, and Tesla scheduled to report results this week. We believe sentiment will pivot towards the contribution of AI CapEx to the companies’ bottom-line efficiency. Meanwhile, we recommend investors accumulate Nvidia following reports that Beijing is nearing formal approval for H200 AI chip imports, such a move would likely trigger further upside re-rating for the AI leader. Lastly, we favour thermal cooling provider Vertiv, as its high-efficiency 800V power systems are specifically timed for Nvidia’s upcoming Rubin architecture, positioning Vertiv to capture the next phase of AI infrastructure growth.
MY: Following weaker results from Intel, coupled with the USD/MYR trading near the RM4.00 level, we believe this may pose a downside risk to the local technology sector. However, we expect this environment to favour domestic-driven sectors, such as banking and consumer, which should lead the FBM KLCI index higher. We also favour HARTANAH, as it has secured an RM184.3m contract from JKR Sarawak to upgrade and repair the Sarawak Stadium ahead of the 2027 SEA Games. Also, we believe CMSB and AFFIN stand to benefit from the RM6.0bn Budget 2026 allocation, alongside rising infrastructure development and economic activities in Sarawak.
Stocks to watch:
Technology: *CAPITALA*, *ITMAX*, KOBAY
Property: *ECOWLD*, IBHD, *UEMS*
Construction: *PWRWELL*, SKBSHUT
Consumer: *LWSABAH*
Aviation: *AAX*
**Source: M+ Global**
Good Evening All,
We issued a technical buy call on Advanced Micro Devices: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) Poised for solid growth
(ii) China market should unlock more value
(iii) Solid collaboration and more to come
Research Team, M+
26 January 2026
We issued a technical buy call on Advanced Micro Devices: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) Poised for solid growth
(ii) China market should unlock more value
(iii) Solid collaboration and more to come
Research Team, M+
26 January 2026
M+ Global Market Wrap - 26Jan26
FBM KLCI: 1,744.07 pts (+24.08pts, +1.40%)
Favourable US–MY rate differentials continue to support the Ringgit, as the latter strengthened below the RM4.00 mark, while overall net foreign inflows continue to support sentiment. However, market breadth tilted slightly negative, as losers led gainers at 631-to-591 stocks, while overall sectors closed on a positive note. Financial Services (+1.89%) outperformed, with CIMB (+32.0 sen) and PBBANK (+9.0 sen) leading the pack, while Technology (-1.78%) declined the most.
Top 3 Active stocks:
CAPITALA (5099): RM0.590 (+4.5 sen)
AAX (5238): RM2.190 (+35.0 sen)
PMETAL (8869): RM7.560 (+15.0 sen)
Volume: 3.50 bn (100-bar avg vol: 3.30 bn)
Value: RM4.07 bn (100-bar avg val: RM2.72 bn)
Market Breadth: ⬆️591⬇️631
Crude Palm Oil: RM4,175 (+RM57, +1.37%)
Dow Futures: 49,267 pts (+4 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,744.07 pts (+24.08pts, +1.40%)
Favourable US–MY rate differentials continue to support the Ringgit, as the latter strengthened below the RM4.00 mark, while overall net foreign inflows continue to support sentiment. However, market breadth tilted slightly negative, as losers led gainers at 631-to-591 stocks, while overall sectors closed on a positive note. Financial Services (+1.89%) outperformed, with CIMB (+32.0 sen) and PBBANK (+9.0 sen) leading the pack, while Technology (-1.78%) declined the most.
