M+ Global Market Update – 07Jul25
“Big, Beautiful Bill” and Reciprocal Tariffs In Focus
US: Last Thursday, S&P 500 and Nasdaq reached all-time highs and Wall Street was closed on Friday for Independence Day. President Trump signed the “Big, Beautiful Bill”, which includes a sweeping package of tax cuts and increased spending on US military defense. Although the tax cuts are expected to benefit manufacturers and stimulate economic growth, economists raised concerns that it may widen the US fiscal deficit and add to the already-massive $36.2tn national debt. The US futures are negative as Trump tariffs will go into effect on August 1st for countries without deals. In the commodities space, Brent crude and gold continued to hover around USD68/bbl and USD3,336/oz respectively, while CPO eased further RM4,062/MT.
MY: With Wall Street’s negative index futures and the July 9 reciprocal tariffs deadline looming, coupled with US plans to restrict AI chip shipments to Malaysia and Thailand, we expect the local bourse to start the week on a cautious note. Still, the return of foreign funds and the FBMKLCI’s undervaluation may cushion the downside risk for now, supported by the data centre theme, domestic-driven plays and anticipation of major infrastructure projects rollout. We remain bullish on the Construction and Utility sectors, while REITs like IGBREIT and SUNREIT may continue to benefit should BNM lower the OPR in the upcoming MPC meeting.
Stocks to watch:
Technology: *EG*, NEXG
Solar: *PEKAT*, SUNLOGY
Property: *ECOWLD*, EWINT
Utility: *KJTS *
Consumer: *MRDIY*
Industrial Products: FIBRO
Construction: INTA
Finance: OSK
Source: M+ Global
“Big, Beautiful Bill” and Reciprocal Tariffs In Focus
US: Last Thursday, S&P 500 and Nasdaq reached all-time highs and Wall Street was closed on Friday for Independence Day. President Trump signed the “Big, Beautiful Bill”, which includes a sweeping package of tax cuts and increased spending on US military defense. Although the tax cuts are expected to benefit manufacturers and stimulate economic growth, economists raised concerns that it may widen the US fiscal deficit and add to the already-massive $36.2tn national debt. The US futures are negative as Trump tariffs will go into effect on August 1st for countries without deals. In the commodities space, Brent crude and gold continued to hover around USD68/bbl and USD3,336/oz respectively, while CPO eased further RM4,062/MT.
MY: With Wall Street’s negative index futures and the July 9 reciprocal tariffs deadline looming, coupled with US plans to restrict AI chip shipments to Malaysia and Thailand, we expect the local bourse to start the week on a cautious note. Still, the return of foreign funds and the FBMKLCI’s undervaluation may cushion the downside risk for now, supported by the data centre theme, domestic-driven plays and anticipation of major infrastructure projects rollout. We remain bullish on the Construction and Utility sectors, while REITs like IGBREIT and SUNREIT may continue to benefit should BNM lower the OPR in the upcoming MPC meeting.
Stocks to watch:
Technology: *EG*, NEXG
Solar: *PEKAT*, SUNLOGY
Property: *ECOWLD*, EWINT
Utility: *KJTS *
Consumer: *MRDIY*
Industrial Products: FIBRO
Construction: INTA
Finance: OSK
Source: M+ Global
M+ Global Market Wrap - 7Jul25
FBM KLCI: 1,537.54 pts (-12.65pts, -0.82%)
In line with the poor regional market performance, the FBMKLCI (-0.82%) started the week lower at 1,537.54 pts, dragged by losses in YTLPOWR (-21.0 sen) and TENAGA (-26.0 sen). This came after the news that the US government planned to restrict certain NVIDIA chips to Malaysia and Thailand, with the aim to curb chip exports to China, causing Asian markets to trade broadly negative. Back home, market breadth was negative, with 754 losers against 260 winners. All the sectors also ended the day in red, with the Technology (-2.15%) sector performing the worst.
Top 3 Active stocks:
NEXG (5216): RM0.420 (+2.0 sen)"
NATGATE (0270): RM1.630 (-15.0 sen)
ZETRIX (0138): RM0.950 (-4.5 sen)
Volume: 3.57 bn (100-bar avg vol: 3.03 bn)
Value: RM2.50 bn (100-bar avg val: RM2.43 bn)
Market Breadth: ⬆️260⬇️754
Crude palm oil: RM4,061 (-RM1)
Dow Futures: 45,003 pts (-95 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,537.54 pts (-12.65pts, -0.82%)
In line with the poor regional market performance, the FBMKLCI (-0.82%) started the week lower at 1,537.54 pts, dragged by losses in YTLPOWR (-21.0 sen) and TENAGA (-26.0 sen). This came after the news that the US government planned to restrict certain NVIDIA chips to Malaysia and Thailand, with the aim to curb chip exports to China, causing Asian markets to trade broadly negative. Back home, market breadth was negative, with 754 losers against 260 winners. All the sectors also ended the day in red, with the Technology (-2.15%) sector performing the worst.
