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
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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
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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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Good Morning All,
We issued a technical buy call on TSH Resources Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) Organic growth via younger age trees
(ii) Aggressive shares buyback by the management
(iii) Solid fundamentals with undemanding valuations
Research Team, M+
6 February 2026
We issued a technical buy call on TSH Resources Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) Organic growth via younger age trees
(ii) Aggressive shares buyback by the management
(iii) Solid fundamentals with undemanding valuations
Research Team, M+
6 February 2026
M+ Global Market Wrap - 6Feb26
FBM KLCI: 1,732.83 pts (+1.81pts, +0.10%)
Friday’s session saw the local bourse bucked Wall Street’s lacklustre overnight performance, with Banking heavyweights lifted the sentiment. Overall momentum remains muted, as bears continue to outpace bulls at a 2-to-1 ratio, while most sectors were concurrently negative as well. Construction (+0.35%) outperformed, with GAMUDA (+7.0 sen) and SUNCON (+9.0 sen) leading the pack, while selling pressure within Technology stocks intensified..
Top 3 Active stocks:
ZETRIX (0138): RM0.685 (-1.0 sen)
AMBEST (0391): RM0.345 (+9.5 sen)
TANCO (2429): RM1.330 (-1.0 sen)
Volume: 3.02 bn (100-bar avg vol: 3.35 bn)
Value: RM3.10 bn (100-bar avg val: RM2.81 bn)
Market Breadth: ⬆️408⬇️683
Crude Palm Oil: RM4,206 (-RM42, -1.00%)
Dow Futures: 49,005 pts (+7 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,732.83 pts (+1.81pts, +0.10%)
Friday’s session saw the local bourse bucked Wall Street’s lacklustre overnight performance, with Banking heavyweights lifted the sentiment. Overall momentum remains muted, as bears continue to outpace bulls at a 2-to-1 ratio, while most sectors were concurrently negative as well. Construction (+0.35%) outperformed, with GAMUDA (+7.0 sen) and SUNCON (+9.0 sen) leading the pack, while selling pressure within Technology stocks intensified..
Top 3 Active stocks:
ZETRIX (0138): RM0.685 (-1.0 sen)
AMBEST (0391): RM0.345 (+9.5 sen)
TANCO (2429): RM1.330 (-1.0 sen)
Volume: 3.02 bn (100-bar avg vol: 3.35 bn)
Value: RM3.10 bn (100-bar avg val: RM2.81 bn)
Market Breadth: ⬆️408⬇️683
Crude Palm Oil: RM4,206 (-RM42, -1.00%)
Dow Futures: 49,005 pts (+7 pts)
**Source: M+ Global, Bloomberg **
M+ Global Market Update – 09Feb26
Dow Hits Historic 50,000 Milestone
US: With US index futures trading higher, we expect Wall Street to extend its bullish momentum. Meanwhile, as Nvidia CEO Jensen Huang mentioned that the AI build-out will take another 7–8 years, we believe this justifies the massive capex by tech giants. Furthermore, the approved H200 exports to China will act as a re-rating catalyst for the AI leader. Thus, despite Amazon’s plunge following higher-than-expected capex (2026 guidance of USD 200bn vs estimates of ~USD 146.1bn), we view this drop as a ‘buy-on-the-dip’ opportunity. In fact, Amazon’s 4Q25 AWS cloud business saw revenue jump 24% YoY to USD 35.6bn, while profit increased from USD 10.6bn to USD 12.5bn, justifying the company’s AI ambitions.
MY: Tracking Wall Street’s positive performance on Friday, we anticipate the FBM KLCI will kick-start the week on a bullish note. Meanwhile, with a stronger MYR, we believe sentiment will continue to bode well for the poultry sector. We favour laggards such as Teo Seng and CAB Cakaran following the rally in Leong Hup. Lastly, following the decline in AAX’s share price, traders should monitor it for opportunities, as AAX is expected to benefit from: (i) the completion of a mega-restructuring with Capital A to consolidate both long-haul and short-haul flights; (ii) the A321LR fleet expansion plan; and (iii) the resumption of legacy routes to London and Bahrain.
