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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FBM KLCI: 1,756.49 pts (-14.76pts, -0.83%)
Following a five-day winning streak, the FBM KLCI (-0.83%) experienced a retracement toward 1,756.49 pts, as profit-taking activities were seen in key heavyweights like CIMB (-30.0 sen) and MAXIS (-13.0 sen). Market breadth also turned negative, with 876 losers outpacing 383 winners. Sector-wise, 10 out of the 13 sectors ended in the negative territory; Healthcare (+1.95%) gained following the deadly Nipah virus outbreak in India, while Technology (-2.37%) underperformed as the MYR continued to strengthen toward the RM3.9155 level against the USD. Meanwhile, piping firm ISF made its ACE Market debut today and reached a high of 52 sen (+57.6%) before ending the day at 48 sen (+45.5%).
Top 3 Active stocks:
ISF (0390): RM0.480 (-)
CAPITALA (5099): RM0.585 (+1.0 sen)
VELESTO (5243): RM0.305 (-1.0 sen)
Volume: 3.65 bn (100-bar avg vol: 3.32 bn)
Value: RM4.41 bn (100-bar avg val: RM2.74 bn)
Market Breadth: ⬆️383⬇️876
Crude Palm Oil: RM4,260 (+RM8, +0.19%)
Dow Futures: 49,147 pts (-12 pts)
**Source: M+ Global, Bloomberg **
Following a five-day winning streak, the FBM KLCI (-0.83%) experienced a retracement toward 1,756.49 pts, as profit-taking activities were seen in key heavyweights like CIMB (-30.0 sen) and MAXIS (-13.0 sen). Market breadth also turned negative, with 876 losers outpacing 383 winners. Sector-wise, 10 out of the 13 sectors ended in the negative territory; Healthcare (+1.95%) gained following the deadly Nipah virus outbreak in India, while Technology (-2.37%) underperformed as the MYR continued to strengthen toward the RM3.9155 level against the USD. Meanwhile, piping firm ISF made its ACE Market debut today and reached a high of 52 sen (+57.6%) before ending the day at 48 sen (+45.5%).
Top 3 Active stocks:
ISF (0390): RM0.480 (-)
CAPITALA (5099): RM0.585 (+1.0 sen)
VELESTO (5243): RM0.305 (-1.0 sen)
Volume: 3.65 bn (100-bar avg vol: 3.32 bn)
Value: RM4.41 bn (100-bar avg val: RM2.74 bn)
Market Breadth: ⬆️383⬇️876
Crude Palm Oil: RM4,260 (+RM8, +0.19%)
Dow Futures: 49,147 pts (-12 pts)
**Source: M+ Global, Bloomberg **
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M+ Morning Market Buzz - 29Jan26
Dow Jones: 49,015.60 pts (+12.19pts, +0.02%)
⬆️ Resistance: 50600
⬇️ Support: 47900
FBM KLCI: 1,756.49 pts (-14.76pts, -0.83%)
⬆️ Resistance: 1810
⬇️ Support: 1680
HSI Index: 27,826.91 pts (+699.96pts, +2.58%)
⬆️ Resistance: 28400
⬇️ Support: 26000
Crude Palm Oil: RM4,272 (+RM23, +0.54%)
⬆️ Resistance: 4370
⬇️ Support: 4070
Brent Oil: $68.40 (+$0.83, +1.23%)
⬆️ Resistance: 70.20
⬇️ Support: 62.30
Gold: $5,417.21 (+$66.01, +1.01%)
⬆️ Resistance: 5530
⬇️ Support: 4680
Source: Bloomberg, M+ Global
Dow Jones: 49,015.60 pts (+12.19pts, +0.02%)
⬆️ Resistance: 50600
⬇️ Support: 47900
FBM KLCI: 1,756.49 pts (-14.76pts, -0.83%)
⬆️ Resistance: 1810
⬇️ Support: 1680
HSI Index: 27,826.91 pts (+699.96pts, +2.58%)
⬆️ Resistance: 28400
⬇️ Support: 26000
Crude Palm Oil: RM4,272 (+RM23, +0.54%)
⬆️ Resistance: 4370
⬇️ Support: 4070
Brent Oil: $68.40 (+$0.83, +1.23%)
⬆️ Resistance: 70.20
⬇️ Support: 62.30
Gold: $5,417.21 (+$66.01, +1.01%)
⬆️ Resistance: 5530
⬇️ Support: 4680
Source: Bloomberg, M+ Global
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M+ Global Market Update – 29Jan26
Attention Shifts Toward Apple’s Earnings
US: Following earnings releases from Meta, Microsoft and Tesla, the focus will shift to Apple’s results later today. We favour three of these companies for outperforming consensus estimates. Despite Microsoft Azure's rather soft growth, we view any retracement in Microsoft shares as a 'buy-on-dip' opportunity, underpinned by the group’s overall strong economic moat. Meanwhile, as Boeing returned to profitability in the latest quarter, we view the pullback towards the EMA20 as a good entry opportunity, supported by its duopoly position alongside Airbus. Lastly, we favour Quanta Services’ recent breakout, driven by a record USD39.2bn backlog in data centre power infrastructure, providing strong earnings visibility for the group.
MY: Given the FBMKLCI’s previously overextended rally, we expect profit-taking to persist today, with the strength of the MYR further dampening the technology and export-oriented sectors. Nevertheless, we continue to favour IGBREIT and IGBCR following their stellar FY25 results, as both REITs offer prime assets, improving occupancy and rental rates, and attractive yields. Meanwhile, water piping systems provider ISF’s strong ACE Market debut has also spurred buying interest in water technology provider IAB. Lastly, we like PWRWELL’s latest RM68m data centre contract win, viewing a pullback towards the EMA20 as a potential entry opportunity.
