M+ Global Market Update – 05Dec25
Awaiting More Clarity In Upcoming FOMC Meeting
US: Improved investors’ appetite lifted overall sentiment on Wall Street, as more than 85% of market participants are pricing in a Fed rate cut next week. While we may have come to this point quite a number of times before, we believe Wall Street is finally starting to price in Salesforce’s Agentic AI potential. This follows the company posting a strong set of results, with adoption of its AgentForce gaining traction toward USD60bn by FY30, alongside positive guidance for the upcoming quarter. Moreover, the valuations appear undemanding, providing investors with healthy revenue and earnings growth over the past quarters.
MY: Growing optimism over a Fed rate cut next week, as well as year-end window-dressing activities, is expected to support overall sentiment on the Bursa Exchange. Meanwhile, as IJM is in the midst of finalising its recent DC development, new project awards are expected to be rolled out, at least in the medium term. Hence, we believe there will be potential demand for MNHLDG and PWRWELL in the upcoming quarters. Also, we believe PWRWELL is anticipating a recovery in the Bangladesh segment next year, on the back of healthy progress toward driving higher adoption — particularly within the Renewable Energy segment, as alluded to by management.
Stocks to watch:
Technology: *3REN*, *ITMAX*, *KOBAY*
Construction: PESONA, *PWRWELL*
Plantation: *INNO*, SOP
Automotive: *BETA*
O&G: *DAYANG*
Property: KSL
Financial: AMBANK
Telco: TM
**Source: M+ Global**
Awaiting More Clarity In Upcoming FOMC Meeting
US: Improved investors’ appetite lifted overall sentiment on Wall Street, as more than 85% of market participants are pricing in a Fed rate cut next week. While we may have come to this point quite a number of times before, we believe Wall Street is finally starting to price in Salesforce’s Agentic AI potential. This follows the company posting a strong set of results, with adoption of its AgentForce gaining traction toward USD60bn by FY30, alongside positive guidance for the upcoming quarter. Moreover, the valuations appear undemanding, providing investors with healthy revenue and earnings growth over the past quarters.
MY: Growing optimism over a Fed rate cut next week, as well as year-end window-dressing activities, is expected to support overall sentiment on the Bursa Exchange. Meanwhile, as IJM is in the midst of finalising its recent DC development, new project awards are expected to be rolled out, at least in the medium term. Hence, we believe there will be potential demand for MNHLDG and PWRWELL in the upcoming quarters. Also, we believe PWRWELL is anticipating a recovery in the Bangladesh segment next year, on the back of healthy progress toward driving higher adoption — particularly within the Renewable Energy segment, as alluded to by management.
Stocks to watch:
Technology: *3REN*, *ITMAX*, *KOBAY*
Construction: PESONA, *PWRWELL*
Plantation: *INNO*, SOP
Automotive: *BETA*
O&G: *DAYANG*
Property: KSL
Financial: AMBANK
Telco: TM
**Source: M+ Global**
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Good Morning All,
We issued a technical buy call on MN Holdings Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) The "Power" behind Data Centers
(ii) TNB’s grid upgrade cycle
(iii) Institutional investors increase their holding
Research Team, M+
5 December 2025
We issued a technical buy call on MN Holdings Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) The "Power" behind Data Centers
(ii) TNB’s grid upgrade cycle
(iii) Institutional investors increase their holding
Research Team, M+
5 December 2025
M+ Global Market Wrap - 5Dec25
FBM KLCI: 1,616.52 pts (-4.55pts, -0.28%)
The FBMKLCI (-0.28%) closed lower as expectations of a potential interest rate hike by the Bank of Japan weighed on sentiment. A shift in Japan’s monetary policy could impact yen carry trades, prompting foreign funds to reduce exposure, which in turn pressured the sentiment on the local front. Market breadth was negative, with 439 winners against 604 losers. Sector-wise, Construction (+1.04%) was the best-performing sector, led by GAMUDA (+9.0 sen), while Consumer Products & Services (-1.07%) was the worst-performing sector, dragged by NESTLE (-370.0 sen).
