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 **

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

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**

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 **

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**

M+ Morning Market Buzz - 11Feb26

Dow Jones: 50,188.14 pts (+52.27pts, +0.10%)
⬆️ Resistance: 51600
⬇️ Support: 47900

FBM KLCI: 1,747.54 pts (-3.76pts, -0.21%)
⬆️ Resistance: 1800
⬇️ Support: 1690

HSI Index: 27,183.15 pts (+155.99pts, +0.58%)
⬆️ Resistance: 28000
⬇️ Support: 25800

Crude Palm Oil: RM4,095 (+RM3, +0.07%)
⬆️ Resistance: 4350
⬇️ Support: 4010

Brent Oil: $68.80 (-$0.24, -0.35%)
⬆️ Resistance: 71.20
⬇️ Support: 65.30

Gold: $5,025.45 (+$20.63, +0.36%)
⬆️ Resistance: 5200
⬇️ Support: 4570

Source: Bloomberg, M+ Global

M+ Global Market Wrap - 11Feb26

FBM KLCI: 1,756.39 pts (+8.85pts, +0.51%)
As MSCI maintained the constituents of its main country index, the FBMKLCI rebounded to 1,756.39 pts, buoyed by gains in MAYBANK (+26.0 sen) and PMETAL (+15.0 sen). This is also broadly in line with the positive regional performance. Market breadth remained positive, with 575 winners against 474 losers. In the broader environment, buying interest was seen in the Financial Services (+0.73%) sector, while Construction (-0.38%) experienced profit-taking activities.

Top 3 Active stocks:
PHARMA (7081): RM0.325 (+2.0 sen)
TWL (7079): RM0.020 (-0.5 sen)
TANCO (2429): RM1.380 (+1.0 sen)

Volume: 2.55 bn (100-bar avg vol: 3.35 bn)
Value: RM3.06 bn (100-bar avg val: RM2.82 bn)
Market Breadth: ⬆️575⬇️474
Crude Palm Oil: RM4,095 (-RM34, -0.83%)
Dow Futures: 50,371 pts (+98 pts)

**Source: M+ Global, Bloomberg **

Good Evening All,

We issued a technical buy call on Nu Holdings Ltd: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)

Trading catalysts include:
(i) Strategic entry into the US
(ii) Aggressive expansion in Mexico and Colombia
(iii) Strong earnings momentum

Research Team, M+
11 February 2026

M+ Morning Market Buzz - 12Feb26

Dow Jones: 50,121.40 pts (-66.74pts, -0.13%)
⬆️ Resistance: 51600
⬇️ Support: 47900

FBM KLCI: 1,756.39 pts (+8.85pts, +0.51%)
⬆️ Resistance: 1800
⬇️ Support: 1690

HSI Index: 27,266.38 pts (+83.23pts, +0.31%)
⬆️ Resistance: 28000
⬇️ Support: 25800

Crude Palm Oil: RM4,061 (+RM6, +0.15%)
⬆️ Resistance: 4320
⬇️ Support: 3980

Brent Oil: $69.40 (+$0.60, +0.87%)
⬆️ Resistance: 72.20
⬇️ Support: 65.30

Gold: $5,084.39 (-$19.01, -0.30%)
⬆️ Resistance: 5230
⬇️ Support: 4570

Source: Bloomberg, M+ Global

M+ Global Market Update – 12Feb26
Wall Street Dragged By Lower Rate Cuts Expectations

US: Generally, we expect Wall Street to maintain a muted tone following recent economic data, as the Fed’s stance has become less dovish. Meanwhile, we believe investors should consider Alibaba, as the company has announced it is spending US$431m to attract users to its Qwen AI app during the CNY period. This initiative includes incentives for dining, beverages, entertainment, and leisure activities, alongside the "continuous distribution of large red envelopes". We believe these incentives represent a strategic opportunity for Alibaba to acquire new users and capture a larger market share. Lastly, given the upward momentum of Chinese data centre operator VNET Group, traders may wish to monitor the laggard, GDS Holdings.

MY: As CNY approaches, coupled with the strengthening Ringgit, we believe sentiment will favour PADINI and AEON, justifying their breakouts yesterday. Meanwhile, we think investors could turn their attention to TECHSTORE, underpinned by: (i) 9MFY25 results which have already outperformed the full-year FY24 figures and (ii) the recent RM54.8m contract win from the Ministry of Home Affairs to upgrade the National Registration Department’s record system in Putrajaya. Lastly, M&E engineering solutions provider KEEMING (M+ TP: RM0.69), which saw an oversubscription of 54.16 times, will be listed on the ACE Market today.