Stocks to watch:
Consumer: 99SMART, *BETA*, *MFLOUR*, CAPITALA
Finance: MNRB, *TAKAFUL*
Healthcare: *KPJ*, *IHH*, HARTA
Aviation: *AAX*
O&G: HENGYUAN
**Source: M+ Global**
Attention Shifts Toward Apple’s Earnings
US: Following earnings releases from Meta, Microsoft and Tesla, the focus will shift to Apple’s results later today. We favour three of these companies for outperforming consensus estimates. Despite Microsoft Azure's rather soft growth, we view any retracement in Microsoft shares as a 'buy-on-dip' opportunity, underpinned by the group’s overall strong economic moat. Meanwhile, as Boeing returned to profitability in the latest quarter, we view the pullback towards the EMA20 as a good entry opportunity, supported by its duopoly position alongside Airbus. Lastly, we favour Quanta Services’ recent breakout, driven by a record USD39.2bn backlog in data centre power infrastructure, providing strong earnings visibility for the group.
MY: Given the FBMKLCI’s previously overextended rally, we expect profit-taking to persist today, with the strength of the MYR further dampening the technology and export-oriented sectors. Nevertheless, we continue to favour IGBREIT and IGBCR following their stellar FY25 results, as both REITs offer prime assets, improving occupancy and rental rates, and attractive yields. Meanwhile, water piping systems provider ISF’s strong ACE Market debut has also spurred buying interest in water technology provider IAB. Lastly, we like PWRWELL’s latest RM68m data centre contract win, viewing a pullback towards the EMA20 as a potential entry opportunity.
Stocks to watch:
Consumer: 99SMART, *BETA*, *MFLOUR*, CAPITALA
Finance: MNRB, *TAKAFUL*
Healthcare: *KPJ*, *IHH*, HARTA
Aviation: *AAX*
O&G: HENGYUAN
**Source: M+ Global**
M+ Global Market Wrap - 29Jan26
FBM KLCI: 1,730.89 pts (-25.60pts, -1.46%)
Profit-taking activities continued in banking heavyweights, with losses in CIMB (-18.0 sen) and PBBANK (-10.0 sen) dragging the FBM KLCI (-1.46%) lower toward 1,730.89 pts. Market breadth remained negative, with 801 losers against 372 winners. Sector-wise, only REITs (+0.51%) and Property (+0.30%) outperformed, with the former supported by the positive results of IGBREIT (+3.0 sen), while Financial Services (-1.72%) ended the day as the top lagging sector.
Top 3 Active stocks:
CAPITALA (5099): RM0.635 (+5.0 sen)
ZETRIX (0199): RM0.800 (-2.0 sen)
ISF (0390): RM0.530 (+5.0 sen)
Volume: 3.06 bn (100-bar avg vol: 3.32 bn)
Value: RM3.95 bn (100-bar avg val: RM2.76 bn)
Market Breadth: ⬆️372⬇️801
Crude Palm Oil: RM4,272 (+RM61, +1.43%)
Dow Futures: 49,228 pts (+61 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,730.89 pts (-25.60pts, -1.46%)
Profit-taking activities continued in banking heavyweights, with losses in CIMB (-18.0 sen) and PBBANK (-10.0 sen) dragging the FBM KLCI (-1.46%) lower toward 1,730.89 pts. Market breadth remained negative, with 801 losers against 372 winners. Sector-wise, only REITs (+0.51%) and Property (+0.30%) outperformed, with the former supported by the positive results of IGBREIT (+3.0 sen), while Financial Services (-1.72%) ended the day as the top lagging sector.
Top 3 Active stocks:
CAPITALA (5099): RM0.635 (+5.0 sen)
ZETRIX (0199): RM0.800 (-2.0 sen)
ISF (0390): RM0.530 (+5.0 sen)
Volume: 3.06 bn (100-bar avg vol: 3.32 bn)
Value: RM3.95 bn (100-bar avg val: RM2.76 bn)
Market Breadth: ⬆️372⬇️801
Crude Palm Oil: RM4,272 (+RM61, +1.43%)
Dow Futures: 49,228 pts (+61 pts)
**Source: M+ Global, Bloomberg **
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M+ Morning Market Buzz - 30Jan26
Dow Jones: 49,071.56 pts (+55.96pts, +0.11%)
⬆️ Resistance: 50500
⬇️ Support: 47700
FBM KLCI: 1,730.89 pts (-25.60pts, -1.46%)
⬆️ Resistance: 1810
⬇️ Support: 1680
HSI Index: 27,968.09 pts (+141.18pts, +0.51%)
⬆️ Resistance: 28700
⬇️ Support: 26100
Crude Palm Oil: RM4,317 (-RM1, -0.02%)
⬆️ Resistance: 4430
⬇️ Support: 4070
Brent Oil: $70.71 (+$2.31, +3.38%)
⬆️ Resistance: 73.40
⬇️ Support: 63.10
Gold: $5,375.24 (+$22.67, +0.97%)
⬆️ Resistance: 5710
⬇️ Support: 4810
Source: Bloomberg, M+ Global
Dow Jones: 49,071.56 pts (+55.96pts, +0.11%)
⬆️ Resistance: 50500
⬇️ Support: 47700
FBM KLCI: 1,730.89 pts (-25.60pts, -1.46%)
⬆️ Resistance: 1810
⬇️ Support: 1680
HSI Index: 27,968.09 pts (+141.18pts, +0.51%)
⬆️ Resistance: 28700
⬇️ Support: 26100
Crude Palm Oil: RM4,317 (-RM1, -0.02%)
⬆️ Resistance: 4430
⬇️ Support: 4070
Brent Oil: $70.71 (+$2.31, +3.38%)
⬆️ Resistance: 73.40
⬇️ Support: 63.10
Gold: $5,375.24 (+$22.67, +0.97%)
⬆️ Resistance: 5710
⬇️ Support: 4810
Source: Bloomberg, M+ Global
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M+ Global Market Update – 30Jan26
Apple’s Record Results Ease AI Visibility Concerns
US: With Apple reporting a record-breaking quarter driven by strong iPhone demand and all-time-high services revenue, we believe these results should provide relief for investors concerned about the visibility of AI as a revenue driver. Meanwhile, despite Microsoft (-10.0%) gapping down following slower Azure growth, we view any retracement towards the USD 407 support level as a 'buy-on-the-dip' opportunity. Traders could also monitor Eaton Corporation following its recent breakout, supported by the spin-off of its slower-growth Mobility Group to focus on high-growth electrical and aerospace segments. Lastly, we continue to favour Novo Nordisk (NVO), supported by its first-mover advantage in the oral Wegovy market.