Top 3 Active stocks:
VELESTO (5243): RM0.250 (+0.5 sen)
VS (6963): RM0.470 (+1.0 sen)
TANCO (2429): RM1.170 (+2.0 sen)
Volume: 3.17 bn (100-bar avg vol: 3.35 bn)
Value: RM2.24 bn (100-bar avg val: RM2.74 bn)
Market Breadth: ⬆️439 ⬇️604
Crude Palm Oil: RM4,105 (+RM45, +1.10%)
Dow Futures: 47,914 pts (-2 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,616.52 pts (-4.55pts, -0.28%)
The FBMKLCI (-0.28%) closed lower as expectations of a potential interest rate hike by the Bank of Japan weighed on sentiment. A shift in Japan’s monetary policy could impact yen carry trades, prompting foreign funds to reduce exposure, which in turn pressured the sentiment on the local front. Market breadth was negative, with 439 winners against 604 losers. Sector-wise, Construction (+1.04%) was the best-performing sector, led by GAMUDA (+9.0 sen), while Consumer Products & Services (-1.07%) was the worst-performing sector, dragged by NESTLE (-370.0 sen).
Top 3 Active stocks:
VELESTO (5243): RM0.250 (+0.5 sen)
VS (6963): RM0.470 (+1.0 sen)
TANCO (2429): RM1.170 (+2.0 sen)
Volume: 3.17 bn (100-bar avg vol: 3.35 bn)
Value: RM2.24 bn (100-bar avg val: RM2.74 bn)
Market Breadth: ⬆️439 ⬇️604
Crude Palm Oil: RM4,105 (+RM45, +1.10%)
Dow Futures: 47,914 pts (-2 pts)
**Source: M+ Global, Bloomberg **
Good Evening All,
We issued a technical buy call on Salesforce Inc: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
📌 The Company posted a strong set of results, with AgentForce adoption gaining traction toward USD60bn by FY30, alongside upbeat guidance for the next quarter. Note that CRM now has over 9,500 paid AgentForce deals with 3.2 trillion tokens processed as at LPD.
📌 From a valuation standpoint, CRM is trading at only -1SD, or about 19x (5Y average: 35x). We think that with its Agentic AI gaining traction, the current valuation level should provide investors with a margin of safety and solid exposure to the AI play
Research Team, M+
5 December 2025
We issued a technical buy call on Salesforce Inc: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
📌 The Company posted a strong set of results, with AgentForce adoption gaining traction toward USD60bn by FY30, alongside upbeat guidance for the next quarter. Note that CRM now has over 9,500 paid AgentForce deals with 3.2 trillion tokens processed as at LPD.
📌 From a valuation standpoint, CRM is trading at only -1SD, or about 19x (5Y average: 35x). We think that with its Agentic AI gaining traction, the current valuation level should provide investors with a margin of safety and solid exposure to the AI play
Research Team, M+
5 December 2025
M+ Morning Market Buzz - 8Dec25
Dow Jones: 47,954.99 pts (+104.05pts, +0.22%)
⬆️ Resistance: 49100
⬇️ Support: 46400
FBM KLCI: 1,616.52 pts (-4.55pts, -0.28%)
⬆️ Resistance: 1670
⬇️ Support: 1580
HSI Index: 26,085.08 pts (+149.18pts, +0.58%)
⬆️ Resistance: 26800
⬇️ Support: 25200
Crude Palm Oil: RM4,152 (+RM47, +1.14%)
⬆️ Resistance: 4280
⬇️ Support: 3990
Brent Oil: $63.75 (+$0.49, +0.77%)
⬆️ Resistance: 65.40
⬇️ Support: 61.00
Gold: $4,197.78 (-$9.84, -0.23%)
⬆️ Resistance: 4350
⬇️ Support: 4090
Source: Bloomberg, M+ Global
Dow Jones: 47,954.99 pts (+104.05pts, +0.22%)
⬆️ Resistance: 49100
⬇️ Support: 46400
FBM KLCI: 1,616.52 pts (-4.55pts, -0.28%)
⬆️ Resistance: 1670
⬇️ Support: 1580
HSI Index: 26,085.08 pts (+149.18pts, +0.58%)
⬆️ Resistance: 26800
⬇️ Support: 25200
Crude Palm Oil: RM4,152 (+RM47, +1.14%)
⬆️ Resistance: 4280
⬇️ Support: 3990
Brent Oil: $63.75 (+$0.49, +0.77%)
⬆️ Resistance: 65.40
⬇️ Support: 61.00
Gold: $4,197.78 (-$9.84, -0.23%)
⬆️ Resistance: 4350
⬇️ Support: 4090
Source: Bloomberg, M+ Global
😁3
M+ Global Market Update – 08Dec25
Markets Cheered Softer Inflation Data
US: Wall Street advanced last Friday as a softer PCE report strengthened expectations for a December rate cut. The Fed’s preferred inflation gauge eased further, reinforcing the view that price pressures are moderating. ADP nonfarm employment data also pointed to cooling momentum, supporting the dovish narrative ahead of the Dec 9–10 FOMC meeting. Meanwhile, we are optimistic about the news that Netflix has agreed to acquire Warner Bros. Discovery in an ~USD 83bn cash-and-stock deal, as it will position the group as a dominant force in global streaming. Furthermore, a clearer market direction will likely emerge following the Fed’s interest rate decision this Thursday.
