Market Review & Outlook
Malaysia Market Review: Bursa Malaysia ended the final week of October on a softer note, with the FBM KLCI slipping 0.3%, mirroring regional weakness following a sharp sell-off in major US technology stocks on Thursday. Meanwhile, lower liners closed mix. Sector wise, gains were led by Property (+0.6%) and Energy (+0.4%) while Construction (-1.0%) and Healthcare (-0.8%) were the main laggards.
Global Markets Review: Wall Street ended higher on Friday, with the Dow Jones (+0.1%), S&P 500 (+0.3%), and Nasdaq (+0.6%) advancing, lifted by gains in Amazon following its stronger-than-expected quarterly results. In contrast, European equities retreated as investors digested mixed corporate earnings and a softer-than-expected euro-zone inflation print, which reinforced the European Central Bank’s stance that price pressures remain subdued. Asian markets were mixed, with Japan’s Nikkei 225 climbing 2.1%, supported by sustained optimism in the tech and semiconductor sectors amid growing enthusiasm for AI, while China’s Shanghai Composite (-0.8%) and Hong Kong’s Hang Seng Index (-1.4%) declined after weaker-than-expected manufacturing PMI data signalled continued contraction in factory activity.
Market Outlook. Globally, earnings momentum remains positive, though Wall Street valuations appear to be nearing short-term ceilings as investors await further policy clarity and the continuation of earnings season. In the coming week, focus will centre on the AI trade, with Palantir, AMD, Supermicro, and Constellation Energy set to release quarterly results. Investors will also be closely watching the US Supreme Court hearing on 5 November, which will determine the legality of President Trump’s tariffs and could have significant implications for global trade sentiment. Against this backdrop, the FBM KLCI is expected to remain relatively stable, likely trading within a narrow range around the 1,605 level as investors await fresh catalysts. We view any near-term pullback as an opportunity for selective bargain-hunting, supported by Malaysia’s resilient macroeconomic backdrop and improving forward indicators.
Sector focus. We remain positive on construction, power ancillary, and renewable energy counters, supported by data centre expansion and the ongoing energy transition, as well as defensive sectors such as consumer staples, which are backed by steady domestic consumption and resilient earnings visibility.
FBMKLCI Technical Outlook
Technical Commentary: The FBM KLCI posted another neutral Doji candlestick, signalling short-term indecision as buying momentum paused after recent advances. Indicators remain mixed, with the MACD Line still trading below the Signal Line, while the RSI stays above 50. The next resistance is located at 1,660. Support is envisaged at around 1,600.
Company News (source: various)
Careplus Group Bhd said its external auditor has issued an unqualified opinion with a material uncertainty related to the group’s ability to continue as a going concern, as disclosed in its audited financial statements for FY2025.
CIMB Group Holdings Bhd has issued its first-ever renminbi-denominated bonds in China. The three-year "panda bond" raised three billion yuan (RM1.77 billion) and was priced to carry a fixed coupon rate of 2.18%.
Country Heights Holdings Bhd’s external auditor has flagged a material uncertainty related to the property developer’s ability to continue as a going concern considering its net loss and its liabilities exceeding assets for the financial year ended June 30, 2025 (FY2025).
Enproserve Group Bhd has secured a two-year onshore pipeline maintenance services contract from Petronas Carigali Sdn Bhd.
Frontken Corporation Bhd’s net profit for the third quarter ended Sept 30, 2025 (3QFY2025) rose 30% to RM45.83 million from a year earlier, thanks to higher volume. Revenue for the quarter rose 12% year-on-year to RM161.87 million. No dividend was declared for the quarter.
Mega Fortris Bhd saw Oversea-Chinese Banking Corp Ltd, Singapore’ second-largest banking group also known as OCBC, sell off its entire indirect stake in the company.
NexG Bhd’s former executive deputy chairman Tan Sri Mohd Khairul Adib Abd Rahman has upped his stake in the company, at a premium, by 4.31%.
Sarawak Consolidated Industries Bhd said it has accepted a second revised contract worth RM172.4 million from Perbadanan PR1MA Malaysia (PR1MA) to build affordable housing in Kota Bharu, Kelantan.
Unisem (M) Bhd saw its net profit drop 27.5% to RM19.38 million for 3QFY2025 from RM26.75 million a year earlier, due to foreign exchange losses and higher operating expenses at its new plant in Gopeng, Perak.
YTL Power International Bhd announced the completion of its AI data centre in Johor, in partnership with tech giant Nvidia Corp.
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.
| Currency | Buy Rates (RM) | Sell Rates (RM) |
|---|---|---|
| USD | 4.174479 | 4.203774 |
| EUR | 4.846609 | 4.851557 |
| CNY | 0.588374 | 0.588963 |
| HKD | 0.537188 | 0.540958 |
| SGD | 3.209459 | 3.232042 |