Top 3 Active stocks:
NEXG (5216): RM0.420 (+2.0 sen)"
NATGATE (0270): RM1.630 (-15.0 sen)
ZETRIX (0138): RM0.950 (-4.5 sen)
Volume: 3.57 bn (100-bar avg vol: 3.03 bn)
Value: RM2.50 bn (100-bar avg val: RM2.43 bn)
Market Breadth: ⬆️260⬇️754
Crude palm oil: RM4,061 (-RM1)
Dow Futures: 45,003 pts (-95 pts)
**Source: M+ Global, Bloomberg **
M+ Global Market Update – 08Jul25
Sentiment Sours As Trade Tensions Resurface
US: Wall Street fell sharply as global trade war concerns reignited after President Trump announced a 25% tariff on Japanese and South Korean goods starting August 1, while Malaysia, Myanmar, Laos, South Africa and Kazakhstan were also hit with new tariffs. Also, BRICS nations may face added levies for “anti-American practices”. Thus, we believe market will stay cautious due to the current trade war developments and traders will focus on the upcoming Fed minutes, to get clarity on future rate direction. In the commodities space, gold remained at USD3,336/oz, while Brent crude and CPO traded higher at USD69/bbl and RM4,071/MT respectively.
MY: With President Trump imposing a 25% tariff on Malaysia starting August 1, coupled with his threat to impose an additional 10% tariff on countries aligning with BRICS, we expect the local bourse to trade on a broadly negative tone. However, we believe the market may shift to more defensive and domestic-driven stocks like 99SMART and MRDIY. Meanwhile, as TENAGA faces additional taxes from LHDN, the recent plunge could be seen as a buy-on-dip opportunity, given TENAGA’s continued expansion of power grids, riding DC and RE developments. The Bloomberg consensus target stands at RM16.28, implying an 18.0% upside. Also, investors can look into the upcoming IPO Enproserve (M+ Global TP: RM0.31) that is closing today.
Stocks to watch:
Utility: *GASMSIA*, *KJTS*, SUNLOGY
Consumer: *99SMART*, MFLOUR, *MRDIY*
Finance: AMBANK, OSK
Property: *ECOWLD*
Gaming: GENM
Source: M+ Global
Sentiment Sours As Trade Tensions Resurface
US: Wall Street fell sharply as global trade war concerns reignited after President Trump announced a 25% tariff on Japanese and South Korean goods starting August 1, while Malaysia, Myanmar, Laos, South Africa and Kazakhstan were also hit with new tariffs. Also, BRICS nations may face added levies for “anti-American practices”. Thus, we believe market will stay cautious due to the current trade war developments and traders will focus on the upcoming Fed minutes, to get clarity on future rate direction. In the commodities space, gold remained at USD3,336/oz, while Brent crude and CPO traded higher at USD69/bbl and RM4,071/MT respectively.
MY: With President Trump imposing a 25% tariff on Malaysia starting August 1, coupled with his threat to impose an additional 10% tariff on countries aligning with BRICS, we expect the local bourse to trade on a broadly negative tone. However, we believe the market may shift to more defensive and domestic-driven stocks like 99SMART and MRDIY. Meanwhile, as TENAGA faces additional taxes from LHDN, the recent plunge could be seen as a buy-on-dip opportunity, given TENAGA’s continued expansion of power grids, riding DC and RE developments. The Bloomberg consensus target stands at RM16.28, implying an 18.0% upside. Also, investors can look into the upcoming IPO Enproserve (M+ Global TP: RM0.31) that is closing today.
Stocks to watch:
Utility: *GASMSIA*, *KJTS*, SUNLOGY
Consumer: *99SMART*, MFLOUR, *MRDIY*
Finance: AMBANK, OSK
Property: *ECOWLD*
Gaming: GENM
Source: M+ Global
M+ Morning Market Buzz - 8Jul25
Dow Jones: 44,406.36 pts (-422.17pts, -0.94%)
⬆️ Resistance: 45800
⬇️ Support: 43200
FBM KLCI: 1,537.54 pts (-12.65pts, -0.82%)
⬆️ Resistance: 1590
⬇️ Support: 1510
HSI Index: 23,887.83 pts (-28.23pts, -0.12%)
⬆️ Resistance: 24900
⬇️ Support: 23300
Crude Palm Oil: RM4,071 (-RM8, -0.20%)
⬆️ Resistance: 4200
⬇️ Support: 3870
Brent Oil: $69.58 (+$1.28, +1.87%)
⬆️ Resistance: 71.40
⬇️ Support: 65.10
Gold: $3,336.50 (+$3.49, +0.10%)
⬆️ Resistance: 3440
⬇️ Support: 3240
Source: Bloomberg, M+
Dow Jones: 44,406.36 pts (-422.17pts, -0.94%)
⬆️ Resistance: 45800
⬇️ Support: 43200
FBM KLCI: 1,537.54 pts (-12.65pts, -0.82%)
⬆️ Resistance: 1590
⬇️ Support: 1510
HSI Index: 23,887.83 pts (-28.23pts, -0.12%)
⬆️ Resistance: 24900
⬇️ Support: 23300
Crude Palm Oil: RM4,071 (-RM8, -0.20%)
⬆️ Resistance: 4200
⬇️ Support: 3870
Brent Oil: $69.58 (+$1.28, +1.87%)
⬆️ Resistance: 71.40
⬇️ Support: 65.10
Gold: $3,336.50 (+$3.49, +0.10%)
⬆️ Resistance: 3440
⬇️ Support: 3240
Source: Bloomberg, M+
M+ Global Market Wrap - 8Jul25
FBM KLCI: 1,530.14 pts (-7.40pts, -0.48%)
Following the announcement of imposing a 25% tariff by the US government on Malaysia's goods, the FBMKLCI (-0.48%) extended its losses for the second consecutive day, closing lower at 1,530.14 pts bucking the mostly positive regional performances, dragged by losses in key heavyweights like CIMB (-14.0 sen) and SUNWAY (-14.0 sen). Market breadth remained negative, with 550 losers against 399 winners. In the broader environment, the Utilities (+1.40%) sector outperformed following gains in YTLPOWR (+25.0 sen) and TENAGA (+6.0 sen), while the Technology (-1.64%) sector declined the most.