MY: Tracking the positive close in the US, we anticipate the FBM KLCI will start the week on a rebound. Traders may accumulate EDELTEQ following its recent pullback, as we believe the company will continue to benefit from global trends in generative AI and advanced data processing, with the growing 9MFY25 results as compared to 9MFY24. Meanwhile, we are optimistic about the news that GEOHAN (M+ TP: RM0.66) has secured two bored-piling and related construction contracts worth a combined RM 59m for the Penang LRT Mutiara Line project. Lastly, the recent correction in REITs presents attractive buying opportunities for investors.
Stocks to watch:
Technology: *EDELTEQ*, *NE*, *RAMSSOL*
Financial: *RCECAP*, WELLCHIP
Construction: GAMUDA, *SUNCON*
Healthcare: *IHH*
Automotive: FEYTECH
O&G: KEYFIELD
Building Material: MCEMENT
Chemical: TMK
**Source: M+ Global**
Markets Cheered Softer Inflation Data
US: Wall Street advanced last Friday as a softer PCE report strengthened expectations for a December rate cut. The Fed’s preferred inflation gauge eased further, reinforcing the view that price pressures are moderating. ADP nonfarm employment data also pointed to cooling momentum, supporting the dovish narrative ahead of the Dec 9–10 FOMC meeting. Meanwhile, we are optimistic about the news that Netflix has agreed to acquire Warner Bros. Discovery in an ~USD 83bn cash-and-stock deal, as it will position the group as a dominant force in global streaming. Furthermore, a clearer market direction will likely emerge following the Fed’s interest rate decision this Thursday.
MY: Tracking the positive close in the US, we anticipate the FBM KLCI will start the week on a rebound. Traders may accumulate EDELTEQ following its recent pullback, as we believe the company will continue to benefit from global trends in generative AI and advanced data processing, with the growing 9MFY25 results as compared to 9MFY24. Meanwhile, we are optimistic about the news that GEOHAN (M+ TP: RM0.66) has secured two bored-piling and related construction contracts worth a combined RM 59m for the Penang LRT Mutiara Line project. Lastly, the recent correction in REITs presents attractive buying opportunities for investors.
Stocks to watch:
Technology: *EDELTEQ*, *NE*, *RAMSSOL*
Financial: *RCECAP*, WELLCHIP
Construction: GAMUDA, *SUNCON*
Healthcare: *IHH*
Automotive: FEYTECH
O&G: KEYFIELD
Building Material: MCEMENT
Chemical: TMK
**Source: M+ Global**
👍2
M+ Global Market Wrap - 8Dec25
FBM KLCI: 1,612.78 pts (-3.74pts, -0.23%)
The FBMKLCI (-0.23%) extended its decline as investors remained cautious amid concerns that a possible interest rate hike by the Bank of Japan could disrupt carry trade activities. Market breadth was negative with 329 winners against 741 losers. Sector-wise, REIT (+0.47%) was the top performer, supported by gains in KLCC (+19.0 sen). Meanwhile, the Transportation & Logistics sector (-1.00%) was the worst performer, dragged down by MISC (-6.0 sen).
Top 3 Active stocks:
BMS (0385): RM0.175 (-4.5 sen)
TANCO (2429): RM1.180 (+1.0 sen)
ZETRIX (0138): RM0.800 (-1.5 sen)
Volume: 3.36 bn (100-bar avg vol: 3.35 bn)
Value: RM2.15 bn (100-bar avg val: RM2.74 bn)
Market Breadth: ⬆️329 ⬇️741
Crude Palm Oil: RM4,152 (-RM51, -1.23%)
Dow Futures: 47,986 pts (-15 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,612.78 pts (-3.74pts, -0.23%)
The FBMKLCI (-0.23%) extended its decline as investors remained cautious amid concerns that a possible interest rate hike by the Bank of Japan could disrupt carry trade activities. Market breadth was negative with 329 winners against 741 losers. Sector-wise, REIT (+0.47%) was the top performer, supported by gains in KLCC (+19.0 sen). Meanwhile, the Transportation & Logistics sector (-1.00%) was the worst performer, dragged down by MISC (-6.0 sen).