Top 3 Active stocks:
CAPITALA (5099): RM0.590 (+4.5 sen)
AAX (5238): RM2.190 (+35.0 sen)
PMETAL (8869): RM7.560 (+15.0 sen)
Volume: 3.50 bn (100-bar avg vol: 3.30 bn)
Value: RM4.07 bn (100-bar avg val: RM2.72 bn)
Market Breadth: ⬆️591⬇️631
Crude Palm Oil: RM4,175 (+RM57, +1.37%)
Dow Futures: 49,267 pts (+4 pts)
**Source: M+ Global, Bloomberg **
M+ Global Market Update – 27Jan26
Markets Advanced Ahead of FOMC Meeting
US: We believe Wall Street will remain focused on the FOMC decision and upcoming quarterly results, with four Mag-7 companies reporting this week. Meanwhile, we suggest investors to accumulate Novo Nordisk, as the debut of its Wegovy pill saw over 18,000 prescriptions, significantly outpacing its original injectable's launch. This grants Novo Nordisk first-mover advantage in the pill segment, particularly as rival Eli Lilly’s candidate awaits an April FDA approval, successfully capturing the "needle-phobic" market. Lastly, despite gold breaching the USD5,100 level, we think investors should wait for a pullback on the precious metal and its related stocks for entry opportunities, as most of them are trading at the overbought levels.
MY: Despite USD/MYR hitting RM3.96/USD level and spurred buying interest in the Consumer, Financial and Property sectors, we suggest waiting for a pullback as many stocks are now slightly overbought. However, we favour FFB, given its rounding bottom formation pending for a 52-week-high breakout. Fundamentally, we favour FFB for its margin expansion from ice-cream products, capacity expansion via the Bandar Enstek plant and ASEAN expansion strategy. The stronger MYR and VM2026 tailwinds should further bolster its financial performance. Investors could also subscribe to KEEMING IPO (M+ TP: RM0.69) before applications close today.
Stocks to watch:
Finance: *AMBANK*, *MBSB*
Automotive: BAUTO, *TCHONG*
Consumer: KOPI, *MFLOUR*
Property: *LBS*, SUNWAY
Technology: DNEX, OXB
Gold-related: *WELLCHIP*
Construction: IJM
**Source: M+ Global**
Markets Advanced Ahead of FOMC Meeting
US: We believe Wall Street will remain focused on the FOMC decision and upcoming quarterly results, with four Mag-7 companies reporting this week. Meanwhile, we suggest investors to accumulate Novo Nordisk, as the debut of its Wegovy pill saw over 18,000 prescriptions, significantly outpacing its original injectable's launch. This grants Novo Nordisk first-mover advantage in the pill segment, particularly as rival Eli Lilly’s candidate awaits an April FDA approval, successfully capturing the "needle-phobic" market. Lastly, despite gold breaching the USD5,100 level, we think investors should wait for a pullback on the precious metal and its related stocks for entry opportunities, as most of them are trading at the overbought levels.
MY: Despite USD/MYR hitting RM3.96/USD level and spurred buying interest in the Consumer, Financial and Property sectors, we suggest waiting for a pullback as many stocks are now slightly overbought. However, we favour FFB, given its rounding bottom formation pending for a 52-week-high breakout. Fundamentally, we favour FFB for its margin expansion from ice-cream products, capacity expansion via the Bandar Enstek plant and ASEAN expansion strategy. The stronger MYR and VM2026 tailwinds should further bolster its financial performance. Investors could also subscribe to KEEMING IPO (M+ TP: RM0.69) before applications close today.