Top 3 Active stocks:
"
NEXG (5216): RM0.435 (+1.5 sen)"
TOPGLOV (7113): RM0.685 (-0.5 sen)
TANCO (2429): RM0.890 (-0.5 sen)
Volume: 3.06 bn (100-bar avg vol: 3.03 bn)
Value: RM2.20 bn (100-bar avg val: RM2.43 bn)
Market Breadth: ⬆️399⬇️550
Crude palm oil: RM4,148 (+RM77)
Dow Futures: 44,633 pts (-44 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,530.14 pts (-7.40pts, -0.48%)
Following the announcement of imposing a 25% tariff by the US government on Malaysia's goods, the FBMKLCI (-0.48%) extended its losses for the second consecutive day, closing lower at 1,530.14 pts bucking the mostly positive regional performances, dragged by losses in key heavyweights like CIMB (-14.0 sen) and SUNWAY (-14.0 sen). Market breadth remained negative, with 550 losers against 399 winners. In the broader environment, the Utilities (+1.40%) sector outperformed following gains in YTLPOWR (+25.0 sen) and TENAGA (+6.0 sen), while the Technology (-1.64%) sector declined the most.
Top 3 Active stocks:
"
NEXG (5216): RM0.435 (+1.5 sen)"
TOPGLOV (7113): RM0.685 (-0.5 sen)
TANCO (2429): RM0.890 (-0.5 sen)
Volume: 3.06 bn (100-bar avg vol: 3.03 bn)
Value: RM2.20 bn (100-bar avg val: RM2.43 bn)
Market Breadth: ⬆️399⬇️550
Crude palm oil: RM4,148 (+RM77)
Dow Futures: 44,633 pts (-44 pts)
**Source: M+ Global, Bloomberg **
M+ Morning Market Buzz - 9Jul25
Dow Jones: 44,240.76 pts (-165.60pts, -0.37%)
⬆️ Resistance: 45800
⬇️ Support: 43300
FBM KLCI: 1,530.14 pts (-7.40pts, -0.48%)
⬆️ Resistance: 1590
⬇️ Support: 1500
HSI Index: 24,148.07 pts (+260.24pts, +1.09%)
⬆️ Resistance: 24900
⬇️ Support: 23300
Crude Palm Oil: RM4,148 (+RM26, +0.63%)
⬆️ Resistance: 4260
⬇️ Support: 3890
Brent Oil: $70.15 (+$0.57, +0.82%)
⬆️ Resistance: 72.10
⬇️ Support: 65.70
Gold: $3,301.92 (-$0.77, -0.02%)
⬆️ Resistance: 3440
⬇️ Support: 3230
Source: Bloomberg, M+
Dow Jones: 44,240.76 pts (-165.60pts, -0.37%)
⬆️ Resistance: 45800
⬇️ Support: 43300
FBM KLCI: 1,530.14 pts (-7.40pts, -0.48%)
⬆️ Resistance: 1590
⬇️ Support: 1500
HSI Index: 24,148.07 pts (+260.24pts, +1.09%)
⬆️ Resistance: 24900
⬇️ Support: 23300
Crude Palm Oil: RM4,148 (+RM26, +0.63%)
⬆️ Resistance: 4260
⬇️ Support: 3890
Brent Oil: $70.15 (+$0.57, +0.82%)
⬆️ Resistance: 72.10
⬇️ Support: 65.70
Gold: $3,301.92 (-$0.77, -0.02%)
⬆️ Resistance: 3440
⬇️ Support: 3230
Source: Bloomberg, M+
M+ Global Market Update – 09Jul25
All Eyes On The Fed and BNM MPC Today
US: Wall Street edged lower as global trade tensions resurfaced after President Trump confirmed that the August 1st tariff deadline would not be extended. New tariffs, ranging from 25% to 40%, were imposed on a slew of Asian and African countries. These new tariffs, which will not overlap with earlier sector-specific duties, may cap the potential gains in global stock markets. While markets remain hopeful for negotiation flexibility, the focus now shifts to the upcoming release of the Fed minutes later today. For commodities, gold reduced toward USD3,301/oz, while Brent crude and CPO traded higher at USD70/bbl and RM4,148/MT respectively.
MY: Following MITI’s announcement of continued engagement with the US on tariff issues, we believe the market may trade on a mixed note pending further clarity. Meanwhile, despite the US plan to curb certain NVIDIA chip export to Malaysia, we remain optimistic about YTLPOWR. This optimism is supported by the country’s push for AI development. We believe YTLPOWR will continue to lead as a first mover in Malaysia’s AI ecosystem, underpinned by its RM10bn investments into AI infrastructure, ILMU 1.0 and Ryt Bank. Lastly, BNM will hold its MPC meeting today. A potential decrease in OPR may boost the country’s economy, benefiting sectors like REITs, consumer products and the local bourse in general.