Top 3 Active stocks:
BMS (0385): RM0.175 (-4.5 sen)
TANCO (2429): RM1.180 (+1.0 sen)
ZETRIX (0138): RM0.800 (-1.5 sen)
Volume: 3.36 bn (100-bar avg vol: 3.35 bn)
Value: RM2.15 bn (100-bar avg val: RM2.74 bn)
Market Breadth: ⬆️329 ⬇️741
Crude Palm Oil: RM4,152 (-RM51, -1.23%)
Dow Futures: 47,986 pts (-15 pts)
**Source: M+ Global, Bloomberg **
👏3
M+ Morning Market Buzz - 9Dec25
Dow Jones: 47,739.32 pts (-215.67pts, -0.45%)
⬆️ Resistance: 49100
⬇️ Support: 46400
FBM KLCI: 1,612.78 pts (-3.74pts, -0.23%)
⬆️ Resistance: 1670
⬇️ Support: 1570
HSI Index: 25,765.36 pts (-319.72pts, -1.23%)
⬆️ Resistance: 26800
⬇️ Support: 25200
Crude Palm Oil: RM4,093 (-RM1, -0.02%)
⬆️ Resistance: 4280
⬇️ Support: 3990
Brent Oil: $63.75 (-$1.28, -2.01%)
⬆️ Resistance: 65.40
⬇️ Support: 61.00
Gold: $4,190.66 (-$7.12, -0.17%)
⬆️ Resistance: 4350
⬇️ Support: 4090
Source: Bloomberg, M+ Global
Dow Jones: 47,739.32 pts (-215.67pts, -0.45%)
⬆️ Resistance: 49100
⬇️ Support: 46400
FBM KLCI: 1,612.78 pts (-3.74pts, -0.23%)
⬆️ Resistance: 1670
⬇️ Support: 1570
HSI Index: 25,765.36 pts (-319.72pts, -1.23%)
⬆️ Resistance: 26800
⬇️ Support: 25200
Crude Palm Oil: RM4,093 (-RM1, -0.02%)
⬆️ Resistance: 4280
⬇️ Support: 3990
Brent Oil: $63.75 (-$1.28, -2.01%)
⬆️ Resistance: 65.40
⬇️ Support: 61.00
Gold: $4,190.66 (-$7.12, -0.17%)
⬆️ Resistance: 4350
⬇️ Support: 4090
Source: Bloomberg, M+ Global
👏2🥰1
M+ Global Market Update – 09Dec25
Wall Street Slips As Investors Brace For Fed Decision
US: Wall Street softened on Monday as investors turned cautious ahead of this week’s FOMC meeting. Market sentiment remains anchored by expectations of a December rate cut, supported by last week’s softer core PCE reading, signs of a cooling labour market, and moderating consumer spending. The CME FedWatch Tool now implies an 87.2% probability of a cut. Besides, the Netflix–Warner Bros deal took a turn after Paramount launched a rival bid, adding uncertainty amid potential regulatory scrutiny by the US government. We believe clarity on market direction will only be firmer after the Fed’s interest rate decision this Thursday.
MY: Given the negative close in the US yesterday, we believe a clearer direction for the local bourse may only emerge after the Fed’s interest rate decision this Thursday. Meanwhile, we remain optimistic on IAB, supported by: (i) the rollout of water utility projects such as the National Non-Revenue Water (NRW) programme (2025–2030) and the Sarawak Alternative Water Supply initiative; and (ii) the company’s ability to replicate its success in water management solutions within its new intelligent asset management offerings, aimed at expanding its reach across the hospitality, transportation, and construction industries. Lastly, we believe current REIT valuations present attractive accumulation opportunities for investors.
Stocks to watch:
Technology: *EDELTEQ*, *IAB*, NE, RAMSSOL, *THMY*
Automotive: BAUTO, *BETA*
Construction: *SSB8*
Property: *SUNWAY
Healthcare: *IHH*
Building Material: MCEMENT
**Source: M+ Global**
Wall Street Slips As Investors Brace For Fed Decision
US: Wall Street softened on Monday as investors turned cautious ahead of this week’s FOMC meeting. Market sentiment remains anchored by expectations of a December rate cut, supported by last week’s softer core PCE reading, signs of a cooling labour market, and moderating consumer spending. The CME FedWatch Tool now implies an 87.2% probability of a cut. Besides, the Netflix–Warner Bros deal took a turn after Paramount launched a rival bid, adding uncertainty amid potential regulatory scrutiny by the US government. We believe clarity on market direction will only be firmer after the Fed’s interest rate decision this Thursday.
