Opening Daily Highlight
Local
Bank Selling Drags KLCI to Fifth Straight Loss
Wed, 30-Sep-2026 07:14 am
by Research Team • Apex Research

Malaysian Market Review. The FBM KLCI fell 1.56% to 1,643.96, its fifth consecutive decline, as selling in banking heavyweights tracked Wall Street's overnight weakness, with higher oil prices and elevated US bond yields weighing on sentiment. Market breadth was negative, with decliners outpacing advancers 688 to 412. The Financial Services (-1.72%), Transportation (-1.47%) and Property (-1.44%) indices were the top laggards, while only the Energy (+0.80%) and REIT (+0.51%) indices closed higher.

 

Global Markets. Wall Street ended slightly lower on Tuesday, with the Dow down 0.26% to 51,349.92, the S&P 500 easing 0.17% to 7,670.84 and the Nasdaq slipping 0.09% to 26,797.54, as long-term Treasury yields held near their highest since 2007 and US consumer confidence fell to a 12-year low of 81.9. European markets were mostly lower, with the STOXX 600 down 0.09%, the FTSE 100 falling 0.45% and the CAC 40 declining 0.53% as elevated bond yields offset a rally in chip stocks, while the DAX edged up 0.10% on a rally in chip stocks. Asian markets were mostly lower, with the Nikkei 225 down 0.60% to 65,481.27 on ex-dividend adjustments concerns over rising bond yields, the Hang Seng slipping 0.48% to 24,523.57 and the Kospi easing 0.27% to 6,870.81, while the Shanghai Composite edged up 0.18% to 3,830.45 ahead of the National Day holiday. (CNBC)

 

Market Outlook. Sentiment remains fragile, with the US 10-year Treasury yield at its highest since 2007 and consumer confidence at a 12-year low, although Brent's slip below US$105 a barrel as US-Iran talks continued through mediators offered some relief. Investors now turn to tonight's US PCE inflation data and Friday's September non-farm payrolls for direction on the Fed's next move. After Tuesday's 1.56% slide to the lower boundary of its descending trend channel, we expect the FBM KLCI to trade cautiously with 1,640 as key support, while any easing in US yields could spark bargain hunting in beaten-down heavyweights.

 

Sector focus. Financial Services in focus as banking heavyweights continue to track Wall Street and rising US yields. Energy, one of only two gaining sectors may give back some gains after Brent eased overnight on continued US-Iran talks. Technology faces a key test from US memory-chip earnings this week for a read on AI-driven demand.

 

Technical Commentary: The FBM KLCI closed sharply lower at 1,643.96 (-1.56%) and broke below the 1,660 support level. The index is also trading below its EMA9, EMA20, EMA120 and SMA200, indicating that the broader technical picture remains cautious. However, at current levels, the KLCI is now testing the lower boundary of its descending trend channel around 1,640, where we could see early signs of stabilisation emerge. A sustained move back above 1,660 would provide the first indication of improving near-term momentum, with the next resistance at 1,680-1,685. On the downside, 1,640 remains the immediate support, while a break below this level could bring the next support at 1,625 into focus.

 

Company News

Yinson Holdings Bhd’s net profit for the three months ended July 31, 2026 (2QFY2027) grew 26.7% to RM128 million from RM101 million in the previous year. (The Edge)

 

Gamuda Bhd closed its financial year ended July 31, 2026 (FY2026) with a net profit of RM1.05 billion, up 5% from RM1 billion a year earlier. (The Edge)

 

In a separate filing, a consortium between Gamuda Bhd, SD Guthrie Bhd and Gentari Sdn Bhd have inked an agreement with an unnamed US-based technology company for a 680-megawatt renewable energy project in Perak, which includes a four-hour battery storage system. (The Edge)

 

AEON Credit Service (M) Bhd reported a 18% drop in its net profit for the three months ended Aug 31, 2026 (2QFY2027) to RM59.30 million from RM72.23 million a year earlier, amid higher impairment losses on financing receivables. (The Edge)

 

UMS Integration Ltd is seeking to raise up to RM450 million through a placement to fund projects in Penang, Malaysia, as well as expansion in Vietnam and Singapore. (The Edge)

 

Kelington Group Bhd has secured a RM172 million contract for engineering and early-stage infrastructure development works for an advanced data storage manufacturing facility in Kuching, Sarawak (RM447 million) following a takeover offer. (The Edge)

 

Vantris Energy Bhd’s net profit for the second quarter ended July 31, 2026 (2QFY2027) stood at RM75.3 million, compared with a net loss of RM230.8 million a year earlier. (The Edge)

 

Supermax Corp Bhd co-founders Datuk Seri Stanley Thai and wife Datuk Wira Cheryl Tan Bee Geok have agreed to wind down their company that holds their interests in the glove manufacturer. (The Edge)

 

Confectioner Apollo Food Holdings Bhd’s 1QFY2026 net profit rose 9.5% to RM6.96 million from RM6.36 million the previous year, while revenue grew 13.36% to RM73.76 million from RM65.07 million, driven by higher export sales, particularly in its core Indonesian market. (The Edge)

 

VS Industry Bhd posted a net loss of RM53.8 million for its financial year ended July 31, 2026, its first full-year loss since it was listed in 1998. (The Edge)

 

Sern Kou Resources Bhd said on Tuesday that its will wind down its plywood manufacturing unit due to continuous quarterly losses since the financial year ended June 30, 2024 (FY2024). (The Edge)

Sentiment: Neutral
Read more details in:

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.

Market Mover
Settlement Rates
Currency Buy Rates (RM) Sell Rates (RM)
USD 4.066897 4.098439
EUR 4.625269 4.628818
CNY 0.608190 0.608746
HKD 0.518605 0.522139
SGD 3.180150 3.201722