Market Review & Outlook
Malaysia Market Review: The FBM KLCI started off the week on a weaker note after trading in a tight range before edging -0.1% lower yesterday. The lower liners also extended their pullback with trading activities turning lacklustre. Defensive-natured selected sectors such as REIT (+0.73%), Telecommunications & Media (+0.06%) and Transportation & Logistics (+0.07%) sectors outperformed the negative sectorial peers.
Global Markets Review: Wall Street extended their gains with all three major indices rallied more than 1.0% higher after US President Donald Trump announced that sector-specific tariffs will only be imposed while applying reciprocal levies on 2 Apr 2025. In Europe, markets extended their pullback after a choppy trading session on concerns over uncertainties in US tariff imposition. Meanwhile, Asian markets closed mixed after China announced to preserve spending to preserve fiscal strength for uncertainties to cushion the impact of higher US tariffs.
Market Outlook: Trading activities simmered ahead of the Hari Raya festive break with the local bourse trading on a tight range yesterday. While Bank Negara has painted a resilient outlook in the BNM Annual Report 2024, the central bank flags external risks that could derail the country’s growth prospects. While a more targeted tariff imposition is on the cards, Malaysia is not spared as one of the 15 countries that recorded trade surplus with US that could be impacted by the reciprocal tariff measures. Meanwhile, the lower liners may remain subdue in light of weakening trading activities with investors assess recent market developments. Economic wise, investors will observe US consumer confidence as well as new home sales data later tonight.
Sector focus. We are positive onto the Technology sector that could mirror the strong gains on Nasdaq overnight. Also, the extended recovery in crude oil prices may lift Energy sector after US threatened to impose 25% levies on imports from any country that imports oil from Venezuela and tightens sanctions on Iran.
Technical Commentary: The FBM KLCI formed a bearish candle after erasing all its intraday gains yesterday as the key index looks to defend the 1,500 psychological level. Indicators remained negative with the MACD Line lingered below the Signal Line, while the RSI hovers below 50. Immediate resistance is located at 1,530. Support is envisaged around 1,485.
Company News (source: various)
Dayang Enterprise Holdings Bhd's unit DESB Marine Services Sdn Bhd had last month received three work orders from PETRONAS Carigali Sdn Bhd (PCSB) for the provision of three units of accommodation work boats (AWBs).
Nestcon Bhd has secured a contract in respect of the earthworks on Lot 863/864, partial of Lot 602 and Lot 610, covering an area of 242 acres in Hulu Selangor, Selangor, worth RM100mil
The Court of Appeal has recorded a consent judgment between the federal government and AwanBiru Technology Bhd’s unit Prestariang Skin Sdn Bhd, where the government has agreed to pay Prestariang RM201.477 million within three months and withdraw its appeal for a stay of the High Court’s decision last year that ordered it to pay RM231.55 million.
Datuk Keh Chuan Seng has resigned as executive chairman of Ge-Shen Corp Bhd, Tex Cycle Technology (M) Bhd and K Seng Seng Corp Bhd and stepped down as non-independent non-executive deputy chairman of Agricore CS Holdings Bhd citing personal circumstances.
IJM Corp Bhd remains positive about its business outlook and the potential to secure tendered projects despite recent online allegations casting a pall over the company.
Oasis Harvest Corp Bhd said it will ensure all future corporate exercises align with best practices and prioritise shareholder interests, after it was reprimanded by Bursa Malaysia in relation to the way it handled a now-scrapped rights issue proposal.
Axiata Group Bhd’s shareholders have approved the proposed merger between PT XL Axiata and PT Smartfren Telecom Tbk.
Capital A Bhd said the cut-off date to dispose of its short-haul aviation business worth RM6.8 billion to its sister company AirAsia X Bhd has been extended for a second time, to May 30.
AME Real Estate Investment Trust has entered into a deal to acquire three industrial properties from its sponsor, AME Elite Consortium Bhd, for RM100.8 million.
Advancecon Holdings Bhd said it has secured a RM56.64 million contract for infrastructure works at Ladang Londah in Gemas, Negeri Sembilan.
Borneo Oil Bhd said its indirect subsidiary Borneo Oil (Sabah) Sdn Bhd (BOS) has secured a licence from Petroliam Nasional Bhd (Petronas) as a Sabahan vendor.
Malaysia Marine and Heavy Engineering Holdings Bhd has secured a contract from Vestigo Petroleum Sdn Bhd to undertake an engineering, procurement, construction, installation and commissioning project.
Catcha Digital Bhd has proposed to acquire a 92.5% stake in financial software company Theta Service Partner Sdn Bhd for RM34.96 million, as part of the company’s expansion into enterprise IT solutions and to diversify its revenue beyond digital media advertising.
ICT Zone Asia Bhd, which is in the midst of being transferred from the LEAP Market to the ACE Market, reported a net profit of RM4.42 million for the second half ended Jan 31, 2025, down 16.8% from RM5.32 million a year earlier.
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Currency | Buy Rates (RM) | Sell Rates (RM) |
---|---|---|
USD | 4.420886 | 4.455517 |
EUR | 4.777422 | 4.786296 |
CNY | 0.609704 | 0.610870 |
HKD | 0.568233 | 0.572913 |
SGD | 3.295156 | 3.321155 |