MY: Given the negative close in the US yesterday, we believe a clearer direction for the local bourse may only emerge after the Fed’s interest rate decision this Thursday. Meanwhile, we remain optimistic on IAB, supported by: (i) the rollout of water utility projects such as the National Non-Revenue Water (NRW) programme (2025–2030) and the Sarawak Alternative Water Supply initiative; and (ii) the company’s ability to replicate its success in water management solutions within its new intelligent asset management offerings, aimed at expanding its reach across the hospitality, transportation, and construction industries. Lastly, we believe current REIT valuations present attractive accumulation opportunities for investors.
Stocks to watch:
Technology: *EDELTEQ*, *IAB*, NE, RAMSSOL, *THMY*
Automotive: BAUTO, *BETA*
Construction: *SSB8*
Property: *SUNWAY
Healthcare: *IHH*
Building Material: MCEMENT
**Source: M+ Global**
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M+ Global Market Wrap - 9Dec25
FBM KLCI: 1,614.17 pts (+1.39pts, +0.09%)
Despite the regional market selldown, the FBMKLCI (+1.39%) bucked the trend and saw a last-minute buying support, with gains in RHBBANK (+15.0 sen) and PCHEM (+8.0 sen) lifting the key index to 1,614.17 pts. However, market breadth remained negative, with 578 losers against 470 gainers. Sector-wise, Healthcare (+1.10%) outperformed, led by TOPGLOV (+2.5 sen) and IHH (+2.0 sen), while Construction (-0.99%) recorded the biggest decline.
Top 3 Active stocks:
VELESTO (5243): RM0.255 (+0.5 sen)
TANCO (2429): RM1.140 (-4.0 sen)
ORKIM (5348): RM0.930 (-)
Volume: 3.17 bn (100-bar avg vol: 3.35 bn)
Value: RM2.37 bn (100-bar avg val: RM2.74 bn)
Market Breadth: ⬆️470 ⬇️578
Crude Palm Oil: RM4,093 (-RM5, -0.12%)
Dow Futures: 47,810 pts (+17 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,614.17 pts (+1.39pts, +0.09%)
Despite the regional market selldown, the FBMKLCI (+1.39%) bucked the trend and saw a last-minute buying support, with gains in RHBBANK (+15.0 sen) and PCHEM (+8.0 sen) lifting the key index to 1,614.17 pts. However, market breadth remained negative, with 578 losers against 470 gainers. Sector-wise, Healthcare (+1.10%) outperformed, led by TOPGLOV (+2.5 sen) and IHH (+2.0 sen), while Construction (-0.99%) recorded the biggest decline.
Top 3 Active stocks:
VELESTO (5243): RM0.255 (+0.5 sen)
TANCO (2429): RM1.140 (-4.0 sen)
ORKIM (5348): RM0.930 (-)
Volume: 3.17 bn (100-bar avg vol: 3.35 bn)
Value: RM2.37 bn (100-bar avg val: RM2.74 bn)
Market Breadth: ⬆️470 ⬇️578
Crude Palm Oil: RM4,093 (-RM5, -0.12%)
Dow Futures: 47,810 pts (+17 pts)
**Source: M+ Global, Bloomberg **
😁2
M+ Morning Market Buzz - 10Dec25
Dow Jones: 47,560.29 pts (-179.03pts, -0.38%)
⬆️ Resistance: 49100
⬇️ Support: 46500
FBM KLCI: 1,614.17 pts (+1.39pts, +0.09%)
⬆️ Resistance: 1670
⬇️ Support: 1570
HSI Index: 25,434.23 pts (-331.13pts, -1.29%)
⬆️ Resistance: 26700
⬇️ Support: 24900
Crude Palm Oil: RM4,106 (-RM4, -0.10%)
⬆️ Resistance: 4280
⬇️ Support: 3980
Brent Oil: $61.94 (-$0.55, -0.88%)
⬆️ Resistance: 65.40
⬇️ Support: 60.60
Gold: $4,208.24 (+$1.28, +0.03%)
⬆️ Resistance: 4350
⬇️ Support: 4090
Source: Bloomberg, M+ Global
Dow Jones: 47,560.29 pts (-179.03pts, -0.38%)
⬆️ Resistance: 49100
⬇️ Support: 46500
FBM KLCI: 1,614.17 pts (+1.39pts, +0.09%)
⬆️ Resistance: 1670
⬇️ Support: 1570
HSI Index: 25,434.23 pts (-331.13pts, -1.29%)
⬆️ Resistance: 26700
⬇️ Support: 24900
Crude Palm Oil: RM4,106 (-RM4, -0.10%)
⬆️ Resistance: 4280
⬇️ Support: 3980
Brent Oil: $61.94 (-$0.55, -0.88%)
⬆️ Resistance: 65.40
⬇️ Support: 60.60
Gold: $4,208.24 (+$1.28, +0.03%)
⬆️ Resistance: 4350
⬇️ Support: 4090
Source: Bloomberg, M+ Global
👏2
M+ Global Market Update – 10Dec25
Markets Soften Ahead of Fed Decision