Stocks to watch:
Utility: *JTGROUP*, *MNHLDG*, *PEKAT*
Gaming: *GENM*
Consumer: *MFLOUR*
Building material: CMSB
Construction: INTA
Logistics: WPRTS
Finance: OSK
Source: M+ Global
All Eyes On The Fed and BNM MPC Today
US: Wall Street edged lower as global trade tensions resurfaced after President Trump confirmed that the August 1st tariff deadline would not be extended. New tariffs, ranging from 25% to 40%, were imposed on a slew of Asian and African countries. These new tariffs, which will not overlap with earlier sector-specific duties, may cap the potential gains in global stock markets. While markets remain hopeful for negotiation flexibility, the focus now shifts to the upcoming release of the Fed minutes later today. For commodities, gold reduced toward USD3,301/oz, while Brent crude and CPO traded higher at USD70/bbl and RM4,148/MT respectively.
MY: Following MITI’s announcement of continued engagement with the US on tariff issues, we believe the market may trade on a mixed note pending further clarity. Meanwhile, despite the US plan to curb certain NVIDIA chip export to Malaysia, we remain optimistic about YTLPOWR. This optimism is supported by the country’s push for AI development. We believe YTLPOWR will continue to lead as a first mover in Malaysia’s AI ecosystem, underpinned by its RM10bn investments into AI infrastructure, ILMU 1.0 and Ryt Bank. Lastly, BNM will hold its MPC meeting today. A potential decrease in OPR may boost the country’s economy, benefiting sectors like REITs, consumer products and the local bourse in general.
Stocks to watch:
Utility: *JTGROUP*, *MNHLDG*, *PEKAT*
Gaming: *GENM*
Consumer: *MFLOUR*
Building material: CMSB
Construction: INTA
Logistics: WPRTS
Finance: OSK
Source: M+ Global
👍2
M+ Global Market Wrap - 9Jul25
FBM KLCI: 1,529.24 pts (-0.90pts, -0.06%)
The FBMKLCI (-0.06%) extended its losses for the third consecutive day, closing marginally lower at 1,529.24 pts, as Trump’s ever-changing tariff stance continued to cloud the market with uncertainty. BNM also lowered the OPR by 25bps to 2.75% as the country anticipates slower GDP growth moving forward. Nevertheless, market breadth was positive, with 559 winners against 371 losers. In the broader environment, the Construction (+1.62%) sector outperformed, buoyed by gains in GAMUDA (+8.0 sen) and SUNCON (+13.0 sen), while the Financial Services (-0.59%) sector saw the largest decline.
Top 3 Active stocks:
"
PMCK (0363): RM0.230 (+1.0 sen)"
"
NEXG (5216): RM0.445 (+1.0 sen)"
TANCO (2429): RM0.890 (unch)
Volume: 2.95 bn (100-bar avg vol: 3.03 bn)
Value: RM1.99 bn (100-bar avg val: RM2.43 bn)
Market Breadth: ⬆️559⬇️371
Crude palm oil: RM4,163 (+RM15)
Dow Futures: 44,597 pts (+85 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,529.24 pts (-0.90pts, -0.06%)
The FBMKLCI (-0.06%) extended its losses for the third consecutive day, closing marginally lower at 1,529.24 pts, as Trump’s ever-changing tariff stance continued to cloud the market with uncertainty. BNM also lowered the OPR by 25bps to 2.75% as the country anticipates slower GDP growth moving forward. Nevertheless, market breadth was positive, with 559 winners against 371 losers. In the broader environment, the Construction (+1.62%) sector outperformed, buoyed by gains in GAMUDA (+8.0 sen) and SUNCON (+13.0 sen), while the Financial Services (-0.59%) sector saw the largest decline.
Top 3 Active stocks:
"
PMCK (0363): RM0.230 (+1.0 sen)"
"
NEXG (5216): RM0.445 (+1.0 sen)"
TANCO (2429): RM0.890 (unch)
Volume: 2.95 bn (100-bar avg vol: 3.03 bn)
Value: RM1.99 bn (100-bar avg val: RM2.43 bn)
Market Breadth: ⬆️559⬇️371
Crude palm oil: RM4,163 (+RM15)
Dow Futures: 44,597 pts (+85 pts)
**Source: M+ Global, Bloomberg **
Good Evening All,
We issued a technical buy call on Micron Technology Inc: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) USD200bn US investment to strengthen domestic supply chain
(ii) Benefitting from Trump’s pro-manufacturing policies
(iii) Returning to profitability
Research Team, M+
9 July 2025
We issued a technical buy call on Micron Technology Inc: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) USD200bn US investment to strengthen domestic supply chain
(ii) Benefitting from Trump’s pro-manufacturing policies
(iii) Returning to profitability
Research Team, M+
9 July 2025
M+ Morning Market Buzz - 10Jul25
Dow Jones: 44,458.30 pts (+217.54pts, +0.49%)
⬆️ Resistance: 45800
⬇️ Support: 43300
FBM KLCI: 1,529.24 pts (-0.90pts, -0.06%)
⬆️ Resistance: 1590
⬇️ Support: 1500
HSI Index: 23,892.32 pts (-255.75pts, -1.06%)
⬆️ Resistance: 24800
⬇️ Support: 23300
Crude Palm Oil: RM4,157 (-RM22, -0.53%)
⬆️ Resistance: 4280
⬇️ Support: 3960
Brent Oil: $70.19 (+$0.04, +0.06%)
⬆️ Resistance: 72.20
⬇️ Support: 65.90
Gold: $3,313.66 (+$4.94, +0.15%)
⬆️ Resistance: 3440
⬇️ Support: 3220
Source: Bloomberg, M+
Dow Jones: 44,458.30 pts (+217.54pts, +0.49%)
⬆️ Resistance: 45800
⬇️ Support: 43300
FBM KLCI: 1,529.24 pts (-0.90pts, -0.06%)
⬆️ Resistance: 1590
⬇️ Support: 1500
HSI Index: 23,892.32 pts (-255.75pts, -1.06%)
⬆️ Resistance: 24800
⬇️ Support: 23300
Crude Palm Oil: RM4,157 (-RM22, -0.53%)
⬆️ Resistance: 4280
⬇️ Support: 3960
Brent Oil: $70.19 (+$0.04, +0.06%)
⬆️ Resistance: 72.20
⬇️ Support: 65.90
Gold: $3,313.66 (+$4.94, +0.15%)
⬆️ Resistance: 3440
⬇️ Support: 3220
Source: Bloomberg, M+
👍2
M+ Global Market Update – 10Jul25
NVIDIA Surpassed The USD4 Trillion Mark
US: Wall Street climbed as investors shrugged off tariff concerns, with the Nasdaq closing at a record high after Nvidia surged above the USD4 trillion market cap. Meanwhile, Fed minutes reaffirmed that rate cuts remain on the table this year, though policymakers are divided on the timing. President Trump, however, kept trade tensions alive by maintaining the August 1 tariff deadline and floating new levies on several other countries and copper imports, signalling potential sector-specific risks ahead. In the commodities market, Brent crude, gold and CPO continued to trade around USD70/bbl, USD3,313/oz and RM4,157/MT respectively.