Stocks to watch:

Finance: ABMB, AFFIN, CIMB, *TAKAFUL*
Consumer: *AEON*, *MRDIY*
Automotive: *BAUTO*, SIME
Healthcare: PHARMA
Property: *MATRIX*
Construction: *SUNCON*

**Source: M+ Global**

FBM KLCI: 1,750.85 pts (-5.54pts, -0.32%)
Tracking the softer overnight performance in the US, the FBMKLCI (-0.32%) ended the day lower, as profit-taking activities were seen in the banking heavyweights like MAYBANK (-12.0 sen) and CIMB (-6.0 sen). Mechanical and electrical engineering services provider KEEMING made its ACE market debut today, reaching a high of RM0.89 before ending the day at RM0.87, making a stunning debut of 128.9% above its IPO price of RM0.38. Market breadth was soft, with 593 losers against 489 winners. In the broader environment, Transportation & Logistics (+1.21%) exceeded the 1% gain mark, while Telecommunications & Media (-1.18%) saw the largest decline.

Top 3 Active stocks:
ZETRIX (0138): RM0.820 (+0.5 sen)
KEEMING (0392): RM0.870 (+49.0 sen)
TANCO (2429): RM1.380 (unch)

Volume: 2.57 bn (100-bar avg vol: 3.34 bn)
Value: RM2.79 bn (100-bar avg val: RM2.83 bn)
Market Breadth: ⬆️489⬇️593
Crude Palm Oil: RM4,061 (-RM22, -0.54%)
Dow Futures: 50,346 pts (+141 pts)

**Source: M+ Global, Bloomberg **

M+ Morning Market Buzz - 13Feb26

Dow Jones: 49,451.98 pts (-669.42pts, -1.34%)
⬆️ Resistance: 51600
⬇️ Support: 48100

FBM KLCI: 1,750.85 pts (-5.54pts, -0.32%)
⬆️ Resistance: 1800
⬇️ Support: 1690

HSI Index: 27,032.54 pts (-233.84pts, -0.86%)
⬆️ Resistance: 28000
⬇️ Support: 25800

Crude Palm Oil: RM4,037 (+RM7, +0.17%)
⬆️ Resistance: 4290
⬇️ Support: 3950

Brent Oil: $69.40 (-$1.73, -2.49%)
⬆️ Resistance: 72.20
⬇️ Support: 65.30

Gold: $4,922.19 (-$162.20, -3.19%)
⬆️ Resistance: 5230
⬇️ Support: 4570

Source: Bloomberg, M+ Global

M+ Global Market Update – 13Feb26
Dow Retraced Below The 50,000 Level

US: As Wall Street enters the final trading day of the week, the market will focus on January's CPI data, which will further influence the Fed’s upcoming rate-cut decisions. Meanwhile, we believe traders could position for GE Aerospace, which is poised for a breakout supported by: (i) its stellar 2025 results; (ii) a strategic focus on high-margin engine services and AI-powered maintenance; and (iii) a record US$190bn backlog. Lastly, we suggest accumulating Visa and Mastercard shares on the current dip, as the sell-off, driven by regulatory and interest-rate cap concerns, appears overdone given their dominant roles in global cross-border travel and the emerging agentic AI economy.

MY: With the ringgit strengthening towards the RM3.90 level, buying interest is re-emerging in poultry stocks such as Leong Hup, while laggards like Teo Seng and CAB Cakaran present attractive entry opportunities following recent pullbacks. We believe a stronger ringgit will reduce feed costs, while the removal of subsidies supports higher ASPs and wider margins. Also, we view Sorento’s bullish engulfing pattern as a buy signal, backed by: (i) stellar 2QFY26 results; (ii) a new Johor showroom tapping into JSSEZ demand; and (iii) a solid net cash position. Lastly, poultry producer Hock Soon (M+ TP: RM0.66) debuts on the Main Market today.

Stocks to watch:

Technology: *CNERGEN*, EDELTEQ, SCICOM, *THMY*
Automotive: *BAUTO*, *BETAMEK*, *MBMR*
Property: SIMEPROP
Transportation: WPRTS
Building Material: *MSC*

**Source: M+ Global**

M+ Global Market Wrap - 13Feb26

FBM KLCI: 1,739.54 pts (-11.31pts, -0.65%)
Tracking Wall Street's weak overnight performance, coupled with the regional sentiment, the FBMKLCI (-0.65%) ended the day lower at 1,739.54 pts, dragged by losses in banking heavyweights like PBBANK (-9.0 sen) and HLBANK (-58.0 sen). Meanwhile, poultry producer HOCKSOON made its Main Market debut today, closing at a high of 56.0 sen, but was still 6.7% lower than its IPO price of 60.0 sen. Market breadth remained weak, with 709 losers against 407 winners. Sector-wise, Property (+0.32%) outperformed, while Technology (-1.28%) saw the largest decline.