US: Wall Street slipped on Tuesday as the Federal Reserve (Fed) began its two-day policy meeting, with markets widely expecting a third rate cut this year. The CME FedWatch Tool now implies an 87.6% probability of easing, though policymakers may still signal a "hawkish cut" amid firmer labour indicators and limited fresh data following the government shutdown. Nvidia gained attention after President Trump approved restricted H200 chip sales to selected Chinese customers, potentially benefitting Chinese data centre operators like GDS Holdings and VNET Group, but still ended mildly lower. Again, we believe clearer market direction will only emerge after the Fed’s interest rate decision on Thursday.
MY: We expect the FBM KLCI to remain soft ahead of the conclusion of the FOMC meeting. Meanwhile, we are positive on the news that TECHSTORE has secured a RM89.7m, 30-month contract to provide digital radio and on-board live detection systems for the Kelana Jaya LRT (Light Rail Transit) line. With its outstanding order book at RM106.6m as at September 30, this latest win represents approximately 84% of its existing order book, strengthening earnings visibility for the next two to three years. Lastly, despite the minor uptick in ORKIM amid a weak macro environment, we remain optimistic about the company with a fair value of RM1.16.
Stocks to watch:
Technology: MCLEAN, *NE*, *SCICOM*, VS
Healthcare: IHH, *KOSSAN*, *TOPGLOV*
Building Material: *MCEMENT*, PMETAL
Construction: *SSB8*
Finance: RHBBANK
**Source: M+ Global**
Markets Soften Ahead of Fed Decision
US: Wall Street slipped on Tuesday as the Federal Reserve (Fed) began its two-day policy meeting, with markets widely expecting a third rate cut this year. The CME FedWatch Tool now implies an 87.6% probability of easing, though policymakers may still signal a "hawkish cut" amid firmer labour indicators and limited fresh data following the government shutdown. Nvidia gained attention after President Trump approved restricted H200 chip sales to selected Chinese customers, potentially benefitting Chinese data centre operators like GDS Holdings and VNET Group, but still ended mildly lower. Again, we believe clearer market direction will only emerge after the Fed’s interest rate decision on Thursday.
MY: We expect the FBM KLCI to remain soft ahead of the conclusion of the FOMC meeting. Meanwhile, we are positive on the news that TECHSTORE has secured a RM89.7m, 30-month contract to provide digital radio and on-board live detection systems for the Kelana Jaya LRT (Light Rail Transit) line. With its outstanding order book at RM106.6m as at September 30, this latest win represents approximately 84% of its existing order book, strengthening earnings visibility for the next two to three years. Lastly, despite the minor uptick in ORKIM amid a weak macro environment, we remain optimistic about the company with a fair value of RM1.16.
Stocks to watch:
Technology: MCLEAN, *NE*, *SCICOM*, VS
Healthcare: IHH, *KOSSAN*, *TOPGLOV*
Building Material: *MCEMENT*, PMETAL
Construction: *SSB8*
Finance: RHBBANK
**Source: M+ Global**
💯2
Good Morning All,
We issued a company update report on our coverage stock AWC Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
AWC Berhad announced that its wholly-owned subsidiary, Ambang Wira Facilities Sdn Bhd (AWFSB), has accepted a Letter of Acceptance issued by the Public Works Department of Malaysia (JKR) for the facilities management and maintenance of Kompleks Masjid Putra, Putrajaya. The contract is valued at RM52.3m and spans 5 years and 3 months, commencing on 1 February 2026 and ending on 30 April 2031. This award expands AWC’s footprint in public-sector facilities management and brings total contract wins in FY26 to approximately RM382m.
