Market Review & Outlook
Malaysia Market Review. The FBM KLCI (-0.6%) fell for the third consecutive day in tandem with weaker regional performance. The lower liners were mixed, while the utilities sector (-1.8%) remained as the worst performer among its sectoral peers.
Global Markets Review. Wall Street rebounded, with the Dow leading the charge with cyclical blue-chip heavyweights garnered increased interest. The European markets also advanced led by gains in the insurance sectors, while the Asean stock markets failed to close in the green, despite Nvidia posting better-than-expected results.
Market Outlook. We continue to observe the weak sentiment in the local bourse, with downward pressure taking shape amid the renewed geopolitical volatility. That said, we might see some bargain hunting emerging on the local market today, driven by the positive Wall Street performance. However, we advise investors to remain cautious, in the absence of fresh catalysts. On the global front, all eyes will focus onto UK retail sales and US Michigan Consumer Sentiment that will release later today. Back home, investors will be focusing on the ongoing quarterly results season as well as CPI data. We anticipate gold-related stocks will benefit from the increasing demand for safe-haven bullion as price strengthens above USD 2,670/oz. Meanwhile, we also foresee oil & gas stocks to gain momentum as conflict between Russian and Ukraine escalates.
FBM KLCI Technical Review & Outlook
Technical Commentary: The FBM KLCI formed another bearish candle as the key index drifted further from the 1,600 psychological level yesterday. Indicators remained negative as MACD Line hovered below the Signal Line, while the RSI lingered below 50. Immediate resistance is located at 1,625. Support is envisaged around 1,570.
Company News
Petron Malaysia Refining & Marketing Bhd’s net profit for the third quarter ended Sept 30, 2024 (3QFY2024) fell 94.3% to RM4.63 million from RM81.9 million in the same quarter a year earlier on fuel demand correction following the implementation of targeted diesel subsidy in June.
DRB-Hicom Bhd posted a net loss of RM5.29 million for 3QFY2024 compared to a net profit of RM70.8 million in the same quarter last year, on lower vehicle sales and higher loss on derivatives of RM80.27 million.
Dayang Enterprise Holdings Bhd’s net profit for 3QFY2024 surged 76.67% to a record high RM134.94 million from RM76.38 million in the same quarter last year, as vessel utilisation and daily charter rates improved.
AEON Co (M) Bhd’s net profit for 3QFY2024 rose 35.4% to RM18.79 million from RM13.88 million a year earlier, as quarterly revenue rose 4.9% to RM1 billion from RM955.9 million, driven by growth across all business segments.
7-Eleven Malaysia Holdings Bhd’s net profit for 3QFY2024 fell 24% to RM10.93 million from RM14.32 million in the same quarter last year, as operating expenses outgrew its 5.5% rise in revenue to RM744.05 million from RM705.31 million.
MSM Malaysia Holdings Bhd’s net loss for 3QFY2024 stood at RM49.75 million versus RM36.06 million in the same quarter last year, despite revenue rising 6.78% to RM861.44 million from RM806.72 million, due to higher forex losses.
Far East Holdings Bhd has declared a special dividend of seven sen per share, payable on Dec 23, as its net profit for 3QFY2024 more than doubled to a record RM64.45 million from RM31.55 million in the same quarter last year on higher production coupled with higher crude palm oil (CPO) and palm kernel (PK) prices.
Hap Seng Consolidated Bhd’s net profit for 3QFY2024 jumped three-fold to RM193.11 million from RM50.3 million in 3QFY2023, though revenue slipped 3.94% to RM1.48 billion from RM1.54 billion due to weaker credit financing and automotive and trading divisions, mitigated by higher revenue from its plantation and property and building materials divisions.
Sunway Construction Group Bhd’s net profit for 3QFY2024 jumped 32.71% to RM46.47 million from RM35.01 million in the same quarter last year, as revenue rose 28.48% to RM865.33 million from RM673.51 million on the accelerated progress of its data centre projects.
UEM Sunrise Bhd’s net profit for 3QFY2024 jumped to RM23 million from RM8.34 million in 3QFY2023, as revenue rose 18.24% to RM369.33 million from RM312.35 million — mainly driven by the sales of non-strategic lands in Iskandar Puteri, Johor, but offset by a weaker property development segment.
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| Currency | Buy Rates (RM) | Sell Rates (RM) |
|---|---|---|
| USD | 4.449296 | 4.484012 |
| EUR | 4.692599 | 4.701308 |
| CNY | 0.615732 | 0.616932 |
| HKD | 0.571606 | 0.576092 |
| SGD | 3.310067 | 3.336427 |