Stocks to watch:
Finance: *AMBANK*, *MBSB*
Automotive: BAUTO, *TCHONG*
Consumer: KOPI, *MFLOUR*
Property: *LBS*, SUNWAY
Technology: DNEX, OXB
Gold-related: *WELLCHIP*
Construction: IJM
**Source: M+ Global**
M+ Morning Market Buzz - 27Jan26
Dow Jones: 49,412.40 pts (+313.69pts, +0.64%)
⬆️ Resistance: 50600
⬇️ Support: 47500
FBM KLCI: 1,744.07 pts (+24.08pts, +1.40%)
⬆️ Resistance: 1790
⬇️ Support: 1670
HSI Index: 26,765.52 pts (+16.01pts, +0.06%)
⬆️ Resistance: 27500
⬇️ Support: 25900
Crude Palm Oil: RM4,225 (+RM22, +0.52%)
⬆️ Resistance: 4330
⬇️ Support: 3990
Brent Oil: $65.59 (-$0.29, -0.44%)
⬆️ Resistance: 67.90
⬇️ Support: 62.20
Gold: $5,008.70 (+$34.84, +0.86%)
⬆️ Resistance: 5220
⬇️ Support: 4570
Source: Bloomberg, M+ Global
Dow Jones: 49,412.40 pts (+313.69pts, +0.64%)
⬆️ Resistance: 50600
⬇️ Support: 47500
FBM KLCI: 1,744.07 pts (+24.08pts, +1.40%)
⬆️ Resistance: 1790
⬇️ Support: 1670
HSI Index: 26,765.52 pts (+16.01pts, +0.06%)
⬆️ Resistance: 27500
⬇️ Support: 25900
Crude Palm Oil: RM4,225 (+RM22, +0.52%)
⬆️ Resistance: 4330
⬇️ Support: 3990
Brent Oil: $65.59 (-$0.29, -0.44%)
⬆️ Resistance: 67.90
⬇️ Support: 62.20
Gold: $5,008.70 (+$34.84, +0.86%)
⬆️ Resistance: 5220
⬇️ Support: 4570
Source: Bloomberg, M+ Global
Good Morning All,
Here’s our IPO note on Kee Ming Group Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
We assign a fair value of RM0.69 per share for KEEMING, indicating an 81.6% upside from the IPO price of RM0.38. This valuation is based on a PE multiple of 15.0x pegged to mid-FY27f EPS of 4.60 sen.
Investment highlights include:
(i) Synergy with Solarvest
(ii) Unbilled order book provides solid earnings visibility
(iii) Poised for more interconnection facilities and data centre projects
(iv) Quality and regulatory credentials
(v) Market share poised for growth
Research Team, M+
27 Jan 2026
Here’s our IPO note on Kee Ming Group Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
We assign a fair value of RM0.69 per share for KEEMING, indicating an 81.6% upside from the IPO price of RM0.38. This valuation is based on a PE multiple of 15.0x pegged to mid-FY27f EPS of 4.60 sen.
Investment highlights include:
(i) Synergy with Solarvest
(ii) Unbilled order book provides solid earnings visibility
(iii) Poised for more interconnection facilities and data centre projects
(iv) Quality and regulatory credentials
(v) Market share poised for growth
Research Team, M+
27 Jan 2026
Good Morning All,
We issued a company update report on our coverage stock AWC Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
AWC Berhad announced that it has entered into a strategic memorandum of understanding (MOU) with TwinMatrix Technologies Pte. Ltd., a Singapore-based spatial digital twin and spatial AI solutions provider, to collaborate on digital transformation initiatives across AWC’s facilities and infrastructure operations. The non-binding MOU aims to explore AI-enabled use cases including asset visibility, predictive maintenance, energy optimisation and lifecycle management, starting with pilot projects before potential wider deployment.
Downgraded to HOLD with a TP of RM0.66. As the share price has rallied ahead of the company’s announcement, we downgraded our recommendation from Buy to Hold for AWC with an unchanged TP of RM0.66. The target price is derived based on a P/E ratio of 10.0x pegged to mid-FY27f fully-diluted EPS of 6.58 sen.
Research Team, M+
27 January 2026
We issued a company update report on our coverage stock AWC Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
AWC Berhad announced that it has entered into a strategic memorandum of understanding (MOU) with TwinMatrix Technologies Pte. Ltd., a Singapore-based spatial digital twin and spatial AI solutions provider, to collaborate on digital transformation initiatives across AWC’s facilities and infrastructure operations. The non-binding MOU aims to explore AI-enabled use cases including asset visibility, predictive maintenance, energy optimisation and lifecycle management, starting with pilot projects before potential wider deployment.
Downgraded to HOLD with a TP of RM0.66. As the share price has rallied ahead of the company’s announcement, we downgraded our recommendation from Buy to Hold for AWC with an unchanged TP of RM0.66. The target price is derived based on a P/E ratio of 10.0x pegged to mid-FY27f fully-diluted EPS of 6.58 sen.
Research Team, M+
27 January 2026
Good Morning All,
We issued a technical buy call on 99 Speed Mart Retail Holdings: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) BNM’s steady policy rate improves the US–Malaysia rate differential and, alongside foreign inflows, underpins Ringgit stability around RM4.00/USD.
