Market Review & Outlook
Malaysia Market Review. The FBM KLCI (+0.1%) recorded a slight gain despite strong performance on Wall Street. Sectoral performance was mixed, with the Construction sector (+2.3%) leading the gainers, while Utilities (-0.8%) and Energy (-0.7%) posted biggest decline.
Global Markets Review. Wall Street extended its rally with the Dow (+1.0%) re-claimed the 44,000 psychological level, buoyed by favorable business activity data indicating a resilient economy. European markets also closed higher, mirroring the positive momentum in the US, while most Asian markets ended in the green, tracking the upbeat sentiment.
Market Outlook. The local bourse continues to linger in a weak momentum due to a lack of fresh catalysts. Investors will be kept busy as domestic corporate earnings enter into the plethora stage this week. Globally, key events to monitor include the US FOMC meeting, GDP data, and PCE releases will be in focus. Investors are advised to adopt a cautious approach, keeping a close eye on developments that may impact market dynamics. Gold-related stocks could benefit as gold prices climb above RM2,700 on safe-haven demand amid dollar strength and reduced expectations of a US rate cut next month. Meanwhile, the Construction sector is likely to continue outperform, driven by sustained foreign fund interest, led by Gamuda standing out as a preferred investment.
FBM KLCI Technical Review & Outlook
Technical Commentary: The FBM KLCI formed a bullish candle as the key index looks to re-claim the 1,600 psychological level on last Friday. Indicators, however, 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
SkyWorld Development Bhd has completed the due diligence for the proposed joint development of a property in Vietnam's Binh Duong province, its second venture into that country.
Lagenda Properties Bhd’s indirectly owned subsidiary Opti Vega Sdn Bhd has secured the right to develop a 139-acre land in Kota Tinggi, Johor, for RM99.62 million.
Solarvest Holdings Bhd’s wholly owned subsidiary Atlantic Blue Sdn Bhd has been awarded a RM142 million engineering, procurement, construction and commissioning (EPCC) contract from SM01 Sdn Bhd, a special purpose vehicle (SPV) in which the group owns a 33% stake.
Icon Offshore Bhd has signed definitive agreements for a slew of previously announced acquisitions for 40 maritime assets worth over RM400 million that will more than double its fleet.
Chin Hin Group Property Bhd has established a RM500 million perpetual notes programme.
Allianz Malaysia Bhd’s net profit for the third quarter ended Sept 30 (3QFY2024) dipped 7.4% to RM183.2 million from RM197.9 million in the same quarter last year, as certain expenses jumped while it recorded a drop in dividend income and lower fair value gains from investments.
D&O Green Technologies Bhd’s net profit for 3QFY2024 was flat at RM18.25 million compared to the same period last year, despite thinner gross margin.
Favelle Favco Bhd sank into the red for 3QFY2024 — the crane manufacturer's first quarterly loss since listing back in 2006 — with a net loss of RM7.58 million versus a net profit of RM12.1 million in the same quarter last year on foreign exchange loss.
BM Greentech Bhd’s net profit for the second quarter ended Sept 30, 2024 (2QFY2025) jumped 55% to a record high RM13 million from RM8.38 million in the same quarter last year, as revenue increased 15.8% to a record high RM137.1 million from RM118.4 million.
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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.
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Currency | Buy Rates (RM) | Sell Rates (RM) |
---|---|---|
USD | 4.436869 | 4.470612 |
EUR | 4.675505 | 4.679374 |
CNY | 0.611103 | 0.611560 |
HKD | 0.570272 | 0.574102 |
SGD | 3.296965 | 3.319254 |