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Focus Shift Towards Q2 2024 GDP
Fri, 14-Feb-2025 07:04 am
by Research Team • Apex Research

Market Review & Outlook

Malaysia Market Review: The FBM closed below the 1,600-point psychological level today, after reclaiming it yesterday, as cautious sentiment persisted across the broader market. The benchmark index fell -0.7% to close at 1,592.28. Most lower liners saw losses, with the majority of sectors showing negative performance. The worst performing sectors were Telecommunications (-1.0%), Financial Services (-1.0%) and Healthcare (-0.9%).

 

Global Markets Review: US indices surged as traders stay bullish amid optimism over the Russia-Ukraine war ease inflationary concerns. The Dow Jones rose by +0.7%, S&P by +1.0% and NASDAQ by +2.2%. Meanwhile, Asian stock market performance was mixed but skewed towards the positive, as the China tech rally and US-Russia talks spark optimism, offsetting headwinds brought about by hot US inflation data. The Nikkei and KOSPI rose +1.3% and +1.4% respectively, while the SSE and HSI fell by -0.4% and -0.2% respectively.

 

Market Outlook: Local bourse outlook continues to remain uncertain amid external headwinds. Further clarity on tariff plans could imply mild gains. With foreign funds turning back towards net selling position, we reckon further recovery stance may be choppy over the interim. While bargain hunting activities may materialise, the lack of fresh domestic catalyst may keep gains on the lid, if any. Looking ahead, all eyes will shift towards the Malaysia’s Q4 2024 GDP data to be release later today that could provide impetus towards the local economic health.

 

Sector focus. Gold-related stocks may also stay afloat, riding onto the higher gold prices as of late. We reckon the Technology sector may mirror the positive developments on Nasdaq overnight.

 

FBMKLCI Technical Outlook

Technical Commentary: The FBM KLCI formed a bearish candle as the key index drifted from the 1,600 psychological level yesterday. Indicators, however, 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)

Able Global Bhd will be taking over the suspended administrative and executive functions of executive director and executive chairman Ng Keng Hoe, who has been remanded by the Malaysian Anti-Corruption Commission (MACC).

 

Property developer Glomac Bhd has established an Islamic medium-term note (IMTN) programme of up to RM3 billion in nominal value with Malayan Banking Bhd, to be utilised for land acquisition, capital expenditure and working capital.

 

Plastic material and resin manufacturer Luxchem Corp Bhd on Thursday announced that its fourth quarter net profit surged 60.42% year-on-year (y-o-y), largely driven by higher revenue from its trading and manufacturing segments.

 

Mega Fortris Bhd, which debuted on Bursa Malaysia in November last year, reported a net profit of RM5.61 million for the second quarter ended Dec 31, 2024 (2QFY2025).

 

Sunway Bhd said on Thursday it has signed a master agreement for a mixed-use development worth more than RM2.6 billion in Johor.

 

Malaysia Airports Holdings Bhd (MAHB) has submitted an application to Bursa Securities for the removal of its listing status from the Official List, in line with Paragraph 16.07(a) of the Listing Requirements.

 

CelcomDigi Bhd said on Thursday its net profit fell nearly 64% in the final quarter of 2024 from a year earlier, primarily due to higher depreciation and impairment charges.

 

T7 Global Bhd’s subsidiary Tanjung Offshore Services Sdn Bhd has been awarded a contract by EnQuest Petroleum Production Malaysia Ltd for maintenance, construction, and modification, as well as hook-up and commissioning services under the B3 Package, with an initial duration of five years.

Sentiment: Negative
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Market Mover
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