Top 3 Active stocks:
ZENTECH (0094): RM0.005 (-0.5 sen)
ZETRIX (0138): RM0.800 (-2.0 sen)
HOCKSOON (5346): RM0.560 (-)

Volume: 2.43 bn (100-bar avg vol: 3.34 bn)
Value: RM2.60 bn (100-bar avg val: RM2.81 bn)
Market Breadth: ⬆️407⬇️709
Crude Palm Oil: RM4,037 (-RM6, -0.15%)
Dow Futures: 49,393 pts (-130 pts)

**Source: M+ Global, Bloomberg **

M+ Global Market Update – 16Feb26
Sentiment Mixed Following CPI Data

US: We observe that investor sentiment remains cautious and mixed. Despite cooler inflation data, it was insufficient to improve Wall Street’s risk appetite. On the other hand, we believe AI prospects remain intact, given the expected US$602bn (+36% YoY) hyperscalers’ capex. This should bode well for chip players like Nvidia and AMD, with a positive spillover to the memory market, where most 2026 inventories have already been sold and additional capacity is only expected to come online next year. However, we suggest diversification across sectors, particularly into telco players like TIGO, as its recurring revenue base should de-risk earnings volatility.

MY: The ringgit strengthening towards the RM3.90 level may spur trading interest in Banking and Consumer heavyweights such as PBBANK and 99SMART. This could also provide near-term upside for poultry players like Leong Hup and CAB Cakaran; the latter is seen as a laggard despite a lower input cost environment, while the removal of government subsidies is expected to support egg ASPs. Moreover, we believe TMK remains overlooked as a potential beneficiary of hyperscalers’ capex, given that the chemicals it provides are building blocks for the E&E industry, especially as memory developers look to ramp up capacity in Singapore.

Stocks to watch:

Consumer: *CKI*, *ECOSHOP*, *SPRITZER*
Automotive: *BAUTO*, BETA
Healthcare: DPHARMA, KPJ
Utility: *GASMSIA*
Technology: *CNERGEN*
O&G: DAYANG
Transportation: WPRTS
Plantation: JPG

**Source: M+ Global**

M+ Global Market Wrap - 16Feb26

FBM KLCI: 1,741.26 pts (+1.72pts, +0.10%)
The local bourse began the week on a stronger footing, with Tenaga Nasional (+46.0 sen) lifting overall sentiment; the latter was due to positive prospects amid SPV wins with Aurora Power Generation, building a 1.4GW plant targeted to commence by 2030. All in all, market breadth tilted positively, with broader sectors concurrently positive as well. Property (+1.50%) emerged as the outperformer, with IOIPG (+20.0 sen) and TANCO (+2.0 sen) leading the pack, while Financial Services (-0.77%) declined the most.

Top 3 Active stocks:
HONGSENG (0041): RM0.010 (+0.5 sen)
ZETRIX (0138): RM0.850 (+5.0 sen)
TANCO (2429): RM1.430 (+2.0 sen)

Volume: 1.81 bn (100-bar avg vol: 3.32 bn)
Value: RM1.81 bn (100-bar avg val: RM2.82 bn)
Market Breadth: ⬆️527⬇️464
Crude Palm Oil: RM4,046 (-RM29, -0.72%)
Dow Futures: 49,773 pts (+204 pts)

**Source: M+ Global, Bloomberg **

M+ Morning Market Buzz - 19Feb26

Dow Jones: 49,662.66 pts (+129.47pts, +0.26%)
⬆️ Resistance: 51500
⬇️ Support: 48200

FBM KLCI: 1,741.26 pts (+1.72pts, +0.10%)
⬆️ Resistance: 1800
⬇️ Support: 1700

HSI Index: 26,705.94 pts (+138.82pts, +0.52%)
⬆️ Resistance: 27800
⬇️ Support: 25900

Crude Palm Oil: RM4,016 (-RM30, -0.74%)
⬆️ Resistance: 4170
⬇️ Support: 3920

Brent Oil: $67.42 (+$2.93, +4.15%)
⬆️ Resistance: 72.20
⬇️ Support: 65.50

Gold: $4,977.56 (+$1.19, +2.04%)
⬆️ Resistance: 5210
⬇️ Support: 4750

Source: Bloomberg, M+ Global

M+ Global Market Update – 19Feb26
Hyperscalers’ CapEx to Lift Sentiment

US: Hyperscalers’ CapEx on data centres has surged above market consensus, with Alphabet, Amazon, Meta, Microsoft, and Oracle collectively likely to spend USD 700bn this year. NVIDIA and AMD should be the direct beneficiaries, while the latter is in talks with Chinese authorities for distribution approval, which would expand its total addressable market. This would also have a positive spillover effect on the memory industry, where demand is outstripping supply given the limited capacity that the Big 3 (SK Hynix, Samsung Electronics, and Micron Technology) can provide for now. Moreover, we favour IREN, as energy infrastructure is seen to be limited in catering to the expected surge in energy consumption resulting from this CapEx.

