Malaysian Market Review: The FBMKLCI edged marginally lower (-0.31%) to 1,740.22 on Friday, in tandem with weaker regional market sentiment as investors adopted a cautious stance amid renewed concerns over rising global oil prices and potential inflationary spillovers. Market breadth turned negative with 434 gainers against 808 decliners. Sector wise, Energy (+1.14%), Reits (+1.07%) and Telecommunications & Media (+0.70%) led gains, while Healthcare (-2.18%), Construction (-1.69%) and Technology (-1.55%) were the main laggards.
Global Markets: U.S. equities closed sharply lower on Friday, with the Nasdaq Composite (-1.54%), S&P 500 (-1.24%) and the Dow Jones Industrial Average (-1.07%) retreating, with the Dow slipping back below 50,000 thresholds. Sentiment was weighed by profit-taking in technology names, including AMD (-5.69%), Micron (-6.62%) and Nvidia (-4.42%) (CNBC). Meanwhile, risk appetite further dampened after a summit between President Donald Trump and Chinese President Xi Jinping ended without any major policy breakthrough, leaving traders cautious (Reuters). European equities closed broadly lower on Friday, with the STOXX600 (-1.48%) pressured by escalating Middle East tensions and the closure of the Strait of Hormuz, which drove energy prices higher, reigniting global inflation concerns and triggering broad-based sell-offs across banking and semiconductor stocks (Reuters). Broader Asian equity markets recorded sharp losses, led by South Korea’s Kospi (-6.12%), after the index briefly crossed the 8,000 level, alongside Japan’s Nikkei 225 (-2.08%) and China’s Shanghai Composite (-1.02%). The decline was mainly driven by heavy profit-taking in technology stocks and rising U.S. Treasury yields, which dampened regional risk sentiment (Yahoo Finance).
Market Outlook. We expect market sentiment to remain cautious in the near term following the Trump–Xi summit, which concluded without any meaningful breakthrough on key issues such as trade tariffs, semiconductor restrictions and the ongoing Strait of Hormuz crisis. While both leaders reiterated the importance of keeping the strait open to support global energy flows, investors were disappointed by the lack of concrete policy progress, particularly surrounding AI chip restrictions, Iran-related tensions and broader trade cooperation. Meanwhile, elevated oil prices remain a key market concern as disruptions in the Strait of Hormuz continue tightening global energy supply. Recent reports suggest the U.S. and China remain engaged in diplomatic discussions surrounding Iran and the reopening of the Strait of Hormuz, although uncertainty over the timing and effectiveness of any resolution continues supporting elevated crude oil prices. Brent crude remained elevated around USD110/bbl amid persistent uncertainty surrounding Iran negotiations and reopening timelines, reigniting concerns over higher global inflation and a prolonged higher-for-longer interest rate environment. In Europe, rising energy prices have also renewed concerns over higher living costs and weaker consumer spending momentum, raising downside risks to the region’s economic outlook. Against this backdrop, we expect global equities to remain volatile amid rising U.S. Treasury yields, persistent geopolitical risks and continued profit-taking in high-valuation technology and semiconductor stocks. On the domestic front, the FBM KLCI is likely to remain range-bound as investors await clearer geopolitical developments and sustained improvement in global risk sentiment.
Sector focus. We expect Technology stocks to remain in focus following the global semiconductor-led selloff after the Trump–Xi summit failed to deliver meaningful progress on AI chip restrictions and trade cooperation. Nonetheless, the broader supply-chain diversification trend and “China+1” strategy remain supportive for Malaysia’s longer-term technology and EMS ecosystem.
FBMKLCI Technical Outlook
Technical Commentary: The benchmark FBM KLCI has broken above its Symmetrical Triangle formation, signalling potential upside towards the 1,777 level and confirming a continuation of the broader uptrend following a three-month consolidation phase. However, the formation of an inverted Hammer candlestick near the recent high suggests the index may experience near-term pullback or profit-taking activity after the recent rally. Immediate support is pegged at 1,735.
Company News
Maxis Bhd's net profit rose more than 12% in the first quarter ended March 31, 2026 (1QFY2026) to RM417 million from RM371 million in the year-ago period, thanks to a modest increase in services revenue at both its consumer and enterprises segments. (The Edge)
Westports Holdings Bhd reported a 47% jump in net profit to RM326.5 million for 1QFY2026 from RM222.46 million a year ago, supported by stronger container revenue. (The Edge)
Festive sales boosted Carlsberg Brewery Malaysia Bhd’s 1QFY2026 net profit by nearly 5% to RM98.94 million from RM94.52 million a year earlier. (The Edge)
Johor Plantations Group Bhd’s net profit for 1QFY2026 dropped 33.68% to RM50.35 million from RM75.93 million a year earlier, dragged by lower average selling prices of crude palm oil (CPO) and palm kernel (PK). (The Edge)
IJM Corp Bhd said the Malaysian Anti-Corruption Commission’s (MACC) probe involving its chairman Tan Sri Krishnan Tan in relation to Sunway Bhd’s takeover offer had been completed and classified as “no further action”. (The Edge)
Gas Malaysia Bhd has entered into a joint development agreement (JDA) with Japan’s Tokyo Gas Co Ltd and Netherlands-based VTTI BV to develop a liquefied natural gas (LNG) regasification terminal in Yan, Kedah with an estimated cost of up to RM3 billion. (The Edge)
Bursa Malaysia has queried MKH Bhd over unusual trading activity that lifted shares of the property-and-plantation company over a nine-year high. (The Edge)
Iris Group Bhd, whose share price ended at a seven-month high of 27.5 sen on Friday, told Bursa Malaysia that it is not aware of any corporate development that would have caused the unusual market activity (UMA). (The Edge)
Velesto Energy Bhd has secured its first asset-light rig contract from Hibiscus Petroleum Bhd for the provision of a third-party jack-up drilling rig for offshore operations in Malaysia. (The Edge)
MN Holdings Bhd has secured a RM83.5 million contract to undertake electrical infrastructure works for a data centre project. (The Edge)
NCT Alliance Bhd is expanding its land bank in Kuala Langat, Selangor, with plans to develop an industrial project with an estimated gross development value (GDV) of RM1.5 billion. (The Edge)
The High Court has dismissed an originating summons (OS) filed by Bursa Malaysia Securities Bhd to restrain corporate actions involving the now-delisted KNM Group Bhd, marking a setback for the regulator’s attempt to enforce compliance through court intervention. (The Edge)
Lim Seong Hai Capital Bhd has received an offer from Railway Assets Corp (RAC) to purchase two parcels of land measuring 17.4 acres in Pekan Country Height, Selangor, for RM197.9 million. (The Edge)
Azam Jaya Bhd has proposed a private placement to raise up to RM90.3 million, less than two years after its listing, for working capital, repayment of bank borrowings, as well as purchase of construction machinery and equipment. (The Edge)
Lianson Fleet Group Bhd’s joint-venture (JV) entity has entered into a memorandum of agreement to acquire chemical tanker MT High Tide, from a company incorporated in Ireland for RM111.85 million. (The Edge)
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| Currency | Buy Rates (RM) | Sell Rates (RM) |
|---|---|---|
| USD | 3.941293 | 3.969002 |
| EUR | 4.596428 | 4.601179 |
| CNY | 0.580348 | 0.580971 |
| HKD | 0.503377 | 0.506936 |
| SGD | 3.079022 | 3.100895 |