MY: Following the FBMKLCI’s two-day correction, we view any further retracements as an accumulation opportunity for banking stocks. Meanwhile, UUE reported a RM 6.2m net loss in 3Q26, primarily due to one-off ESOS expenses; excluding these, UUE would have achieved an adjusted profit of RM 8.5m. Thus, we view any share price weakness as a buy-on-the-dip opportunity, given that the loss is non-recurring and the group’s RM 508.5m order book provides strong earnings visibility for the next 2–3 years. Lastly, we have a non-rated report on HOCKSOON IPO (M+ TP: RM 0.66) and the application closes today.
Stocks to watch:
Consumer: *AQUAWALK*, *BAUTO*, CAPITALA, *WELLCHIP*
Construction: *LSH*, *PWRWELL*
Plantation: *WTK*
Technology: ITMAX
Property: SPSETIA
**Source: M+ Global**
Apple’s Record Results Ease AI Visibility Concerns
US: With Apple reporting a record-breaking quarter driven by strong iPhone demand and all-time-high services revenue, we believe these results should provide relief for investors concerned about the visibility of AI as a revenue driver. Meanwhile, despite Microsoft (-10.0%) gapping down following slower Azure growth, we view any retracement towards the USD 407 support level as a 'buy-on-the-dip' opportunity. Traders could also monitor Eaton Corporation following its recent breakout, supported by the spin-off of its slower-growth Mobility Group to focus on high-growth electrical and aerospace segments. Lastly, we continue to favour Novo Nordisk (NVO), supported by its first-mover advantage in the oral Wegovy market.
MY: Following the FBMKLCI’s two-day correction, we view any further retracements as an accumulation opportunity for banking stocks. Meanwhile, UUE reported a RM 6.2m net loss in 3Q26, primarily due to one-off ESOS expenses; excluding these, UUE would have achieved an adjusted profit of RM 8.5m. Thus, we view any share price weakness as a buy-on-the-dip opportunity, given that the loss is non-recurring and the group’s RM 508.5m order book provides strong earnings visibility for the next 2–3 years. Lastly, we have a non-rated report on HOCKSOON IPO (M+ TP: RM 0.66) and the application closes today.
Stocks to watch:
Consumer: *AQUAWALK*, *BAUTO*, CAPITALA, *WELLCHIP*
Construction: *LSH*, *PWRWELL*
Plantation: *WTK*
Technology: ITMAX
Property: SPSETIA
**Source: M+ Global**
Good Morning All,
Here’s our IPO note on Hock Soon Capital Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
We assign a fair value of RM0.66 per share for HOCKSOON, indicating a 10.0% upside from the IPO price of RM0.60. This valuation is based on a PE multiple of 9.5x pegged to mid-FY27f EPS of 6.9 sen.
Investment highlights include:
(i) Almost 100% capacity surge via Teluk Intan expansion
(ii) Stronger MYR to reduce feed costs
(iii) Positive macro tailwinds
(iv) Fully integrated model to ensure operational efficiency and quality control
(v) Geographical expansion into Singapore
(vi) Multi-channel distribution and brand equity
(vii) Market share poised for growth
Research Team, M+
30 Jan 2026
Here’s our IPO note on Hock Soon Capital Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
We assign a fair value of RM0.66 per share for HOCKSOON, indicating a 10.0% upside from the IPO price of RM0.60. This valuation is based on a PE multiple of 9.5x pegged to mid-FY27f EPS of 6.9 sen.
Investment highlights include:
(i) Almost 100% capacity surge via Teluk Intan expansion
(ii) Stronger MYR to reduce feed costs
(iii) Positive macro tailwinds
(iv) Fully integrated model to ensure operational efficiency and quality control
(v) Geographical expansion into Singapore
(vi) Multi-channel distribution and brand equity
(vii) Market share poised for growth
Research Team, M+
30 Jan 2026
M+ Global Market Wrap - 30Jan26
FBM KLCI: 1,740.88 pts (+9.99pts, +0.58%)
After two days of losses, the FBMKLCI (+0.58%) rebounded and closed higher at 1,740.88 pts, as bargain-hunting activities re-emerged in banking heavyweights like HLBANK (+148.0 sen) and MAYBANK (+16.0 sen). However, market breadth remained weak, with 624 losers against 446 winners. In the broader market environment, both Financial Services (+1.77%) and Telecommunications & Media (+1.68%) exceeded the 1% gain benchmark, while Construction (-1.39%) ended the day as the worst performing sector.