Stocks to watch:
Finance: *ABMB*, AMBANK, PBBANK
Automotive: *BETA*
Construction: *GAMUDA*
Transportation: *WPRTS*
Building Material: *MCEMENT*
Consumer: LWSABAH
Technology: MCLEAN
REIT: SUNREIT
Utility: YTLPOWR
**Source: M+ Global**
Dow Hits Historic 50,000 Milestone
US: With US index futures trading higher, we expect Wall Street to extend its bullish momentum. Meanwhile, as Nvidia CEO Jensen Huang mentioned that the AI build-out will take another 7–8 years, we believe this justifies the massive capex by tech giants. Furthermore, the approved H200 exports to China will act as a re-rating catalyst for the AI leader. Thus, despite Amazon’s plunge following higher-than-expected capex (2026 guidance of USD 200bn vs estimates of ~USD 146.1bn), we view this drop as a ‘buy-on-the-dip’ opportunity. In fact, Amazon’s 4Q25 AWS cloud business saw revenue jump 24% YoY to USD 35.6bn, while profit increased from USD 10.6bn to USD 12.5bn, justifying the company’s AI ambitions.
MY: Tracking Wall Street’s positive performance on Friday, we anticipate the FBM KLCI will kick-start the week on a bullish note. Meanwhile, with a stronger MYR, we believe sentiment will continue to bode well for the poultry sector. We favour laggards such as Teo Seng and CAB Cakaran following the rally in Leong Hup. Lastly, following the decline in AAX’s share price, traders should monitor it for opportunities, as AAX is expected to benefit from: (i) the completion of a mega-restructuring with Capital A to consolidate both long-haul and short-haul flights; (ii) the A321LR fleet expansion plan; and (iii) the resumption of legacy routes to London and Bahrain.
Stocks to watch:
Finance: *ABMB*, AMBANK, PBBANK
Automotive: *BETA*
Construction: *GAMUDA*
Transportation: *WPRTS*
Building Material: *MCEMENT*
Consumer: LWSABAH
Technology: MCLEAN
REIT: SUNREIT
Utility: YTLPOWR
**Source: M+ Global**
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M+ Morning Market Buzz - 9Feb26
Dow Jones: 50,115.67 pts (+1206.95pts, +2.47%)
⬆ Resistance: 51200
⬇ Support: 47800
FBM KLCI: 1,732.83 pts (+1.81pts, +0.10%)
⬆ Resistance: 1800
⬇ Support: 1690
HSI Index: 26,559.95 pts (-325.29pts, -1.21%)
⬆ Resistance: 27700
⬇ Support: 25800
Crude Palm Oil: RM4,154 (-RM52, -1.24%)
⬆ Resistance: 4350
⬇ Support: 4070
Brent Oil: $68.05 (-$0.68, -1.00%)
⬆ Resistance: 71.20
⬇ Support: 63.90
Gold: $4,964.36 (+$64.60, +1.30%)
⬆ Resistance: 5200
⬇ Support: 4320
Source: Bloomberg, M+ Global
Dow Jones: 50,115.67 pts (+1206.95pts, +2.47%)
⬆ Resistance: 51200
⬇ Support: 47800
FBM KLCI: 1,732.83 pts (+1.81pts, +0.10%)
⬆ Resistance: 1800
⬇ Support: 1690
HSI Index: 26,559.95 pts (-325.29pts, -1.21%)
⬆ Resistance: 27700
⬇ Support: 25800
Crude Palm Oil: RM4,154 (-RM52, -1.24%)
⬆ Resistance: 4350
⬇ Support: 4070
Brent Oil: $68.05 (-$0.68, -1.00%)
⬆ Resistance: 71.20
⬇ Support: 63.90
Gold: $4,964.36 (+$64.60, +1.30%)
⬆ Resistance: 5200
⬇ Support: 4320
Source: Bloomberg, M+ Global
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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 its Environment Division, through subsidiaries under Stream Group Sdn Bhd namely Stream Environment Sdn Bhd (SEMY) and Stream Environment (S) Pte Ltd (SESG), has secured three automated pneumatic waste collection system (AWCS) projects across Malaysia and Singapore, with a combined contract value of RM26.6m. The projects involve the design, build and operation of AWCS and were awarded on 14 January 2026, 5 February 2026 and 6 February 2026 respectively. The projects are expected to commence from January 2026 and be completed by August 2029. With these wins, cumulative major contract wins in FY26 now stand at ~RM450m, providing improved earnings visibility.
Upgraded to BUY with a TP of RM0.66. As the share price has declined ahead of the company’s announcement, we upgraded our recommendation from Hold to Buy 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+
9 February 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 its Environment Division, through subsidiaries under Stream Group Sdn Bhd namely Stream Environment Sdn Bhd (SEMY) and Stream Environment (S) Pte Ltd (SESG), has secured three automated pneumatic waste collection system (AWCS) projects across Malaysia and Singapore, with a combined contract value of RM26.6m. The projects involve the design, build and operation of AWCS and were awarded on 14 January 2026, 5 February 2026 and 6 February 2026 respectively. The projects are expected to commence from January 2026 and be completed by August 2029. With these wins, cumulative major contract wins in FY26 now stand at ~RM450m, providing improved earnings visibility.