(ii) Lower import costs support margins for import-heavy retailers like 99SMART, with potential spillover benefits for government bonds and selected bank stocks.
(iii) 99SMART positioned to benefit from Visit Malaysia 2026 and consumer-support initiatives (e.g., MyKasih), supporting demand and earnings visibility.
Research Team, M+
27 January 2026
We issued a technical buy call on 99 Speed Mart Retail Holdings: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) BNM’s steady policy rate improves the US–Malaysia rate differential and, alongside foreign inflows, underpins Ringgit stability around RM4.00/USD.
(ii) Lower import costs support margins for import-heavy retailers like 99SMART, with potential spillover benefits for government bonds and selected bank stocks.
(iii) 99SMART positioned to benefit from Visit Malaysia 2026 and consumer-support initiatives (e.g., MyKasih), supporting demand and earnings visibility.
Research Team, M+
27 January 2026
M+ Global Market Wrap - 27Jan26
FBM KLCI: 1,771.25 pts (+27.18pts, +1.56%)
As the USD/MYR hit further toward the RM3.952 level, the FBMKLCI (+1.56%) extended its momentum toward 1,771.25 pts, buoyed by gains in banking heavyweights including CIMB (+33.0 sen) and MAYBANK (+26.0 sen). Market breadth also tilted positively, with 712 winners against 516 losers. 9 out of the 13 sectors ended in positive territory, with Financial Services (+2.44%) outperforming, while Transportation & Logistics (-0.95%) ended as the biggest loser.
Top 3 Active stocks:
CAPITALA (5099): RM0.575 (-1.5 sen)
TANCO (2429): RM1.330 (+2.0 sen)
PBBANK (1295): RM5.000 (+13.0 sen)
Volume: 3.62 bn (100-bar avg vol: 3.31 bn)
Value: RM4.47 bn (100-bar avg val: RM2.73 bn)
Market Breadth: ⬆️712⬇️516
Crude Palm Oil: RM4,225 (+RM47, +1.11%)
Dow Futures: 49,521 pts (-44 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,771.25 pts (+27.18pts, +1.56%)
As the USD/MYR hit further toward the RM3.952 level, the FBMKLCI (+1.56%) extended its momentum toward 1,771.25 pts, buoyed by gains in banking heavyweights including CIMB (+33.0 sen) and MAYBANK (+26.0 sen). Market breadth also tilted positively, with 712 winners against 516 losers. 9 out of the 13 sectors ended in positive territory, with Financial Services (+2.44%) outperforming, while Transportation & Logistics (-0.95%) ended as the biggest loser.
Top 3 Active stocks:
CAPITALA (5099): RM0.575 (-1.5 sen)
TANCO (2429): RM1.330 (+2.0 sen)
PBBANK (1295): RM5.000 (+13.0 sen)
Volume: 3.62 bn (100-bar avg vol: 3.31 bn)
Value: RM4.47 bn (100-bar avg val: RM2.73 bn)
Market Breadth: ⬆️712⬇️516
Crude Palm Oil: RM4,225 (+RM47, +1.11%)
Dow Futures: 49,521 pts (-44 pts)
**Source: M+ Global, Bloomberg **
M+ Morning Market Buzz - 28Jan26
Dow Jones: 49,003.41 pts (-408.99pts, -0.83%)
⬆️ Resistance: 50600
⬇️ Support: 47600
FBM KLCI: 1,771.25 pts (+27.18pts, +1.56%)
⬆️ Resistance: 1810
⬇️ Support: 1670
HSI Index: 27,126.95 pts (+361.43pts, +1.35%)
⬆️ Resistance: 27800
⬇️ Support: 25900
Crude Palm Oil: RM4,260 (-RM13, -0.31%)
⬆️ Resistance: 4370
⬇️ Support: 4030
Brent Oil: $67.57 (+$1.98, +3.02%)
⬆️ Resistance: 69.20
⬇️ Support: 62.30
Gold: $5,180.16 (-$7.91, -0.05%)
⬆️ Resistance: 5300
⬇️ Support: 4670
Source: Bloomberg, M+ Global
Dow Jones: 49,003.41 pts (-408.99pts, -0.83%)
⬆️ Resistance: 50600
⬇️ Support: 47600
FBM KLCI: 1,771.25 pts (+27.18pts, +1.56%)
⬆️ Resistance: 1810
⬇️ Support: 1670
HSI Index: 27,126.95 pts (+361.43pts, +1.35%)
⬆️ Resistance: 27800
⬇️ Support: 25900
Crude Palm Oil: RM4,260 (-RM13, -0.31%)
⬆️ Resistance: 4370
⬇️ Support: 4030
Brent Oil: $67.57 (+$1.98, +3.02%)