Top 3 Active stocks:
CAPITALA (5099): RM0.615 (-2.0 sen)
TANCO (2429): RM1.360 (+2.0 sen)
PBBANK (1295): RM4.870 (+2.0 sen)
Volume: 2.73 bn (100-bar avg vol: 3.32 bn)
Value: RM3.43 bn (100-bar avg val: RM2.77 bn)
Market Breadth: ⬆️446⬇️624
Crude Palm Oil: RM4,317 (-RM65, -1.51%)
Dow Futures: 48,849 pts (-321 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,740.88 pts (+9.99pts, +0.58%)
After two days of losses, the FBMKLCI (+0.58%) rebounded and closed higher at 1,740.88 pts, as bargain-hunting activities re-emerged in banking heavyweights like HLBANK (+148.0 sen) and MAYBANK (+16.0 sen). However, market breadth remained weak, with 624 losers against 446 winners. In the broader market environment, both Financial Services (+1.77%) and Telecommunications & Media (+1.68%) exceeded the 1% gain benchmark, while Construction (-1.39%) ended the day as the worst performing sector.
Top 3 Active stocks:
CAPITALA (5099): RM0.615 (-2.0 sen)
TANCO (2429): RM1.360 (+2.0 sen)
PBBANK (1295): RM4.870 (+2.0 sen)
Volume: 2.73 bn (100-bar avg vol: 3.32 bn)
Value: RM3.43 bn (100-bar avg val: RM2.77 bn)
Market Breadth: ⬆️446⬇️624
Crude Palm Oil: RM4,317 (-RM65, -1.51%)
Dow Futures: 48,849 pts (-321 pts)
**Source: M+ Global, Bloomberg **
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Good Evening All,
We issued a technical buy call on Novo Nordisk: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) First-mover advantage through Wegovy weight loss pill
(ii) Vertical integration through site acquisitions
(iii) Solid fundamentals with undemanding valuations
Research Team, M+
30 January 2026
We issued a technical buy call on Novo Nordisk: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) First-mover advantage through Wegovy weight loss pill
(ii) Vertical integration through site acquisitions
(iii) Solid fundamentals with undemanding valuations
Research Team, M+
30 January 2026
M+ Global Market Update – 03Feb26
Bargain-Hunting Activities May Emerge
US: President Trump’s nomination of Kevin Warsh as Fed Chair has pressured commodities such as gold, which has declined by nearly 15% from its all-time high at the time of writing, amid a potential hawkish environment. However, the market expects a few rate cuts on the back of elevated inflationary pressure, primarily due to tariff-linked goods, while the labour market remains soft. Following Microsoft’s recent setback caused by slower Azure growth, we view any retracement toward the USD407 support level as a 'buy-on-the-dip' opportunity. Lastly, with hyperscaler CapEx continuing to trend higher and TSMC’s encouraging results, we believe this bodes well for AMD’s earnings, which are set to be released tomorrow.
MY: In view of Wall Street’s overnight performance, we expect the local market to follow suit. Telekom Malaysia’s securing of power supply for DCs in Johor, along with several downstream DC project announcements, strengthens the case for “pick-and-shovel” plays within the DC value chain. We favour PWRWELL, particularly following the recent development of its acquisition in East Malaysia and its recent major project wins. Meanwhile, UUE’s ESOS losses could be viewed as non-recurring expenses, which should also support a 'buy-on-weakness' opportunity, especially given the company’s robust order book.
Stocks to watch:
Consumer: *AQUAWALK*, *MBMR*, MFLOUR
O&G: *DAYANG*, HIBISCS
Construction: *LSH*, SUNCON
Transportation & Logistics: *WPRTS*
Healthcare: *PMCK*
Telco: REACHTEN
Building Material: MCEMENT
**Source: M+ Global**
Bargain-Hunting Activities May Emerge
US: President Trump’s nomination of Kevin Warsh as Fed Chair has pressured commodities such as gold, which has declined by nearly 15% from its all-time high at the time of writing, amid a potential hawkish environment. However, the market expects a few rate cuts on the back of elevated inflationary pressure, primarily due to tariff-linked goods, while the labour market remains soft. Following Microsoft’s recent setback caused by slower Azure growth, we view any retracement toward the USD407 support level as a 'buy-on-the-dip' opportunity. Lastly, with hyperscaler CapEx continuing to trend higher and TSMC’s encouraging results, we believe this bodes well for AMD’s earnings, which are set to be released tomorrow.
MY: In view of Wall Street’s overnight performance, we expect the local market to follow suit. Telekom Malaysia’s securing of power supply for DCs in Johor, along with several downstream DC project announcements, strengthens the case for “pick-and-shovel” plays within the DC value chain. We favour PWRWELL, particularly following the recent development of its acquisition in East Malaysia and its recent major project wins. Meanwhile, UUE’s ESOS losses could be viewed as non-recurring expenses, which should also support a 'buy-on-weakness' opportunity, especially given the company’s robust order book.
