Market Review & Outlook
Malaysia Market Review: The FBM KLCI (+0.3%) managed to build onto its previous session of recovery with more than half of the key index components finished higher yesterday. The lower liners, however, closed mixed. Sector performances were fairly positive with the Telecommunications & Media sector (+2.1%) outperformed, while the Energy sector (-0.2%) was the biggest loser.
Global Markets Review: Wall Street staged a pullback with all three major indices retreated overnight as concern over tariff policies resurfaced after US President Donald Trump was set to announce plans on automotive tariff imports. In Europe, markets also staged a pullback as fresh threat of tariff derailed sentiment. Meanwhile, Asian markets finished mostly upbeat, powered by gains in technology stocks.
Market Outlook: Expectedly, the FBM KLCI managed to build onto its previous session of gains yesterday as the key index firmed up above the 1,500 psychological level. Despite People Bank of China pledging to step up a more accommodative fiscal policy and monetary policy should China’s economic growth losses momentum, we expect the negative sentiment on Wall Street overnight may spillover to stocks across Bursa Malaysia today. We opine that new tariff developments will continue to shape market direction with Trump administration looking to impose tariffs on copper and automobile imports in coming weeks. Economic wise, investors will be focusing onto Malaysia PPI data later today which has recorded improvement in recent two months as well as US Q4 2024 GDP data slated to be release later tonight.
Sector focus. Under the prevailing circumstances, we favour the defensive related sectors such as REIT, Healthcare and Utilities to weather market volatility. Meanwhile, the Energy sector will be in focus following the higher oil prices from the decline in US inventory level as well as tightening of supply from US sanctions.
Technical Commentary: The FBM KLCI formed a shooting star candle after erasing most of its intraday gains as the key index inched up to close at one-week high yesterday. Indicators, however, 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)
Gamuda Bhd reported a 4.8% year-on-year increase in net profit for the second fiscal quarter thanks to domestic construction projects, particularly the Penang land reclamation works.
Rohas Tecnic Bhd has accepted a letter of intent from Tenaga Nasional Bhd (TNB) for the provision of engineering, procurement, construction and commissioning (EPCC) services worth RM92.8mil.
Matrix Concepts Holdings Bhd has announced the resignation of its director/group managing director (MD), Ho Kong Soon, effective April 1.
Lim Seong Hai Capital Bhd (LSH Capital) has signed a 20-year lease agreement with the government to operate and maintain the Kuala Lumpur Tower and its surrounding areas.
Symphony Life Bhd has named Datuk Kenneth Vun Yun Liun as its new managing director.
Gas Malaysia Bhd has announced a final dividend of 10.28 sen per share, payable on June 26, 2025, following a 15.12% increase in its annual net profit to RM441.39 million for the financial year ended Dec 31, 2024.
Kim Loong Resources Bhd reported an 8.49% drop in net profit for its fourth quarter compared to the previous year, as lower fresh fruit bunches (FFB) production and increased operational costs offset the higher revenue it netted for the quarter amid higher CPO selling prices.
United Malacca Bhd’s net profit for its third quarter rose 53% year-on-year, mainly attributed to higher crude palm oil and palm kernel prices.
MyNews Holdings Bhd reported a 206% surge in net profit for the first quarter ended Jan 31, 2025 (1QFY2025), driven by an increase in store openings and improved in-store sales.
Marine & General Bhd’s third quarter net profit fell 80% to RM2.55 million from lower vessel utilisation.
Dayang Enterprise Holdings Bhd has secured two contracts for the provision of accommodation workboats from Hibiscus Petroleum Bhd.
Nestcon Builders Sdn Bhd, a wholly owned subsidiary of construction outfit Nestcon Bhd, has secured a construction contract worth RM228.3 million from Paramount Property (Cityview) Sdn Bhd.
Solarvest Holdings Bhd’s unit Atlantic Blue Sdn Bhd has secured an engineering, procurement, construction, and commissioning (EPCC) contract from SV Flux Sdn Bhd, an indirect unit of Penang Development Corp (PDC), worth RM103.08 million.
Mechanical and electrical engineering services specialist Bintai Kinden Corp Bhd has won a RM27.15 million contract for the construction of six blocks of shop offices in Seremban.
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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 |