Market Review & Outlook
Malaysia Market Review. FBM KLCI (+0.2%) staged a rebound following days of decline. The market broadly declined, with lower liners ending the day in the red. Most indices ended lower, with the top gainer being Utilities (+1.0%), while the top decliner was Plantations (-2.0%).
Global Markets Review. The US stock market ended little change as the inflation data came within market expectations. Asian market performance mixed, as weak commodity prices are triggering some heavy selling in energy and material sectors. Some traders also looked to cash in on recent strength in markets following US elections, and seem reluctant to make more significant moves ahead of the highly anticipated report on US consumer price inflation later in the day. Japan’s Nikkei 225 fell -1.7%, while the SSE rose +0.5%. The HSI and KOSPI moved in a negative direction.
Market Outlook. There were subtle signs of recovery on the FBM KLCI which attempts to cement its position above the 1,600 psychological level. The US inflation data released overnight is deemed positive for the Federal Reserve to stay on course onto their interest rate cut narrative. Back home, we expect the local bourse to build onto yesterday’s recovery as investors nibble onto beaten down stocks. Sector wise, we expect profit taking activities to emerge within the Plantation sector following the pullback in CPO prices. Meanwhile, export-oriented sectors such as gloves, furniture and technology may thrive amid the weaker MYR against USD.
FBM KLCI Technical Review & Outlook
Technical Commentary: The FBM KLCI formed a hammer candle to close mildly higher as the key index snapped a four-day losing streak yesterday. Indicators, however, remained negative as MACD Line hovered below the Signal Line, while the RSI lingered below 50. Immediate resistance is located at 1,645. Support is envisaged around 1,600.
Company News
Uzma Bhd has accepted an award from Petroliam Nasional Bhd or PETRONAS for the provision of Pan Malaysia integrated well continuity services.
Johor Plantations Group Bhd is optimistic in the final quarter of the year, thanks to strong crude palm oil (CPO) prices.
United Plantations Bhd, whose share price hit a record high on Tuesday, announced a 60 sen per share dividend payout — comprising a special dividend of 20 sen and an interim dividend of 40 sen — plus a one-for-two bonus issue.
Information and communications technology (ICT) products distributor VSTECS Bhd’s revenue climbed to record high of RM841.76 million for the three months ended Sept 30, 2024 (3QFY2024).
Logistics firm Swift Haulage Bhd’s net profit came in lower at RM5.77 million for the third quarter ended Sept 30 (3QFY2024), down nearly 80% against RM28.3 million a year ago when it booked in RM25.47 million gain from bargain purchase.
Malaysia Marine and Heavy Engineering Holdings Bhd turned profitable in the third quarter ended Sept 30, 2024 (3QFY2024), thanks to improved performance of both its heavy engineering and marine segments when it posted a quarterly net profit of RM15.27 million, against a net loss of RM105.21 million in 3QFY2023.
Bumi Armada Bhd said its floating production storage and offloading (FPSO) vessel, Armada TGT1, has secured a two-year charter extension worth US$74.4 million (RM330.93 million).
Dayang Enterprise Bhd has secured two more contracts to provide pan-Malaysia services to Petronas and its production sharing contractors.
Pasdec Bhd is expected to realise an estimated net gain of RM68.38 million from the proposed sale of industrial land in Kuantan, Pahang to Petroluxe Refinery (M) Sdn Bhd (PRSB) for RM73.5 million.
Scientex Bhd said it has established a perpetual multi-currency Islamic medium-term notes programme of RM1.5 billion in nominal value.
Disclaimer
The report is for internal and private circulation only and shall not be reproduced either in part or otherwise without the prior written consent of Apex Securities Berhad. The opinions and information contained herein are based on available data believed to be reliable. It is not to be construed as an offer, invitation or solicitation to buy or sell the securities covered by this report.
Opinions, estimates and projections in this report constitute the current judgment of the author. They do not necessarily reflect the opinion of Apex Securities Berhad and are subject to change without notice. Apex Securities Berhad has no obligation to update, modify or amend this report or to otherwise notify a reader thereof in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forth herein, changes or subsequently becomes inaccurate.
Apex Securities Berhad does not warrant the accuracy of anything stated herein in any manner whatsoever and no reliance upon such statement by anyone shall give rise to any claim whatsoever against Apex Securities Berhad. Apex Securities Berhad may from time to time have an interest in the company mentioned by this report. This report may not be reproduced, copied or circulated without the prior written approval of Apex Securities Berhad.
Currency | Buy Rates (RM) | Sell Rates (RM) |
---|---|---|
USD | 4.431349 | 4.466109 |
EUR | 4.725230 | 4.729698 |
CNY | 0.615997 | 0.616606 |
HKD | 0.569934 | 0.573901 |
SGD | 3.315285 | 3.338615 |