MY: Strong ringgit environment at RM3.90/USD is likely to spur trading interest in banking and consumer heavyweights and could provide near-term upside for poultry players such as Leong Hup and CAB, which we view as laggards amid a lower input-cost environment, while the removal of government subsidies is expected to support egg ASPs. Despite the stronger currency is seen as a headwind for export players, we believe Malaysian glove makers could benefit in the near term as regional supply disruptions and operational challenges persist as Chinese players in Indonesia are facing production hiccups which may delay operations until end-1QCY26

Stocks to watch:

Technology: ADB, *CAPITALA*
O&G: DAYANG, *HENGYUAN*
Healthcare: KPJ, PHARMA
Automotive: *BETA*, *MBMR*
Building Material: *MCEMENT*
Finance: MNRB
Transportation: WPRTS
Plantation: WTK

**Source: M+ Global**

M+ Global Market Wrap - 19Feb26

FBM KLCI: 1,752.11 pts (+10.85pts, +0.62%)
Wall Street’s overnight performance and the strengthening ringgit lifted overall sentiment on the local bourse, with robust buying interest seen in banking heavyweights. Market breadth was positive, with gainers outpacing losers at a 3-to-1 ratio, while broader sectors were concurrently positive as well. Selected energy players Dialog Group (+6.0 sen) and Yinson Holdings (+5.0 sen) led the Energy (+2.56%) index in tandem with the spike in Brent crude prices, while the Property (+0.21%) and Consumer (+0.21%) sectors lagged.

Top 3 Active stocks:
ZETRIX (0138): RM0.855 (+0.5 sen)
TANCO (2429): RM1.440 (+1.0 sen)
99SMART (5326): RM3.500 (-23.0 sen)

Volume: 2.04 bn (100-bar avg vol: 3.31 bn)
Value: RM2.52 bn (100-bar avg val: RM2.81 bn)
Market Breadth: ⬆️748⬇️288
Crude Palm Oil: RM4,016 (+RM97, +2.42%)
Dow Futures: 49,670 pts (-52 pts)

**Source: M+ Global, Bloomberg **

M+ Global Market Update – 20Feb26
US-Iran Tensions Intensified

US: The aggressive pace of capital spending by hyperscalers reflects intense competition among AI developers, who are constantly racing to improve models as well as winning market share. For perspective, OpenAI is introducing its own advertising and chips, and we believe other players might follow suit. Hence, we are of the opinion that under these circumstances, investors may view chip producers such as NVIDIA and AMD as clearer beneficiaries, while overall concerns may linger around cash flow and net margins, as such expenditures contribute to higher depreciation. The memory industry in particular faces supply constraints, as demand has been outstripping the overall supply from the "big three" players this year.

MY: Closer to home, such an environment would be positive for TMK’s top line. For perspective, TMK provides chemicals that are widely used in the production and manufacturing industries, which are also the foundational building blocks of the E&E and semiconductor sectors. With its exposure to the Singapore market, we believe Micron’s capacity ramp-up, which is expected to come on stream by next year, would place TMK in a sweet spot to benefit. Meanwhile, we believe the tight AI race may benefit selected technology players in Malaysia, despite the strong RM environment, as some technology companies may be using RM for their transactions.

Stocks to watch:

Technology: CAPITALA, EDELTEQ, GREATEC, *MI*, *UWC*
Automotive: *BAUTO*, *BETA*
Construction: *CBHB*, SUNCON
Solar: PEKAT, SLVEST
Building Material: *MCEMENT*
Transportation: WPRTS

**Source: M+ Global**

M+ Morning Market Buzz - 20Feb26

Dow Jones: 49,395.16 pts (-267.50pts, -0.54%)
⬆️ Resistance: 50900
⬇️ Support: 48200

FBM KLCI: 1,752.11 pts (+10.85pts, +0.62%)
⬆️ Resistance: 1800
⬇️ Support: 1700

HSI Index: 26,705.94 pts (+138.82pts, +0.52%)
⬆️ Resistance: 27400
⬇️ Support: 25900

Crude Palm Oil: RM4,117 (+RM14, +0.34%)
⬆️ Resistance: 4210
⬇️ Support: 3920

Brent Oil: $71.66 (+$1.31, +1.86%)
⬆️ Resistance: 73.60
⬇️ Support: 65.50

Gold: $4,996.10 (+$1.11, +0.02%)
⬆️ Resistance: 5150
⬇️ Support: 4750

Source: Bloomberg, M+ Global