Upgraded to BUY with a TP of RM0.66. As the share price has declined ahead of the company’s announcement, we upgraded our recommendation from Hold to Buy 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+
9 February 2026
M+ Global Market Wrap - 9Feb26
FBM KLCI: 1,751.30 pts (+18.47pts, +1.07%)
Tracking Wall Street’s positive performance last Friday, the FBMKLCI (+1.07%) kickstarted the week higher at 1,751.30 pts, led by gains in PBBANK (+11.0 sen) and 99SMART (+19.0 sen), with the latter was underpinned by the SARA cash disbursement today. The resounding win for current Japanese Prime Minister Sanae Takaichi also further boosted sentiment for Asian markets. Market breadth turned positive, with 797 winners outpacing 355 losers. Sector-wise, 11 out of 13 sectors ended in positive territory, with Technology (+3.70%) closing above the 3% mark, buoyed by gains in ZETRIX (+12.0 sen) and VITROX (+16.0 sen).
Top 3 Active stocks:
ZETRIX (0138): RM0.805 (+12.0 sen)
MMAG (0034): RM0.045 (-0.5 sen)
TANCO (2429): RM1.360 (+3.0 sen)
Volume: 3.12 bn (100-bar avg vol: 3.36 bn)
Value: RM2.90 bn (100-bar avg val: RM2.82 bn)
Market Breadth: ⬆️797⬇️355
Crude Palm Oil: RM4,154 (+RM22, +0.53%)
Dow Futures: 50,293 pts (+88 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,751.30 pts (+18.47pts, +1.07%)
Tracking Wall Street’s positive performance last Friday, the FBMKLCI (+1.07%) kickstarted the week higher at 1,751.30 pts, led by gains in PBBANK (+11.0 sen) and 99SMART (+19.0 sen), with the latter was underpinned by the SARA cash disbursement today. The resounding win for current Japanese Prime Minister Sanae Takaichi also further boosted sentiment for Asian markets. Market breadth turned positive, with 797 winners outpacing 355 losers. Sector-wise, 11 out of 13 sectors ended in positive territory, with Technology (+3.70%) closing above the 3% mark, buoyed by gains in ZETRIX (+12.0 sen) and VITROX (+16.0 sen).
Top 3 Active stocks:
ZETRIX (0138): RM0.805 (+12.0 sen)
MMAG (0034): RM0.045 (-0.5 sen)
TANCO (2429): RM1.360 (+3.0 sen)
Volume: 3.12 bn (100-bar avg vol: 3.36 bn)
Value: RM2.90 bn (100-bar avg val: RM2.82 bn)
Market Breadth: ⬆️797⬇️355
Crude Palm Oil: RM4,154 (+RM22, +0.53%)
Dow Futures: 50,293 pts (+88 pts)
**Source: M+ Global, Bloomberg **
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M+ Morning Market Buzz - 10Feb26
Dow Jones: 50,135.87 pts (+20.20pts, +0.04%)
⬆️ Resistance: 51300
⬇️ Support: 47900
FBM KLCI: 1,751.30 pts (+18.47pts, +1.07%)
⬆️ Resistance: 1800
⬇️ Support: 1690
HSI Index: 27,027.16 pts (+467.21pts, +1.76%)
⬆️ Resistance: 27700
⬇️ Support: 25800
Crude Palm Oil: RM4,160 (-RM5, -0.12%)
⬆️ Resistance: 4350
⬇️ Support: 4070
Brent Oil: $68.05 (+$0.99, +1.60%)
⬆️ Resistance: 71.20
⬇️ Support: 63.90
Gold: $5,057.80 (+$5.34, +0.32%)
⬆️ Resistance: 5200
⬇️ Support: 4570
Source: Bloomberg, M+ Global
Dow Jones: 50,135.87 pts (+20.20pts, +0.04%)
⬆️ Resistance: 51300
⬇️ Support: 47900
FBM KLCI: 1,751.30 pts (+18.47pts, +1.07%)
⬆️ Resistance: 1800
⬇️ Support: 1690
HSI Index: 27,027.16 pts (+467.21pts, +1.76%)
⬆️ Resistance: 27700
⬇️ Support: 25800
Crude Palm Oil: RM4,160 (-RM5, -0.12%)
⬆️ Resistance: 4350
⬇️ Support: 4070
Brent Oil: $68.05 (+$0.99, +1.60%)
⬆️ Resistance: 71.20
⬇️ Support: 63.90
Gold: $5,057.80 (+$5.34, +0.32%)
⬆️ Resistance: 5200
⬇️ Support: 4570
Source: Bloomberg, M+ Global
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M+ Global Market Update – 10Feb26
Bargain Hunting On Technology Stocks Persisted
US: Despite concerns regarding massive AI capex, Nvidia and TSMC continued to rise yesterday. We believe the market has validated the planned AI capex following Nvidia CEO Jensen Huang’s projection of a 7–8 year AI buildout, alongside sustained cloud business growth demonstrated by major tech giants. Meanwhile, we suggest investors to accumulate shares of cybersecurity provider Fortinet, given its stellar 4Q25 results and the company’s strategic shift from hardware (firewalls) to higher-margin software and cloud services, specifically Unified SASE (Secure Access Service Edge). Lastly, with the rebound in gold prices, traders might consider repositioning into Newmont Corporation, Barrick Gold, and Agnico Eagle.