Maintain BUY with a TP of RM0.66. We maintain our Buy recommendation for AWC with an unchanged TP of RM0.66. The target price is derived based on a P/E ratio of 10.0x pegged to mid-FY27f fully-diluted EPS of 6.58 sen.
Research Team, M+
10 December 2025
We issued a company update report on our coverage stock AWC Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
AWC Berhad announced that its wholly-owned subsidiary, Ambang Wira Facilities Sdn Bhd (AWFSB), has accepted a Letter of Acceptance issued by the Public Works Department of Malaysia (JKR) for the facilities management and maintenance of Kompleks Masjid Putra, Putrajaya. The contract is valued at RM52.3m and spans 5 years and 3 months, commencing on 1 February 2026 and ending on 30 April 2031. This award expands AWC’s footprint in public-sector facilities management and brings total contract wins in FY26 to approximately RM382m.
Maintain BUY with a TP of RM0.66. We maintain our Buy recommendation for AWC with an unchanged TP of RM0.66. The target price is derived based on a P/E ratio of 10.0x pegged to mid-FY27f fully-diluted EPS of 6.58 sen.
Research Team, M+
10 December 2025
M+ Global Market Wrap - 10Dec25
FBM KLCI: 1,611.00 pts (-3.17pts, -0.20%)
The FBMKLCI (-0.20%) remained in negative territory for the whole session, while regional markets ended mixed, with Hong Kong finishing higher and China closing lower. Profit-taking in heavyweights such as IHH and PMETAL weighed on the broader index as investors awaited the Federal Reserve’s interest rate decision due later at midnight. Despite the softer KLCI performance, market breadth was positive with 515 gainers versus 472 decliners. Sector-wise, Technology (+1.19%) outperformed, supported by UWC (+24.0 sen), while Healthcare (-1.41%) lagged, dragged down by IHH (-13.0 sen).
Top 3 Active stocks:
BORNOIL (7036): RM0.005 (unch)
ZETRIX (0138): RM0.830 (+2.5 sen)
VELESTO (5243): RM0.270 (+1.5 sen)
Volume: 3.87 bn (100-bar avg vol: 3.36 bn)
Value: RM2.21 bn (100-bar avg val: RM2.74 bn)
Market Breadth: ⬆️515 ⬇️472
Crude Palm Oil: RM4,106 (-RM56, -1.36%)
Dow Futures: 47,627 pts (+14 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,611.00 pts (-3.17pts, -0.20%)
The FBMKLCI (-0.20%) remained in negative territory for the whole session, while regional markets ended mixed, with Hong Kong finishing higher and China closing lower. Profit-taking in heavyweights such as IHH and PMETAL weighed on the broader index as investors awaited the Federal Reserve’s interest rate decision due later at midnight. Despite the softer KLCI performance, market breadth was positive with 515 gainers versus 472 decliners. Sector-wise, Technology (+1.19%) outperformed, supported by UWC (+24.0 sen), while Healthcare (-1.41%) lagged, dragged down by IHH (-13.0 sen).
