Opening Daily Highlight
Mixed
Unabated volatility
Tue, 29-Oct-2024 07:36 am
by Research Team • Apex Research

Market Review & Outlook 

  • Malaysia Market Review. The FBM KLCI declined by -0.5%, marking its sixth consecutive session of losses and diverging from gains across regional markets. Lower liners also ended in the red, with the Utilities (-1.3%) and Energy (-1.1%) sectors leading the losses. Only two sectors – Consumer and Plantation closed in positive territory.

  • Global Markets Review. US stock markets closed higher, with all three major indices in green, as investors brace for a busy week of corporate earnings and economic data. European markets also finished in positive territory as investors monitored developments in the Middle East. In Asia, most markets ended higher, led by Japan’s Nikkei, following election results that saw the ruling party lose its parliamentary majority, easing concerns over aggressive interest rate policies.

  • Market Outlook. Local sentiment remains pressured by foreign fund outflows to regional markets. While we expect some bargain hunting may emerge following Wall Street's positive performance, caution is warranted given ongoing negative sentiment across the local bourse and volatility in global markets. Investors will be closely monitoring the upcoming US employment data, corporate earnings, and next week's presidential election for economic insights. The Energy sector may face selling pressure following a decline in oil prices, as supply disruptions from the Israel-Iran tensions have not materialized. The Construction sector remains our preferred pick to outperform, supported by positive progress in local developments.

 

FBM KLCI Technical Review & Outlook

  • Technical Commentary: The FBM KLCI erased all its intraday gains to form another bearish candle as the key index approaches the SMA200 level. Indicators remained negative as MACD Line hovered below the Signal Line, while the RSI treaded below 50. Immediate resistance is located at 1,645. Support is envisaged around 1,600.

 

Company News (source: various)

  • KLCCP Stapled Group has appointed Datuk Mohd Salem Kailany as chief executive officer of KLCC Property Holdings Bhd and KLCC REIT Management Sdn Bhd, effective Nov 1.

  • Genting Bhd has awarded two contracts worth a collective RM1.36 billion to Indonesian and Chinese contractors to complete the onshore gas processing plant.

  • Mah Sing Group Bhd has signed a second partnership with Bridge Data Centres Malaysia Sdn Bhd, a company wholly-owned by Bain Capital. 

  • Axis Real Estate Investment Trust (Axis REIT) saw its third quarter net property income rise 12% to RM69.35 million from RM61.90 million a year earlier, as it recognised contribution from newly acquired properties.

  • Higher rental income provided a boost to IGB Real Estate Investment Trust (REIT) and IGB Commercial REIT’s NPI for the third quarter ended Sept 30, 2024 (3QFY2024).

  • PGF Capital Bhd , saw its net profit more than double for the second financial quarter ended Aug 31, 2024 (2QFY2025), primarily attributed to its insulation segment, driven by strong demand from the Oceania market. 

  • ICT Zone Asia Bhd has filed for an initial public offering (IPO) as part of the information and communications technology (ICT) solutions provider’s listing transfer to the ACE Market from the LEAP Market.
Sentiment: Neutral
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Market Mover
Settlement Rates
Currency Buy Rates (RM) Sell Rates (RM)
USD 4.234401 4.267966
EUR 4.968832 4.973917
CNY 0.592614 0.593203
HKD 0.539607 0.543379
SGD 3.309628 3.332912