Opening Daily Highlight
Mixed
Wall Street Rebounded on Tech Gains
Wed, 03-Dec-2025 07:40 am
by Research Team • Apex Research

Market Review & Outlook

Malaysia Market Review: The FBM KLCI extended its gains for a second straight day on Tuesday, rising 0.37% to close at 1,630.6, supported by firm buying in heavyweight banking stocks. Strength in blue-chip stocks helped offset broader market weakness, with negative market breadth (605 losers vs 491 gainers). Sector-wise, Finance (+1.73%), Telecommunications & Media (+0.82%) and Plantation (+0.71%) led the gains, while Construction (-1.39%) and Technology (-0.27%) were the main laggards.

 

Global Markets Review: Wall Street rebounded overnight, with the Dow (+0.39%), S&P 500 (+0.25%) and Nasdaq (+0.59%) closing higher as Bitcoin jumped 7.0% to recoup part of Monday’s pullback. AI-related tech names also supported the broader market, led by Nvidia (+0.86%) and Credo Technology (+10.12%). In Europe, the Stoxx 600 was broadly unchanged (+0.07%), while a slight uptick in Eurozone inflation to +2.2% in November (Oct: +2.1%) reinforced expectations for a steady ECB stance in December. Asian markets were mostly higher, with gains in Korea’s KOSPI (+1.90%), Hang Seng (+0.24%) and Indonesia’s JCI (+0.80%).

 

Market Outlook. Year-end window-dressing activity should continue to provide near-term support for Malaysian equities, underpinned by a steady domestic macro backdrop. Globally, the Fed’s rate-cut trajectory into 2026 will remain on investors’ radar. Attention this week will be on September Core PCE and US labour data. While Fed Chair Powell’s Tuesday remarks offered few policy signals, markets continue to expect an 89% probability of a 25-bp cut at next week’s FOMC meeting, according to CME FedWatch. Overall, expectations of Fed easing should remain supportive of foreign inflows and lend further strength to the domestic market. 

 

Sector focus. Gold-related stocks may stay in focus as expectations for a Fed rate cut remain intact. We maintain a constructive view on selected domestic-oriented sectors including construction, power-ancillary and renewable-energy plays, underpinned by steady data-centre demand and the ongoing shift toward cleaner energy. We also continue to favour selected consumer staples, supported by resilient consumer spending amid a still-benign macro backdrop.

 

FBMKLCI Technical Outlook

Technical Commentary: The FBM KLCI continued on its upward momentum to close higher above all major moving averages. Indicators turned mixed, with the MACD Line trading below 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)

Genting Malaysia Bhd, now over 70% controlled by Genting Bhd, has been selected for one of the three prized casino licences in New York.

 

CelcomDigi Bhd, Maxis Bhd and YTL Power International Bhd will fork out RM327.9 million each to acquire the government’s stake in Digital Nasional Bhd (DNB). 

 

SD Guthrie Bhd, the world’s largest palm oil producer by acreage, is increasing its stake in a planned integrated industrial park in Johor, becoming an equal partner with Eco World Development Group Bhd after EcoWorld reduces its share.

 

Global integrated energy infrastructure and marine service provider Coastal Contracts Bhd plans to dispose of two vessels for RM187.6 million.

 

AWC Bhd’s wholly owned unit, Trackwork & Supplies Sdn Bhd, has won an almost RM59 million job to replace the aluminium power conductor rails on the Ampang Line for Prasarana Malaysia Bhd. 

 

Oil and gas services provider Deleum Bhd’s 90%-owned indirect subsidiary Turboservices Sdn Bhd has secured a six-year contract to service solar turbine turbomachinery for Petroliam Nasional Bhd’s (PETRONAS) exploration arm, PETRONAS Carigali. 

 

Kelington Group Bhd said its founder and CEO Gan Hung Keng will relinquish one of his two top executive roles in order to align with prevailing corporate governance code.

 

Oil and gas services provider Steel Hawk Bhd said its group CEO Afizul Md Yusoff has resigned after just nine months in the role. Afizul was appointed in February following the group’s internal reorganisation and restructuring of its senior management team.

 

Property developer MKH Bhd said 47 homeowners in a township in Shah Alam are suing the group for alleged negligence involving a retention pond that contributed to two flood incidents within six months.

Sentiment: Positive
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