MY: Following Wall Street’s movement, we expect the positive sentiment to spillover toward the local front. A new 52-week high was observed in 99SMART as the country commenced its SARA cash distribution yesterday, which could benefit the laggards like MRDIY and ECOSHOP. Meanwhile, we view the recent breakout in PESONA favourably, underpinned by: (i) 9MFY25 results exceeding the full FY24 figures, (ii) property ventures yielding higher margins, and (iii) an order book of RM2.5bn ensuring earnings visibility. Besides, we favour the rebound in CBHB, supported by the data centre pipeline and the group’s outstanding order book of RM530.5m.
Stocks to watch:
Consumer: CAB, CKI, *MFLOUR*, *TOPMIX*
Technology: *SCICOM*
Automotive: *BAUTO*
Construction: *LSH*
Building Material: *MCEMENT*
Telco: TIMECOM
Transportation: WPRTS
**Source: M+ Global**
Bargain Hunting On Technology Stocks Persisted
US: Despite concerns regarding massive AI capex, Nvidia and TSMC continued to rise yesterday. We believe the market has validated the planned AI capex following Nvidia CEO Jensen Huang’s projection of a 7–8 year AI buildout, alongside sustained cloud business growth demonstrated by major tech giants. Meanwhile, we suggest investors to accumulate shares of cybersecurity provider Fortinet, given its stellar 4Q25 results and the company’s strategic shift from hardware (firewalls) to higher-margin software and cloud services, specifically Unified SASE (Secure Access Service Edge). Lastly, with the rebound in gold prices, traders might consider repositioning into Newmont Corporation, Barrick Gold, and Agnico Eagle.
MY: Following Wall Street’s movement, we expect the positive sentiment to spillover toward the local front. A new 52-week high was observed in 99SMART as the country commenced its SARA cash distribution yesterday, which could benefit the laggards like MRDIY and ECOSHOP. Meanwhile, we view the recent breakout in PESONA favourably, underpinned by: (i) 9MFY25 results exceeding the full FY24 figures, (ii) property ventures yielding higher margins, and (iii) an order book of RM2.5bn ensuring earnings visibility. Besides, we favour the rebound in CBHB, supported by the data centre pipeline and the group’s outstanding order book of RM530.5m.
Stocks to watch:
Consumer: CAB, CKI, *MFLOUR*, *TOPMIX*
Technology: *SCICOM*
Automotive: *BAUTO*
Construction: *LSH*
Building Material: *MCEMENT*
Telco: TIMECOM
Transportation: WPRTS
**Source: M+ Global**
FBM KLCI: 1,747.54 pts (-3.76pts, -0.21%)
Despite the upbeat regional performance, the FBMKLCI (-0.21%) experienced a minor retreat toward 1747.54 pts, as profit-taking activities were seen in 99SMART (-19.0 sen) and IHH (-17.0 sen). Market breadth was relatively flat, with 560 winners against 547 losers. Sector-wise, Healthcare (+2.42%) exceeded the 2% mark, led by HARTA (+6.0 sen) following its stellar 3Q26 results, while Consumer Products & Services (-0.86%) declined the most.