Stocks to watch:
Consumer: *AQUAWALK*, *MBMR*, MFLOUR
O&G: *DAYANG*, HIBISCS
Construction: *LSH*, SUNCON
Transportation & Logistics: *WPRTS*
Healthcare: *PMCK*
Telco: REACHTEN
Building Material: MCEMENT
**Source: M+ Global**
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M+ Global Market Wrap - 3Feb26
FBM KLCI: 1,748.26 pts (+7.38pts, +0.42%)
Tuesday’s session saw Banking heavyweights lift the KLCI by 7 pts, as favourable US–MY interest rate differentials outlook continued to support the ringgit, despite concerns over President Trump’s recent nomination of Kevin Warsh as the Fed's chairman. Market breadth however tilted negatively, with losers outpacing gainers by 662-to-464 stocks, while most of the sectors ended broadly in the red. meanwhile, the Technology (+1.08%) sector outperformed with UWC (+31.0 sen) and MPI (+106.0 sen) leading the pack and the Construction (-2.02%) declined the most.
Top 3 Active stocks:
PHARMA (7081): RM0.325 (+4.0 sen)
ZETRIX (0138): RM0.815 (+1.0 sen)
GAMUDA (5398): RM4.140 (-28.0 sen)
Volume: 3.25 bn (100-bar avg vol: 3.34 bn)
Value: RM3.34 bn (100-bar avg val: RM2.78 bn)
Market Breadth: ⬆️464⬇️662
Crude Palm Oil: RM4,229 (-RM42, -0.99%)
Dow Futures: 49,550 pts (+27 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,748.26 pts (+7.38pts, +0.42%)
Tuesday’s session saw Banking heavyweights lift the KLCI by 7 pts, as favourable US–MY interest rate differentials outlook continued to support the ringgit, despite concerns over President Trump’s recent nomination of Kevin Warsh as the Fed's chairman. Market breadth however tilted negatively, with losers outpacing gainers by 662-to-464 stocks, while most of the sectors ended broadly in the red. meanwhile, the Technology (+1.08%) sector outperformed with UWC (+31.0 sen) and MPI (+106.0 sen) leading the pack and the Construction (-2.02%) declined the most.
Top 3 Active stocks:
PHARMA (7081): RM0.325 (+4.0 sen)
ZETRIX (0138): RM0.815 (+1.0 sen)
GAMUDA (5398): RM4.140 (-28.0 sen)
Volume: 3.25 bn (100-bar avg vol: 3.34 bn)
Value: RM3.34 bn (100-bar avg val: RM2.78 bn)
Market Breadth: ⬆️464⬇️662
Crude Palm Oil: RM4,229 (-RM42, -0.99%)
Dow Futures: 49,550 pts (+27 pts)
**Source: M+ Global, Bloomberg **
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M+ Morning Market Buzz - 4Feb26
Dow Jones: 49,240.99 pts (-166.67pts, -0.34%)
⬆️ Resistance: 50700
⬇️ Support: 47500
FBM KLCI: 1,748.26 pts (+7.38pts, +0.42%)
⬆️ Resistance: 1810
⬇️ Support: 1690
HSI Index: 26,834.77 pts (+59.20pts, +0.22%)
⬆️ Resistance: 28700
⬇️ Support: 26000
Crude Palm Oil: RM4,215 (+RM14, +0.33%)
⬆️ Resistance: 4430
⬇️ Support: 4090
Brent Oil: $67.33 (+$1.03, +1.55%)
⬆️ Resistance: 73.40
⬇️ Support: 63.90
Gold: $4,946.76 (-$5.30, -0.11%)
⬆️ Resistance: 5710
⬇️ Support: 4320
Source: Bloomberg, M+ Global
Dow Jones: 49,240.99 pts (-166.67pts, -0.34%)
⬆️ Resistance: 50700
⬇️ Support: 47500
FBM KLCI: 1,748.26 pts (+7.38pts, +0.42%)
⬆️ Resistance: 1810
⬇️ Support: 1690
HSI Index: 26,834.77 pts (+59.20pts, +0.22%)
⬆️ Resistance: 28700
⬇️ Support: 26000
Crude Palm Oil: RM4,215 (+RM14, +0.33%)
⬆️ Resistance: 4430
⬇️ Support: 4090
Brent Oil: $67.33 (+$1.03, +1.55%)
⬆️ Resistance: 73.40
⬇️ Support: 63.90
Gold: $4,946.76 (-$5.30, -0.11%)
⬆️ Resistance: 5710
⬇️ Support: 4320
Source: Bloomberg, M+ Global
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M+ Global Market Update – 04Feb26
AMD’s Earnings On Point Despite Tech Sector Sell-Off
US: Volatility continues to pick up, with the VIX closing above its 90-day EMA. Technology stocks saw increased selling activity amid uncertainty over President Trump’s nomination of Kevin Warsh as Fed Chair—a perceived hawkish tilt that has pressured commodities such as gold. However, we believe prospects remain intact, especially as AMD posted above-consensus top- and bottom-line results, while the Fed remains on track for fewer rate cuts amid elevated inflation, primarily driven by tariff-linked goods. Amazon’s consistent earnings beats (+20% average surprise) suggest an earnings-driven play, with the RSI hovering above 50.
MY: In view of Wall Street’s lacklustre overnight performance, we expect the KLCI to follow suit. However, a favourable US–MY interest rate differential and positive foreign inflows should support the Ringgit, which bodes well for the Banking and Consumer segments. Hence, we believe PBBANK provides exposure to the latter, which has lagged behind other banking stocks, while 99SMART and LWSABAH are proxies for the VMY26 theme, alongside an anticipated lower input-cost environment. Besides Sabah being a strategic tourism destination, we believe LWSABAH’s forward PER remains discounted relative to SPRITZER, which should provide ample room for near-term upside.
