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Wed, 27-Nov-2024 07:38 am
by Research Team • Apex Research

Market Review & Outlook 

  • Malaysia Market Review. The FBM KLCI (+0.4%) sustained its positive momentum, closing above the 1,600 level, buoyed by positive spillover from Wall Street. However, market breadth remained negative, with decliners outnumbering gainers. Sector-wise, the Utilities sector (+1.8%) led the gains, driven by YTL and YTLP, while the Property sector (-1.9%) was the biggest decliner.

 

  • Global Markets Review. Wall Street extended its rally, led by technology stocks, after President-elect Donald Trump announced potential tariffs on Canada, Mexico, and China. Conversely, European markets retreated, led by automakers, as Trump’s tariff threats reignited fears of a global trade war. Similarly, most Asian markets ended lower, weighed down by concerns over renewed trade tensions.

 

  • Market Outlook. Sentiment on the local bourse remains subdued due to persistent foreign fund outflows, though local institutional buying has helped to offer support on the index. Investors are expected to monitor the last few days of corporate earnings season closely, while on the global stage, key US data releases—including GDP, PCE, and jobless claims—are likely to impact market performance. Under current market conditions, large-cap and blue-chip stocks remain the preferred focus. The Utilities sector may face selling pressure following weaker-than-expected results from YTL and YTLP. Meanwhile, the Technology sector is poised to outperform, supported by positive spillover from the US Nasdaq and Intel’s USD 7.9bn chip funding announcement.

     

FBM KLCI Technical Review & Outlook

  • Technical Commentary: The FBM KLCI extended its recovery to close marginally above the 1,600 psychological level yesterday. Indicators, however, remained negative as MACD Line hovered below the Signal Line, while the RSI lingered below 50. Immediate resistance is located at 1,625. Support is envisaged around 1,570.

     

Company News 

  • Penang Development Corporation (PDC) has rejected an RM818 million bid by a tripartite consortium led by IJM Corporation Bhd to develop the Batu Kawan Industrial Park 2 in Penang.

     

  • Malayan Banking Bhd reported that its net profit rose 7.6% to RM2.54 billion for the three months ended Sept 30, 2024 (3QFY2024), from RM2.36 billion a year earlier, as non-interest income growth offset a decline in net interest income. 

     

  • Sunway Bhd posted a net profit of RM376.08 million for 3QFY2024, up from RM180.3 million a year ago, on stronger operating performance across its core businesses. 

     

  • IOI Corp Bhd’s net profit jumped 133.8% year-on-year to RM710.7 million in the first quarter ended Sept 30, 2024 (1QFY2025) from RM304 million in 1QFY2024, primarily driven by foreign exchange translation gains from its US dollar-denominated borrowings following the strengthening of the ringgit against the greenback, and fair value adjustments on its biological assets and derivative financial instruments

     

  • YTL Corp Bhd’s ’s net profit fell by more than a third in the first quarter ended Sept 30, 2024 to RM333.7 million from RM521.73 million a year ago,  as contributions from its utilities business, represented by its 55.57% stake in YTL Power International Bhd  declined.

     

  • Malaysia Airports Holdings Bhd’s net profit more than doubled to RM210.37 million in 3QFY2024, from RM94.76 million a year ago, fuelled by higher passenger volumes.

     

  • Greatech Technology Bhd’s net profit for 3QFY2024 halved on foreign exchange losses, as it recorded a net profit of RM22.95 million, down 50.8% from RM46.66 million last year.

     

  • Pharmaniaga Bhd  saw a turnaround in 3QFY2024 thanks to higher sales and the reversal of penalty charges from the government.

Sentiment: Positive
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Market Mover
Settlement Rates
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