Top 3 Active stocks:
MMAG (0034): RM0.045 (unch)
TANCO (2429): RM1.370 (+1.0 sen)
PHARMA (7081): RM0.305 (+0.5 sen)
Volume: 2.65 bn (100-bar avg vol: 3.35 bn)
Value: RM2.69 bn (100-bar avg val: RM2.83 bn)
Market Breadth: ⬆️560⬇️547
Crude Palm Oil: RM4,160 (-RM55, -1.32%)
Dow Futures: 50,260 pts (+41 pts)
**Source: M+ Global, Bloomberg **
Despite the upbeat regional performance, the FBMKLCI (-0.21%) experienced a minor retreat toward 1747.54 pts, as profit-taking activities were seen in 99SMART (-19.0 sen) and IHH (-17.0 sen). Market breadth was relatively flat, with 560 winners against 547 losers. Sector-wise, Healthcare (+2.42%) exceeded the 2% mark, led by HARTA (+6.0 sen) following its stellar 3Q26 results, while Consumer Products & Services (-0.86%) declined the most.
Top 3 Active stocks:
MMAG (0034): RM0.045 (unch)
TANCO (2429): RM1.370 (+1.0 sen)
PHARMA (7081): RM0.305 (+0.5 sen)
Volume: 2.65 bn (100-bar avg vol: 3.35 bn)
Value: RM2.69 bn (100-bar avg val: RM2.83 bn)
Market Breadth: ⬆️560⬇️547
Crude Palm Oil: RM4,160 (-RM55, -1.32%)
Dow Futures: 50,260 pts (+41 pts)
**Source: M+ Global, Bloomberg **
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M+ Global Market Update – 11Feb26
Wall Street Ended Mixed Following Weak Retail Data
US: Although software stocks recently hit new 52-week lows due to "AI replacement" fears, we view Salesforce as a potential accumulation opportunity. This is supported by the company’s deep customer data repository and its Agentforce platform, which builds autonomous AI agents to manage customer service, sales, and marketing without human intervention. CEO Marc Benioff recently noted that Agentforce allowed him to reduce his support team from 9,000 to 5,000 staff as AI agents now handle the heavy lifting; a move expected to protect Salesforce’s 35.5% operating margin. For a more defensive play, traders might also consider Yum! Brands Inc.
MY: Given the stronger MYR and the upcoming CNY, we believe the trading environment favours consumer stock like Padini in the near term, while Bermaz Auto and Betamek could benefit. Meanwhile, we favour Hartanah Kenyalang following its recent pullback, as the Sarawak-based builder continues to secure contracts, including a record RM275m Sibu prison award, lifting its total order book to RM567.7m. Another Sarawak play, Reachten, has seen growing buying interest, signalling a potential bottom or accumulation phase. Moving forward, the investment theme should remain focused on domestic-centric counters, driven by a strengthening MYR and Visit Malaysia 2026.
Stocks to watch:
Technology: *GOHUB*, *JHM*, SCICOM
Automotive: *BAUTO*, *BETA*
Construction: *GAMUDA*, PWRWELL
Transportation: *WPRTS*
Consumer: PADINI
**Source: M+ Global**
Wall Street Ended Mixed Following Weak Retail Data
US: Although software stocks recently hit new 52-week lows due to "AI replacement" fears, we view Salesforce as a potential accumulation opportunity. This is supported by the company’s deep customer data repository and its Agentforce platform, which builds autonomous AI agents to manage customer service, sales, and marketing without human intervention. CEO Marc Benioff recently noted that Agentforce allowed him to reduce his support team from 9,000 to 5,000 staff as AI agents now handle the heavy lifting; a move expected to protect Salesforce’s 35.5% operating margin. For a more defensive play, traders might also consider Yum! Brands Inc.
MY: Given the stronger MYR and the upcoming CNY, we believe the trading environment favours consumer stock like Padini in the near term, while Bermaz Auto and Betamek could benefit. Meanwhile, we favour Hartanah Kenyalang following its recent pullback, as the Sarawak-based builder continues to secure contracts, including a record RM275m Sibu prison award, lifting its total order book to RM567.7m. Another Sarawak play, Reachten, has seen growing buying interest, signalling a potential bottom or accumulation phase. Moving forward, the investment theme should remain focused on domestic-centric counters, driven by a strengthening MYR and Visit Malaysia 2026.
Stocks to watch:
Technology: *GOHUB*, *JHM*, SCICOM
Automotive: *BAUTO*, *BETA*
Construction: *GAMUDA*, PWRWELL
Transportation: *WPRTS*
Consumer: PADINI
**Source: M+ Global**
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