Opening Daily Highlight
Mixed
Equities Struggle as Weakness Lingers
Mon, 01-Dec-2025 07:36 am
by Research Team • Apex Research

Market Review & Outlook

Malaysia Market Review: The FBM KLCI slipped 0.8% on Friday amid a lack of fresh catalysts and ongoing broad-based selling. Market breadth was negative, with 357 gainers versus 810 losers. Most sectors closed lower, except for property (+0.85%) and finance (+0.10%). Local institutions and retailers were net buyers whereas foreign investors were net sellers.

 

Global Markets Review: U.S. stocks rose in a holiday-shortened Black Friday session, marking a fifth straight day of gains, with the Dow (+0.61%), S&P 500 (+0.54%), and Nasdaq (+0.65%) lifted by retail strength and a rebound in tech. Intel surged 10.2% on news it could supply Apple’s low-end M processor by 2027, while Eli Lilly slipped 2.6%, dragging healthcare lower. The session also coincided with the start of the holiday shopping season, providing a mild lift to retail counters. European markets advanced, with the Stoxx 600 up 0.25% on gains in retail and healthcare. Delivery Hero jumped 14.6% on a strategic review call, Novo Nordisk rose 1.96% on U.S. drug pricing news, and EasyJet climbed 2.91% after strong earnings. In Asia, markets were mixed, with Japan’s Nikkei edged up 0.17% on steady sentiment amid U.S. rate-cut hopes and South Korea’s KOSPI fell 1.51% after its central bank held rates steady and signaled an end to its easing cycle.

 

Market Outlook. Malaysian equities are likely to trade cautiously as investors weigh mixed global signals, including renewed expectations of a U.S. rate cut and ongoing geopolitical developments. Attention is on Fed Chair Jerome Powell’s speech on Dec 2, which could shape interest rate expectations, with markets currently pricing an 87% chance of a December rate cut. Domestically, today’s S&P Global Malaysia Manufacturing PMI will provide a real-time read of manufacturing activity, potentially prompting a sector rotation toward export-oriented, industrial, and manufacturing-linked stocks.

 

Sector focus. We maintain a positive outlook on selected construction, power ancillary, and renewable energy stocks, driven by data centre demand and the ongoing transition toward cleaner energy. We also favour certain consumer staples, supported by consistent domestic consumption.

 

FBMKLCI Technical Outlook

Technical Commentary: The FBM KLCI formed a bearish rejection bar reflects intraday buying pressure fading near resistance. Indicators turned positive, with the MACD Line trading above the Signal Line, while the RSI trading above 50. The next resistance is located at 1,660. Support is envisaged at around 1,600.

 

Company News (source: various)

UEM Group Bhd proposes to privatise UEM Edgenta Bhd at RM1.10/share, offering a 26% premium over the last price and 39% over six-month VWAP. The total payout of RM282m aims to give the group greater strategic flexibility.

 

CIMB Group Holdings Bhd plans to return up to RM2bn to shareholders, starting with a 7 sen dividend on Dec 24. 3QFY2025 net profit rose 2.3% to RM2.08bn, supported by trading and non-interest income, while net interest margin fell to 2.08%.

 

Tenaga Nasional Bhd’s 3QFY2025 net profit fell 39% to RM876.9m due to minimal forex gains, despite 20% revenue growth and a 12% rise in operating profit supported by higher electricity sales.

 

Capital A Bhd expects to meet most FY2025 targets despite aircraft reactivation delays. 3QFY2025 net profit fell to RM695m from RM1.64bn due to absence of forex gains, while continuing operations’ net loss narrowed to RM222m.

 

AirAsia X Bhd’s 3QFY2025 net profit dropped 77% to RM27.8m on higher costs and lower forex gains. Revenue rose slightly to RM803m, with 83% load factor and strong 4Q forward sales.

 

Spritzer Bhd posted record 3QFY2025 net profit of RM23.6m on higher sales volume, prices, and lower raw material costs. 9M net profit rose 26% to RM66m, with revenue up 16%.

 

Padini Holdings Bhd’s 1QFY2026 net profit jumped 77% to RM20.4m on better sales mix and higher margins. Revenue grew 2%, and the group declared a 1.8 sen second interim dividend.

 

Supermax Corp Bhd reported its largest-ever quarterly loss of RM134.6m due to RM119.5m asset write-downs. Revenue fell 8.5% amid order delays and intensifying competition.

 

MN Holdings Bhd’s 1QFY2026 net profit tripled to RM21.6m on accelerated project execution. Revenue more than doubled to RM214m, though net impairments rose to RM2.7m.

 

Ekovest Bhd ended a seven-quarter loss streak with 1QFY2026 net profit of RM8.3m, boosted by RM141m government toll compensation. Revenue grew 21.8% to RM329m.

 

Solarvest Holdings Bhd secured a RM142.3m EPCC contract to build a 30MW solar PV plant in Kulim under the Corporate Green Power Programme.

 

Southern Score Builders Bhd won a RM15.18m contract for sub-structure works of a Melaka private hospital. The project starts Dec 15 and runs for nine months.

Sentiment: Neutral
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Market Mover
Settlement Rates
Currency Buy Rates (RM) Sell Rates (RM)
USD 4.116228 4.149111
EUR 4.800323 4.805223
CNY 0.584269 0.584863
HKD 0.528729 0.532442
SGD 3.178741 3.201165