MY: With BNM lowering its OPR by 25bps to 2.75%, we favour the REIT sector, as a lower OPR makes REIT dividend yields more attractive than FDs, with SUNREIT and PAVREIT remaining our top picks. We also like LGMS (M+ TP: RM1.09) following its latest news on acquiring a 27% stake in IT services firm Antarex Holdings Sdn Bhd. This will allow LGMS to leverage Antarex’s regional market presence by introducing its cybersecurity solution, StarSentry, to a broader client base across Southeast Asia, aligning with the group’s regional expansion strategy. Lastly, investors will also be watching PM Anwar’s meeting with US Secretary of State Marco Rubio today, particularly regarding the 25% tariff imposition on Malaysia.
Stocks to watch:
Technology: *KGB*, *WENTEL*
Consumer: *99SMART*, *MFLOUR*
Utility: GASMSIA, *JTGROUP*
Plantation: INNO, JPG
Finance: *OSK*
Gaming: GENM
Property: EWICAP
Construction: INTA
REIT: SUNREIT
Source: M+ Global
NVIDIA Surpassed The USD4 Trillion Mark
US: Wall Street climbed as investors shrugged off tariff concerns, with the Nasdaq closing at a record high after Nvidia surged above the USD4 trillion market cap. Meanwhile, Fed minutes reaffirmed that rate cuts remain on the table this year, though policymakers are divided on the timing. President Trump, however, kept trade tensions alive by maintaining the August 1 tariff deadline and floating new levies on several other countries and copper imports, signalling potential sector-specific risks ahead. In the commodities market, Brent crude, gold and CPO continued to trade around USD70/bbl, USD3,313/oz and RM4,157/MT respectively.
MY: With BNM lowering its OPR by 25bps to 2.75%, we favour the REIT sector, as a lower OPR makes REIT dividend yields more attractive than FDs, with SUNREIT and PAVREIT remaining our top picks. We also like LGMS (M+ TP: RM1.09) following its latest news on acquiring a 27% stake in IT services firm Antarex Holdings Sdn Bhd. This will allow LGMS to leverage Antarex’s regional market presence by introducing its cybersecurity solution, StarSentry, to a broader client base across Southeast Asia, aligning with the group’s regional expansion strategy. Lastly, investors will also be watching PM Anwar’s meeting with US Secretary of State Marco Rubio today, particularly regarding the 25% tariff imposition on Malaysia.
Stocks to watch:
Technology: *KGB*, *WENTEL*
Consumer: *99SMART*, *MFLOUR*
Utility: GASMSIA, *JTGROUP*
Plantation: INNO, JPG
Finance: *OSK*
Gaming: GENM
Property: EWICAP
Construction: INTA
REIT: SUNREIT
Source: M+ Global
👍2
M+ Global Market Wrap - 10Jul25
FBM KLCI: 1,529.37 pts (+3.61pts, +0.24%)
The FBMKLCI (+0.48%) snapped its 3-day losses and closed higher at 1,536.52 pts, buoyed by gains in key heavyweights like CIMB (+13.0 sen) and YTLPOWR (+10.0 sen). The regional market also closed broadly higher, as investors dismissed Trump's latest tariff threats as mere rhetoric to gain more from the US’ trade partners. Market breadth remained positive, with 514 winners against 407 losers. In the broader environment, the Construction (+1.58%) sector continued to outperform, while the Health Care (-0.46%) sector declined the most.
Top 3 Active stocks:
ZETRIX (0138): RM0.980 (+2.5 sen)
SAPNRG (5218): RM0.040 (unch)"
ECOSHOP (5337): RM1.270 (unch)
Volume: 3.25 bn (100-bar avg vol: 3.04 bn)
Value: RM2.44 bn (100-bar avg val: RM2.43 bn)
Market Breadth: ⬆️514⬇️407
Crude palm oil: RM4,168 (+RM11)
Dow Futures: 44,611 pts (-108 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,529.37 pts (+3.61pts, +0.24%)
The FBMKLCI (+0.48%) snapped its 3-day losses and closed higher at 1,536.52 pts, buoyed by gains in key heavyweights like CIMB (+13.0 sen) and YTLPOWR (+10.0 sen). The regional market also closed broadly higher, as investors dismissed Trump's latest tariff threats as mere rhetoric to gain more from the US’ trade partners. Market breadth remained positive, with 514 winners against 407 losers. In the broader environment, the Construction (+1.58%) sector continued to outperform, while the Health Care (-0.46%) sector declined the most.
