Opening Daily Highlight
Local
Taking Another Jab Towards 1,600
Thu, 13-Feb-2025 07:08 am
by Research Team • Apex Research

Market Review & Outlook

Malaysia Market Review: The FBM KLCI finished higher today, crossing the 1,600 psychological level as blue-chip stocks saw steady buying interest, particularly from banking heavyweights. The benchmark index gained +0.8% to close at 1,603.05. Most lower liners saw gains, with most sectors closing in positive territory. The best performing sectors were Plantations (+1.6%), Financial Services (+0.9%) and Utilities (+0.7%).

 

Global Markets Review: US markets moved largely in a negative direction after consumer prices rose more than expected in January, with the Dow Jones falling -0.5% and S&P by -0.3%, while the NASDAQ ticked 0.03% higher. The latest inflation data makes it less likely the Fed will resume its rate-cutting campaign anytime soon and now raises concern perhaps the next move could even be a hike. Meanwhile, Asian stock markets closed on a positive note ahead of the key US inflation data.

 

Market Outlook: Local bourse outlook continues to remain uncertain despite the FBM KLCI’s gains, overall market breath was negative, reflecting a cautious undertone among investors amid external uncertainties. Further clarity on tariff plans could imply mild gains. With foreign funds turning net buying for the past three consecutive trading sessions, this could provide some impetus towards an extension of recovery over at the local bourse. Trading activities shifting into higher gear in recent days as investors return from the festive breaks may also provide cushion towards potential pullback, if any.

 

Sector focus. Export-related players such as Technology, Furniture, Gloves may capitalise onto the stronger USD against MYR. Meanwhile, the Plantation sector may also see buying interest, tracking the increase in CPO prices, which is supported by weaker output outlook due to adverse weather conditions in Malaysia and Indonesia. Oil & gas related stocks may turn subdue following the weaker oil prices.

 

FBMKLCI Technical Outlook

Technical Commentary: The FBM KLCI formed another bullish candle as the key index recovered above SMA50 yesterday. Indicators remained positive with the MACD Line lingering above the Signal Line, while the RSI floats above 50. Immediate resistance is located at 1,630. Support is envisaged around 1,570.

 

Company News (source: various)

Gateway Development Alliance Sdn Bhd (GDA) on Wednesday announced that it has secured 98.68% of Malaysia Airports Holdings Bhd’s (MAHB) shares at the close of the consortium’s takeover offer for the airport operator.

 

Payment solutions provider Revenue Group Bhd plans to raise up to RM193.63 million via a right issue with warrants, mainly to fund its venture into the money lending business.

 

Electronic reload and bill payment services provider RichTech Digital Bhd, which is slated to float its shares on Bursa Malaysia on Feb 17, posted a net profit of RM939,000 on a revenue of RM1.77 million for the fourth quarter.

 

The national carmaker, in which DRB-Hicom Bhd owns a 50.1% stake, saw sales fall to 9,914 units in January from 12,882 units in the same month last year.

 

Carlsberg Brewery Malaysia Bhd said the group faces a tougher competitive landscape in Singapore as on-trade sales soften, following the goods and services tax (GST) hike and a challenging transition from Asahi to Sapporo. 

 

Heineken Malaysia Bhd's reported a record high quarterly net profit of RM140.85 million in its fourth quarter ended Dec 31, 2024 (4QFY2024), up 42.2% from RM99.07 million in 4QFY2023, driven by lower effective tax rate and longer festive selling period in 2024.

 

Malaysian Pacific Industries Bhd is disposing of two parcels of land in Bayan Lepas, Penang for a total cash consideration of RM140 million.

 

Capital A Bhd said its aviation arm AirAsia Aviation Group carried 16.27 million passengers in the fourth quarter of last year (4Q2024), up 9% compared with 14.88 million passengers a year earlier, amid increased seat capacity and robust demand for air travel.

Sentiment: Positive
Read more details in:

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.

Market Mover
Settlement Rates
Currency Buy Rates (RM) Sell Rates (RM)
USD 4.207953 4.240384
EUR 4.900569 4.909007
CNY 0.592297 0.593304
HKD 0.541528 0.545709
SGD 3.238209 3.263373