⬆️ Resistance: 69.20
⬇️ Support: 62.30
Gold: $5,180.16 (-$7.91, -0.05%)
⬆️ Resistance: 5300
⬇️ Support: 4670
Source: Bloomberg, M+ Global
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M+ Global Market Update – 28Jan26
Markets Slightly Cautious Ahead of FOMC Decision
US: We believe Wall Street is largely in a wait-and-see mode ahead of the Fed’s decision later today. Meanwhile, traders may wish to position themselves for Kratos Defense & Security Solutions, following its rebound from the EMA20. The stock has secured several high-value contracts from the Department of Defense and is expected to benefit from the recently passed USD 901bn annual defence budget, as well as the country’s drone initiative under the "Unleashing U.S. Military Drone Dominance" policy. Also, with Beijing nearing formal approval for Nvidia’s H200 AI chip imports, investors may look into the Chinese data centre operators VNET Group and GDS Holdings. Lastly, Microsoft, Meta, and Tesla will be releasing results today.
MY: As the FBM KLCI has surged strongly in recent weeks, we believe banking heavyweights will continue to lead the key index towards the expected target around the 1,800 zone. However, we suggest that investors could wait for better entry prices, as most of the stocks are trading at overbought levels. Meanwhile, we favour the breakout in 99 Speed Mart, underpinned by the elevated Ringgit environment, SARA handouts, and VMY2026. Lastly, we notice buying interest in both REACHTEN and RANHILL, with the latter expected to benefit from stronger demand for water utilities and infrastructure driven by substantial data centre developments in Johor.
Stocks to watch:
Property: LBS, *SIMEPROP*, SUNWAY, *UEMS*
Finance: *MBSB*, RCECAP
Building Material: *MCEMENT*
Consumer: *99SMART*
O&G: *HENGYUAN*
Automotive: TCHONG
Gold-related: WELLCHIP
Telco: MAXIS
**Source: M+ Global**
Markets Slightly Cautious Ahead of FOMC Decision
US: We believe Wall Street is largely in a wait-and-see mode ahead of the Fed’s decision later today. Meanwhile, traders may wish to position themselves for Kratos Defense & Security Solutions, following its rebound from the EMA20. The stock has secured several high-value contracts from the Department of Defense and is expected to benefit from the recently passed USD 901bn annual defence budget, as well as the country’s drone initiative under the "Unleashing U.S. Military Drone Dominance" policy. Also, with Beijing nearing formal approval for Nvidia’s H200 AI chip imports, investors may look into the Chinese data centre operators VNET Group and GDS Holdings. Lastly, Microsoft, Meta, and Tesla will be releasing results today.
MY: As the FBM KLCI has surged strongly in recent weeks, we believe banking heavyweights will continue to lead the key index towards the expected target around the 1,800 zone. However, we suggest that investors could wait for better entry prices, as most of the stocks are trading at overbought levels. Meanwhile, we favour the breakout in 99 Speed Mart, underpinned by the elevated Ringgit environment, SARA handouts, and VMY2026. Lastly, we notice buying interest in both REACHTEN and RANHILL, with the latter expected to benefit from stronger demand for water utilities and infrastructure driven by substantial data centre developments in Johor.
Stocks to watch:
Property: LBS, *SIMEPROP*, SUNWAY, *UEMS*
Finance: *MBSB*, RCECAP
Building Material: *MCEMENT*
Consumer: *99SMART*
O&G: *HENGYUAN*
Automotive: TCHONG
Gold-related: WELLCHIP
Telco: MAXIS
**Source: M+ Global**
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