Top 3 Active stocks:
ZETRIX (0138): RM0.980 (+2.5 sen)
SAPNRG (5218): RM0.040 (unch)"
ECOSHOP (5337): RM1.270 (unch)
Volume: 3.25 bn (100-bar avg vol: 3.04 bn)
Value: RM2.44 bn (100-bar avg val: RM2.43 bn)
Market Breadth: ⬆️514⬇️407
Crude palm oil: RM4,168 (+RM11)
Dow Futures: 44,611 pts (-108 pts)
**Source: M+ Global, Bloomberg **
Good Evening All,
We issued a company update report on our coverage stock LGMS Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
LGMS has announced the acquisition of a 27% stake in Antarex Holdings Sdn Bhd for RM22.68m, which includes a cumulative profit guarantee of RM24.5m over FY26–28. We view this acquisition positively, as it provides LGMS with an immediate foothold in Singapore and greater access to Southeast Asian markets.
We maintain our BUY rating with a higher TP of RM1.18 (previous TP: RM1.09). The TP is based on mid-FY26 EPS of 3.37 sen, pegged to a 35x P/E.
Research Team, M+
10 July 2025
We issued a company update report on our coverage stock LGMS Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
LGMS has announced the acquisition of a 27% stake in Antarex Holdings Sdn Bhd for RM22.68m, which includes a cumulative profit guarantee of RM24.5m over FY26–28. We view this acquisition positively, as it provides LGMS with an immediate foothold in Singapore and greater access to Southeast Asian markets.
We maintain our BUY rating with a higher TP of RM1.18 (previous TP: RM1.09). The TP is based on mid-FY26 EPS of 3.37 sen, pegged to a 35x P/E.
Research Team, M+
10 July 2025
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M+ Morning Market Buzz - 11Jul25
Dow Jones: 44,650.64 pts (+192.34pts, +0.43%)
⬆️ Resistance: 45700
⬇️ Support: 43300
FBM KLCI: 1,536.52 pts (+7.28pts, +0.48%)
⬆️ Resistance: 1590
⬇️ Support: 1500
HSI Index: 24,028.37 pts (+136.05pts, +0.57%)
⬆️ Resistance: 24700
⬇️ Support: 23300
Crude Palm Oil: RM4,146 (-RM9, -0.22%)
⬆️ Resistance: 4280
⬇️ Support: 3960
Brent Oil: $68.64 (-$1.55, -2.21%)
⬆️ Resistance: 72.20
⬇️ Support: 65.90
Gold: $3,324.05 (-$0.04, -0.00%)
⬆️ Resistance: 3420
⬇️ Support: 3220
Source: Bloomberg, M+
Dow Jones: 44,650.64 pts (+192.34pts, +0.43%)
⬆️ Resistance: 45700
⬇️ Support: 43300
FBM KLCI: 1,536.52 pts (+7.28pts, +0.48%)
⬆️ Resistance: 1590
⬇️ Support: 1500
HSI Index: 24,028.37 pts (+136.05pts, +0.57%)
⬆️ Resistance: 24700
⬇️ Support: 23300
Crude Palm Oil: RM4,146 (-RM9, -0.22%)
⬆️ Resistance: 4280
⬇️ Support: 3960
Brent Oil: $68.64 (-$1.55, -2.21%)
⬆️ Resistance: 72.20
⬇️ Support: 65.90
Gold: $3,324.05 (-$0.04, -0.00%)
⬆️ Resistance: 3420
⬇️ Support: 3220
Source: Bloomberg, M+
M+ Global Market Update – 11Jul25
TSMC Strong Q2 Sales Boost Chip Stocks Sentiment
US: Wall Street gained momentum as chip stocks rallied on sustained AI-driven optimism, following TSMC’s strong Q2 sales and upgrades on AMD which boosted sector sentiment, while Nvidia continued its upward momentum. However, President Trump reignited trade concerns by confirming 50% tariffs on Brazilian imports and copper, effective Aug 1. In view of the better job environment, as initial jobless claims came in below expectations at 227k vs the expectation of 232k, we expect the downside risk could be limited over the near term. In the commodities market, Brent crude retreated toward USD68/bbl. The gold price was rather flat around USD3,324/oz, while the CPO price is trading at RM4,146/MT.
MY: We believe the buying support may spillover to local bourse, especially the technology sector, in view of sustained semiconductor rally. After BNM’s decision to reduce the OPR by 25bps, we believe investors may monitor the Property sector, as a lower interest rate environment may boost the property market sentiment, with ECOWLD being one of our favourites. We also favour the Utilities sector due to data centre investments across the country, TENAGA’s power grid upgrades, and RE policies like the NETR, with our top picks including MNHLDG and UUE. Lastly, A1AKK (M+ Global TP: RM0.27) will be listed on the ACE Market today.