Stocks to watch:
Technology: *DUFU*, *EDELTEQ*, *JCY*, MCLEAN, UWC
O&G: *DAYANG*
Building Material: *MCEMENT*
Consumer: *MFLOUR*
Finance: AMBANK
Healthcare: PHARMA
**Source: M+ Global**
AMD’s Earnings On Point Despite Tech Sector Sell-Off
US: Volatility continues to pick up, with the VIX closing above its 90-day EMA. Technology stocks saw increased selling activity amid uncertainty over President Trump’s nomination of Kevin Warsh as Fed Chair—a perceived hawkish tilt that has pressured commodities such as gold. However, we believe prospects remain intact, especially as AMD posted above-consensus top- and bottom-line results, while the Fed remains on track for fewer rate cuts amid elevated inflation, primarily driven by tariff-linked goods. Amazon’s consistent earnings beats (+20% average surprise) suggest an earnings-driven play, with the RSI hovering above 50.
MY: In view of Wall Street’s lacklustre overnight performance, we expect the KLCI to follow suit. However, a favourable US–MY interest rate differential and positive foreign inflows should support the Ringgit, which bodes well for the Banking and Consumer segments. Hence, we believe PBBANK provides exposure to the latter, which has lagged behind other banking stocks, while 99SMART and LWSABAH are proxies for the VMY26 theme, alongside an anticipated lower input-cost environment. Besides Sabah being a strategic tourism destination, we believe LWSABAH’s forward PER remains discounted relative to SPRITZER, which should provide ample room for near-term upside.
Stocks to watch:
Technology: *DUFU*, *EDELTEQ*, *JCY*, MCLEAN, UWC
O&G: *DAYANG*
Building Material: *MCEMENT*
Consumer: *MFLOUR*
Finance: AMBANK
Healthcare: PHARMA
**Source: M+ Global**
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M+ Global Market Wrap - 4Feb26
FBM KLCI: 1,741.70 pts (-6.56pts, -0.38%)
Wall Street’s concerns overstretched valuations on artificial intelligence that reflected in the overnight performance of software stocks despite positive earnings beat from AMD, spilled over to the local bourse, with the Technology (-1.44%) index tracking the declines. Market breadth was concurrently negative, with losers outpacing gainers by 602-to-461. Overall, sentiment was rather risk-off, but the Bursa Malaysia Quality Index managed to close on a stronger footing. Energy (+0.78%) outperformed, led by DIALOG (+5.0 sen) and YINSON (+2.0 sen).
Top 3 Active stocks:
PHARMA (7081): RM0.325 (unch)
ZETRIX (0138): RM0.800 (-1.5 sen)
NETX (0020): RM0.055 (+1.0 sen)
Volume: 2.59 bn (100-bar avg vol: 3.33 bn)
Value: RM2.86 bn (100-bar avg val: RM2.79 bn)
Market Breadth: ⬆️461⬇️602
Crude Palm Oil: RM4,215 (+RM10, +0.24%)
Dow Futures: 49,441 pts (+91 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,741.70 pts (-6.56pts, -0.38%)
Wall Street’s concerns overstretched valuations on artificial intelligence that reflected in the overnight performance of software stocks despite positive earnings beat from AMD, spilled over to the local bourse, with the Technology (-1.44%) index tracking the declines. Market breadth was concurrently negative, with losers outpacing gainers by 602-to-461. Overall, sentiment was rather risk-off, but the Bursa Malaysia Quality Index managed to close on a stronger footing. Energy (+0.78%) outperformed, led by DIALOG (+5.0 sen) and YINSON (+2.0 sen).
Top 3 Active stocks:
PHARMA (7081): RM0.325 (unch)
ZETRIX (0138): RM0.800 (-1.5 sen)
NETX (0020): RM0.055 (+1.0 sen)
Volume: 2.59 bn (100-bar avg vol: 3.33 bn)
Value: RM2.86 bn (100-bar avg val: RM2.79 bn)
Market Breadth: ⬆️461⬇️602
Crude Palm Oil: RM4,215 (+RM10, +0.24%)
Dow Futures: 49,441 pts (+91 pts)
**Source: M+ Global, Bloomberg **
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M+ Global Market Update – 05Feb26
Selling Pressure Resurfaced
US: We believe the prevailing sentiment around the AI trade has shifted to a phase where earnings beats and positive guidance alone are insufficient. AMD’s price action suggests the market is increasingly unwilling to pay today for top-line growth that is only expected to materialise over the next 1–2 years, especially when chip producers remain highly dependent on hyperscalers’ CapEx. Overall, above-consensus earnings should reflect positively on the outlook, particularly as a greater portion of these returns is expected to materialise if AMD achieves management’s guided run rate. However, we deem the overall sentiment to be tilting toward a risk-off trade for now, following the recent nomination of the Federal Reserve Chair.
MY: Closer to home, we expect the local bourse to track the prevailing sentiment on Wall Street. Despite this, we believe selected technology segments, particularly wafer fabrication equipment (WFE) and automated test equipment (ATE), may be supported. These segments are direct beneficiaries of global chipmakers’ prospects, with ongoing CapEx expected to remain elevated this year, coupled with the constrained supply of high-bandwidth memory (HBM). Besides, we observe that poultry stocks are gaining traction on the back of a stronger Ringgit, despite the removal of government subsidies.