Stocks to watch:
Utility: *GASMSIA*, *MNHLDG*, PEKAT
Technology: *ADB*, KGB, NE
Construction: CHB, *GAMUDA*, INTA
Property: *SIMEPROP*
Plantation: INNO
O&G: KEYFIELD
Finance: OSK
Source: M+ Global
TSMC Strong Q2 Sales Boost Chip Stocks Sentiment
US: Wall Street gained momentum as chip stocks rallied on sustained AI-driven optimism, following TSMC’s strong Q2 sales and upgrades on AMD which boosted sector sentiment, while Nvidia continued its upward momentum. However, President Trump reignited trade concerns by confirming 50% tariffs on Brazilian imports and copper, effective Aug 1. In view of the better job environment, as initial jobless claims came in below expectations at 227k vs the expectation of 232k, we expect the downside risk could be limited over the near term. In the commodities market, Brent crude retreated toward USD68/bbl. The gold price was rather flat around USD3,324/oz, while the CPO price is trading at RM4,146/MT.
MY: We believe the buying support may spillover to local bourse, especially the technology sector, in view of sustained semiconductor rally. After BNM’s decision to reduce the OPR by 25bps, we believe investors may monitor the Property sector, as a lower interest rate environment may boost the property market sentiment, with ECOWLD being one of our favourites. We also favour the Utilities sector due to data centre investments across the country, TENAGA’s power grid upgrades, and RE policies like the NETR, with our top picks including MNHLDG and UUE. Lastly, A1AKK (M+ Global TP: RM0.27) will be listed on the ACE Market today.
Stocks to watch:
Utility: *GASMSIA*, *MNHLDG*, PEKAT
Technology: *ADB*, KGB, NE
Construction: CHB, *GAMUDA*, INTA
Property: *SIMEPROP*
Plantation: INNO
O&G: KEYFIELD
Finance: OSK
Source: M+ Global
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Good Morning All,
We initiated a coverage report on IGB Commercial REIT: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
We derive a fair value of RM0.70 for IGBCR, based on a targeted yield of 5.5% on its mid-FY26F DPU of 3.84 sen, implying a P/E ratio of 18.2x. While this represents a premium to the average dividend yields of office REIT peers (8.3%) and broader REIT peers (6.1%), we believe it is justified, given IGBCR’s unique positioning within the established and growing Mid Valley City ecosystem.
Investment highlights include:
(i) Strategic commercial footprint within core Klang Valley hubs
(ii) High occupancy rate driven by strategic locations
(iii) Sustainable rental growth
(iv) Proactive asset enhancement initiatives to drive long-term value
(v) Potential future pipeline assets for injection by the Sponsor
(vi) Malaysia’s largest standalone office REIT.
Research Team, M+
11 July 2025
We initiated a coverage report on IGB Commercial REIT: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
We derive a fair value of RM0.70 for IGBCR, based on a targeted yield of 5.5% on its mid-FY26F DPU of 3.84 sen, implying a P/E ratio of 18.2x. While this represents a premium to the average dividend yields of office REIT peers (8.3%) and broader REIT peers (6.1%), we believe it is justified, given IGBCR’s unique positioning within the established and growing Mid Valley City ecosystem.
Investment highlights include:
(i) Strategic commercial footprint within core Klang Valley hubs
(ii) High occupancy rate driven by strategic locations
(iii) Sustainable rental growth
(iv) Proactive asset enhancement initiatives to drive long-term value
(v) Potential future pipeline assets for injection by the Sponsor
(vi) Malaysia’s largest standalone office REIT.
Research Team, M+
11 July 2025
M+ Global Market Wrap - 11Jul25
FBM KLCI: 1,536.07 pts (-0.45pts, -0.03%)
The FBMKLCI (-0.03%) slipped back into the red and closed slightly lower at 1,536.07 pts, as losses in YTLPOWR (-18.0 sen) and IHH (-7.0 sen) dragged the key index. Meanwhile, Goldman Sachs downgraded Malaysian equities to underweight, citing a preference for North Asian markets such as China, Japan and Korea. Nevertheless, market breadth remained positive, with 510 gainers against 450 losers. In the broader environment, the Technology (+1.86%) sector outperformed, buoyed by spillover optimism from the rally in US chip stocks, while the Utilities (-1.02%) sector declined the most due to profit-taking activities.
Top 3 Active stocks:
ZETRIX (0138): RM1.000 (+2.0 sen)
TANCO (2429): RM0.905 (+0.5 sen)
NEXG (5216): RM0.450 (+0.5 sen)
Volume: 3.37 bn (100-bar avg vol: 3.04 bn)
Value: RM2.30 bn (100-bar avg val: RM2.43 bn)
Market Breadth: ⬆️510⬇️450
Crude palm oil: RM4,169 (+RM23)
Dow Futures: 44,661 pts (-247 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,536.07 pts (-0.45pts, -0.03%)
The FBMKLCI (-0.03%) slipped back into the red and closed slightly lower at 1,536.07 pts, as losses in YTLPOWR (-18.0 sen) and IHH (-7.0 sen) dragged the key index. Meanwhile, Goldman Sachs downgraded Malaysian equities to underweight, citing a preference for North Asian markets such as China, Japan and Korea. Nevertheless, market breadth remained positive, with 510 gainers against 450 losers. In the broader environment, the Technology (+1.86%) sector outperformed, buoyed by spillover optimism from the rally in US chip stocks, while the Utilities (-1.02%) sector declined the most due to profit-taking activities.
Top 3 Active stocks:
ZETRIX (0138): RM1.000 (+2.0 sen)
TANCO (2429): RM0.905 (+0.5 sen)
NEXG (5216): RM0.450 (+0.5 sen)
Volume: 3.37 bn (100-bar avg vol: 3.04 bn)
Value: RM2.30 bn (100-bar avg val: RM2.43 bn)
Market Breadth: ⬆️510⬇️450
Crude palm oil: RM4,169 (+RM23)
Dow Futures: 44,661 pts (-247 pts)
**Source: M+ Global, Bloomberg **
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Good Evening All,
We issued a technical buy call on Estee Lauder Companies: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) The turnaround being priced in, final stages of cleaning up the mess
(ii) Exiting FY25 with balanced inventories
(iii) Regaining back its market share
Research Team, M+
11 July 2025
We issued a technical buy call on Estee Lauder Companies: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) The turnaround being priced in, final stages of cleaning up the mess
(ii) Exiting FY25 with balanced inventories
(iii) Regaining back its market share
Research Team, M+
11 July 2025
M+ Global Market Update – 14Jul25
Tariffs Concerns Still Persist
US: Friday’s session saw Wall Street reverse its gains after hitting new highs, as renewed US protectionist trade policies weighed on sentiment. With little progress toward de-escalation, we expect geopolitical uncertainty to persist, putting continued pressure on the USD and supporting strength in G10 currencies like the JPY. With 30% tariffs set to be imposed on the EU and Mexico starting August 1st, Wall Street futures are trading lower at the time of writing. This week, traders will be keeping track of: (i) US inflation data, (ii) retail sales, and (iii) unemployment claims. In the commodities market, Brent crude, gold, and CPO all climbed higher, closing near USD69/bbl, USD3,366/oz, and USD4,174/MT respectively.
MY: Following the negative sentiment on Wall Street amid protracted trade war concerns, the local bourse may open on a weaker note. However, BNM’s 25bps OPR cut and the prospects of further easing should cushion the downside risk on the local front, especially in property stocks, given the lower mortgage rates. We also view this as an opportune to build positions in REITs, which still offer premium dividend yields to Malaysian bonds. Meanwhile, we favour utility companies like MNHLDG and UUE as both companies may be a decent proxy for Tenaga’s CapEx rollout on power grid upgrades, RE as well as NETR policies.
Stocks to watch:
Utility: GASMSIA, *KJTS*, MALAKOF, PEKAT
Property: *ECOWLD*, *SIMEPROP*
Construction: GAMUDA, INTA
Consumer: *MFLOUR*
Technology: *WENTEL*
Gaming: GENM
Plantation: JPG
Source: M+ Global
Tariffs Concerns Still Persist
US: Friday’s session saw Wall Street reverse its gains after hitting new highs, as renewed US protectionist trade policies weighed on sentiment. With little progress toward de-escalation, we expect geopolitical uncertainty to persist, putting continued pressure on the USD and supporting strength in G10 currencies like the JPY. With 30% tariffs set to be imposed on the EU and Mexico starting August 1st, Wall Street futures are trading lower at the time of writing. This week, traders will be keeping track of: (i) US inflation data, (ii) retail sales, and (iii) unemployment claims. In the commodities market, Brent crude, gold, and CPO all climbed higher, closing near USD69/bbl, USD3,366/oz, and USD4,174/MT respectively.
MY: Following the negative sentiment on Wall Street amid protracted trade war concerns, the local bourse may open on a weaker note. However, BNM’s 25bps OPR cut and the prospects of further easing should cushion the downside risk on the local front, especially in property stocks, given the lower mortgage rates. We also view this as an opportune to build positions in REITs, which still offer premium dividend yields to Malaysian bonds. Meanwhile, we favour utility companies like MNHLDG and UUE as both companies may be a decent proxy for Tenaga’s CapEx rollout on power grid upgrades, RE as well as NETR policies.
Stocks to watch:
Utility: GASMSIA, *KJTS*, MALAKOF, PEKAT
Property: *ECOWLD*, *SIMEPROP*
Construction: GAMUDA, INTA
Consumer: *MFLOUR*
Technology: *WENTEL*
Gaming: GENM
Plantation: JPG
Source: M+ Global
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M+ Morning Market Buzz - 14Jul25
Dow Jones: 44,371.51 pts (-279.13pts, -0.63%)
⬆️ Resistance: 45700
⬇️ Support: 43300
FBM KLCI: 1,536.07 pts (-0.45pts, -0.03%)
⬆️ Resistance: 1580
⬇️ Support: 1500
HSI Index: 24,139.57 pts (+111.20pts, +0.46%)
⬆️ Resistance: 25000
⬇️ Support: 23300
Crude Palm Oil: RM4,174 (+RM28, +0.68%)
⬆️ Resistance: 4320
⬇️ Support: 3960
Brent Oil: $70.36 (+$0.09, +0.13%)
⬆️ Resistance: 72.20
⬇️ Support: 65.90
Gold: $3,355.59 (+$13.24, +0.39%)
⬆️ Resistance: 3440
⬇️ Support: 3220
Source: Bloomberg, M+
Dow Jones: 44,371.51 pts (-279.13pts, -0.63%)
⬆️ Resistance: 45700
⬇️ Support: 43300
FBM KLCI: 1,536.07 pts (-0.45pts, -0.03%)
⬆️ Resistance: 1580
⬇️ Support: 1500
HSI Index: 24,139.57 pts (+111.20pts, +0.46%)
⬆️ Resistance: 25000
⬇️ Support: 23300
Crude Palm Oil: RM4,174 (+RM28, +0.68%)
⬆️ Resistance: 4320
⬇️ Support: 3960
Brent Oil: $70.36 (+$0.09, +0.13%)
⬆️ Resistance: 72.20
⬇️ Support: 65.90
Gold: $3,355.59 (+$13.24, +0.39%)
⬆️ Resistance: 3440
⬇️ Support: 3220
Source: Bloomberg, M+
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