Stocks to watch:
Finance: *ABMB*, BIMB, MBSB
Aviation: *BAUTO*, *BETA *
Poultry: LHI, *MFLOUR*
Building Material: *MCEMENT*
O&G: *DAYANG*
Construction: *PWRWELL*
**Source: M+ Global**
Selling Pressure Resurfaced
US: We believe the prevailing sentiment around the AI trade has shifted to a phase where earnings beats and positive guidance alone are insufficient. AMD’s price action suggests the market is increasingly unwilling to pay today for top-line growth that is only expected to materialise over the next 1–2 years, especially when chip producers remain highly dependent on hyperscalers’ CapEx. Overall, above-consensus earnings should reflect positively on the outlook, particularly as a greater portion of these returns is expected to materialise if AMD achieves management’s guided run rate. However, we deem the overall sentiment to be tilting toward a risk-off trade for now, following the recent nomination of the Federal Reserve Chair.
MY: Closer to home, we expect the local bourse to track the prevailing sentiment on Wall Street. Despite this, we believe selected technology segments, particularly wafer fabrication equipment (WFE) and automated test equipment (ATE), may be supported. These segments are direct beneficiaries of global chipmakers’ prospects, with ongoing CapEx expected to remain elevated this year, coupled with the constrained supply of high-bandwidth memory (HBM). Besides, we observe that poultry stocks are gaining traction on the back of a stronger Ringgit, despite the removal of government subsidies.
Stocks to watch:
Finance: *ABMB*, BIMB, MBSB
Aviation: *BAUTO*, *BETA *
Poultry: LHI, *MFLOUR*
Building Material: *MCEMENT*
O&G: *DAYANG*
Construction: *PWRWELL*
**Source: M+ Global**
M+ Morning Market Buzz - 5Feb26
Dow Jones: 49,501.30 pts (+260.31pts, +0.53%)
⬆️ Resistance: 50700
⬇️ Support: 47500
FBM KLCI: 1,742.82 pts (-5.44pts, -0.31%)
⬆️ Resistance: 1800
⬇️ Support: 1690
HSI Index: 26,847.32 pts (+12.55pts, +0.05%)
⬆️ Resistance: 28700
⬇️ Support: 26000
Crude Palm Oil: RM4,225 (-RM6, -0.14%)
⬆️ Resistance: 4430
⬇️ Support: 4090
Brent Oil: $69.46 (+$2.13, +3.16%)
⬆️ Resistance: 73.40
⬇️ Support: 63.90
Gold: $4,964.93 (+$50.82, +1.02%)
⬆️ Resistance: 5710
⬇️ Support: 4320
Source: Bloomberg, M+ Global
Dow Jones: 49,501.30 pts (+260.31pts, +0.53%)
⬆️ Resistance: 50700
⬇️ Support: 47500
FBM KLCI: 1,742.82 pts (-5.44pts, -0.31%)
⬆️ Resistance: 1800
⬇️ Support: 1690
HSI Index: 26,847.32 pts (+12.55pts, +0.05%)
⬆️ Resistance: 28700
⬇️ Support: 26000
Crude Palm Oil: RM4,225 (-RM6, -0.14%)
⬆️ Resistance: 4430
⬇️ Support: 4090
Brent Oil: $69.46 (+$2.13, +3.16%)
⬆️ Resistance: 73.40
⬇️ Support: 63.90
Gold: $4,964.93 (+$50.82, +1.02%)
⬆️ Resistance: 5710
⬇️ Support: 4320
Source: Bloomberg, M+ Global
😁2
Good Morning All,
We issued a technical buy call on Leong Hup International: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) Remain resilient despite subsidy removal
(ii) Earnings remains robust
(iii) Backed by stronger ringgit
Research Team, M+
5 February 2026
We issued a technical buy call on Leong Hup International: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) Remain resilient despite subsidy removal
(ii) Earnings remains robust
(iii) Backed by stronger ringgit
Research Team, M+
5 February 2026
M+ Global Market Wrap - 5Feb26
FBM KLCI: 1,732.92 pts (-9.90pts, -0.57%)
The lacklustre prevailing sentiment around Wall Street’s artificial intelligence trade spilled over to the local bourse, weighing Technology (-3.78%) stocks down by 2 points. Market breadth skewed to the left tail, as bears outpaced bulls by a 3-to-1 ratio, while most sectors were concurrently negative as well. Nonetheless, REITs (+0.30%) outperformed, which suggests investors are seeking defensive trades with prospective healthy dividend yields as a hedge against near-term volatility.
Top 3 Active stocks:
ZETRIX (0138): RM0.695 (-10.5 sen)
PHARMA (7081): RM0.290 (-3.5 sen)
MMAG (0034): RM0.050 (unch)
Volume: 3.83 bn (100-bar avg vol: 3.34 bn)
Value: RM3.66 bn (100-bar avg val: RM2.80 bn)
Market Breadth: ⬆️279⬇️922
Crude Palm Oil: RM4,225 (-RM7, -0.17%)
Dow Futures: 49,453 pts (-136 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,732.92 pts (-9.90pts, -0.57%)
The lacklustre prevailing sentiment around Wall Street’s artificial intelligence trade spilled over to the local bourse, weighing Technology (-3.78%) stocks down by 2 points. Market breadth skewed to the left tail, as bears outpaced bulls by a 3-to-1 ratio, while most sectors were concurrently negative as well. Nonetheless, REITs (+0.30%) outperformed, which suggests investors are seeking defensive trades with prospective healthy dividend yields as a hedge against near-term volatility.
Top 3 Active stocks:
ZETRIX (0138): RM0.695 (-10.5 sen)
PHARMA (7081): RM0.290 (-3.5 sen)
MMAG (0034): RM0.050 (unch)
Volume: 3.83 bn (100-bar avg vol: 3.34 bn)
Value: RM3.66 bn (100-bar avg val: RM2.80 bn)
Market Breadth: ⬆️279⬇️922
Crude Palm Oil: RM4,225 (-RM7, -0.17%)
Dow Futures: 49,453 pts (-136 pts)
**Source: M+ Global, Bloomberg **
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M+ Morning Market Buzz - 6Feb26
Dow Jones: 48,908.72 pts (-592.58pts, -1.20%)
⬆️ Resistance: 50700
⬇️ Support: 47500
FBM KLCI: 1,731.02 pts (-11.80pts, -0.68%)
⬆️ Resistance: 1800
⬇️ Support: 1700
HSI Index: 26,885.24 pts (+37.92pts, +0.14%)
⬆️ Resistance: 28500
⬇️ Support: 25900
Crude Palm Oil: RM4,206 (-RM4, -0.10%)
⬆️ Resistance: 4430
⬇️ Support: 4090
Brent Oil: $69.46 (-$2.16, -3.11%)
⬆️ Resistance: 72.40
⬇️ Support: 63.90
Gold: $4,964.93 (-$200.99, -4.05%)
⬆️ Resistance: 5570
⬇️ Support: 4320
Source: Bloomberg, M+ Global
Dow Jones: 48,908.72 pts (-592.58pts, -1.20%)
⬆️ Resistance: 50700
⬇️ Support: 47500
FBM KLCI: 1,731.02 pts (-11.80pts, -0.68%)
⬆️ Resistance: 1800
⬇️ Support: 1700
HSI Index: 26,885.24 pts (+37.92pts, +0.14%)
⬆️ Resistance: 28500
⬇️ Support: 25900
Crude Palm Oil: RM4,206 (-RM4, -0.10%)
⬆️ Resistance: 4430
⬇️ Support: 4090
Brent Oil: $69.46 (-$2.16, -3.11%)
⬆️ Resistance: 72.40
⬇️ Support: 63.90
Gold: $4,964.93 (-$200.99, -4.05%)
⬆️ Resistance: 5570
⬇️ Support: 4320
Source: Bloomberg, M+ Global
👏2
M+ Global Market Update – 06Feb26
Tech Stock Rout; Risk-Off Sentiment Intensified
US: Risk-off sentiment persisted regarding the artificial intelligence theme, despite several technology stocks posting earnings beats earlier on. Post-market, Alphabet released stronger-than-expected results, while Amazon’s earnings were weaker than anticipated; both stocks traded lower in after-hours sessions. We believe the heavy tech sell-off stems from valuation re-ratings and concerns over Anthropic’s new automation tools, which may disrupt software providers. Whilst strong earnings suggest resilient AI prospects, long-term returns depend on whether tech giants can deliver a healthy ROIC to justify their massive capital expenditure.
MY: Closer to home, we expect the local bourse to continue mirroring the prevailing sentiment on Wall Street. However, healthy bargain-hunting activities should resurface within the Banking and REIT sectors. We understand that the US–MY interest rate differential outlook may support the ringgit-strengthening narrative, while decent prospective dividend yields are expected to provide a buffer against near-term volatility. in view of the stronger ringgit environment, consumer stocks, particularly within the poultry sector, are in a "sweet spot" to benefit; investors are therefore advised to accumulate positions ahead of their results this month.
Stocks to watch:
REIT: IGBREIT, *PAVREIT*
Poultry: *CAB*, MFLOUR
Plantation: JTIASA, *TSH*
Property: *IOIPG*
Finance: *AMBANK*
Automotive: *MBMR*
Property: ECOWLD
**Source: M+ Global**
Tech Stock Rout; Risk-Off Sentiment Intensified
US: Risk-off sentiment persisted regarding the artificial intelligence theme, despite several technology stocks posting earnings beats earlier on. Post-market, Alphabet released stronger-than-expected results, while Amazon’s earnings were weaker than anticipated; both stocks traded lower in after-hours sessions. We believe the heavy tech sell-off stems from valuation re-ratings and concerns over Anthropic’s new automation tools, which may disrupt software providers. Whilst strong earnings suggest resilient AI prospects, long-term returns depend on whether tech giants can deliver a healthy ROIC to justify their massive capital expenditure.
MY: Closer to home, we expect the local bourse to continue mirroring the prevailing sentiment on Wall Street. However, healthy bargain-hunting activities should resurface within the Banking and REIT sectors. We understand that the US–MY interest rate differential outlook may support the ringgit-strengthening narrative, while decent prospective dividend yields are expected to provide a buffer against near-term volatility. in view of the stronger ringgit environment, consumer stocks, particularly within the poultry sector, are in a "sweet spot" to benefit; investors are therefore advised to accumulate positions ahead of their results this month.
Stocks to watch:
REIT: IGBREIT, *PAVREIT*
Poultry: *CAB*, MFLOUR
Plantation: JTIASA, *TSH*
Property: *IOIPG*
Finance: *AMBANK*
Automotive: *MBMR*
Property: ECOWLD
**Source: M+ Global**
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