Top 3 Active stocks:
BORNOIL (7036): RM0.005 (unch)
ZETRIX (0138): RM0.830 (+2.5 sen)
VELESTO (5243): RM0.270 (+1.5 sen)
Volume: 3.87 bn (100-bar avg vol: 3.36 bn)
Value: RM2.21 bn (100-bar avg val: RM2.74 bn)
Market Breadth: ⬆️515 ⬇️472
Crude Palm Oil: RM4,106 (-RM56, -1.36%)
Dow Futures: 47,627 pts (+14 pts)
**Source: M+ Global, Bloomberg **
👏2
M+ Morning Market Buzz - 11Dec25
Dow Jones: 48,057.75 pts (+497.46pts, +1.05%)
⬆️ Resistance: 49200
⬇️ Support: 46600
FBM KLCI: 1,611.00 pts (-3.17pts, -0.20%)
⬆️ Resistance: 1660
⬇️ Support: 1570
HSI Index: 25,540.78 pts (+106.55pts, +0.42%)
⬆️ Resistance: 26700
⬇️ Support: 24800
Crude Palm Oil: RM4,063 (+RM31, +0.76%)
⬆️ Resistance: 4250
⬇️ Support: 3940
Brent Oil: $62.21 (+$0.27, +0.44%)
⬆️ Resistance: 65.40
⬇️ Support: 60.20
Gold: $4,228.84 (-$1.23, -0.02%)
⬆️ Resistance: 4350
⬇️ Support: 4090
Source: Bloomberg, M+ Global
Dow Jones: 48,057.75 pts (+497.46pts, +1.05%)
⬆️ Resistance: 49200
⬇️ Support: 46600
FBM KLCI: 1,611.00 pts (-3.17pts, -0.20%)
⬆️ Resistance: 1660
⬇️ Support: 1570
HSI Index: 25,540.78 pts (+106.55pts, +0.42%)
⬆️ Resistance: 26700
⬇️ Support: 24800
Crude Palm Oil: RM4,063 (+RM31, +0.76%)
⬆️ Resistance: 4250
⬇️ Support: 3940
Brent Oil: $62.21 (+$0.27, +0.44%)
⬆️ Resistance: 65.40
⬇️ Support: 60.20
Gold: $4,228.84 (-$1.23, -0.02%)
⬆️ Resistance: 4350
⬇️ Support: 4090
Source: Bloomberg, M+ Global
😁2
M+ Global Market Update – 11Dec25
Fed Delivers 3rd Rate Cut For 2025
US: Wall Street advanced on Wednesday after the Fed delivered its third 25bps rate cut this year, although the committee signalled uncertain conditions for future cuts. The decision drew three dissents—two members favoured a pause, and one preferred a 50bps cut—underscoring growing divisions within the FOMC. Attention also turned to the upcoming Fed Chair selection, with President Trump set to begin final-round interviews. Meanwhile, investors will be assessing earnings from Oracle and Adobe for cues on AI-related demand. We believe this interest rate cut might act as a re-rating catalyst for technology stocks, potentially driving up the Mag-7.
MY: We expect the FBMKLCI to rebound following the Fed’s interest rate cut, benefiting sectors such as Consumer and Financials. Meanwhile, we are positive on UWC’s breakout yesterday, supported by: (i) improved margins driven by its expansion into front-end semiconductor engineering; (ii) strong AI-led demand for high-performance chip equipment; and (iii) the group’s continued focus on 5G network equipment, autonomous vehicle–related chip testers, and EV battery tester businesses. Traders may also look at KOBAY and 3REN, with the former showing 1Q26 profit recovery, while the latter is poised for a potential breakout continuation.
Stocks to watch:
Technology: *3REN*, *FPGROUP*, KOBAY, *NE*, UWC, *VITROX*, VS
Automotive: *BETA*
Building Material: *MSC*
Finance: *RCECAP*
Consumer: TGUAN
**Source: M+ Global**
Fed Delivers 3rd Rate Cut For 2025
US: Wall Street advanced on Wednesday after the Fed delivered its third 25bps rate cut this year, although the committee signalled uncertain conditions for future cuts. The decision drew three dissents—two members favoured a pause, and one preferred a 50bps cut—underscoring growing divisions within the FOMC. Attention also turned to the upcoming Fed Chair selection, with President Trump set to begin final-round interviews. Meanwhile, investors will be assessing earnings from Oracle and Adobe for cues on AI-related demand. We believe this interest rate cut might act as a re-rating catalyst for technology stocks, potentially driving up the Mag-7.
MY: We expect the FBMKLCI to rebound following the Fed’s interest rate cut, benefiting sectors such as Consumer and Financials. Meanwhile, we are positive on UWC’s breakout yesterday, supported by: (i) improved margins driven by its expansion into front-end semiconductor engineering; (ii) strong AI-led demand for high-performance chip equipment; and (iii) the group’s continued focus on 5G network equipment, autonomous vehicle–related chip testers, and EV battery tester businesses. Traders may also look at KOBAY and 3REN, with the former showing 1Q26 profit recovery, while the latter is poised for a potential breakout continuation.
Stocks to watch:
Technology: *3REN*, *FPGROUP*, KOBAY, *NE*, UWC, *VITROX*, VS
Automotive: *BETA*
Building Material: *MSC*
Finance: *RCECAP*
Consumer: TGUAN
**Source: M+ Global**
👍3
M+ Global Market Wrap - 11Dec25
FBM KLCI: 1,625.39 pts (+14.39pts, +0.89%)
The FBMKLCI (+0.89%) closed higher as sentiment improved following the Federal Reserve’s interest rate cut. Banking heavyweights such as MAYBANK, CIMB, and PBBANK continued to lift the broader market. Despite the benchmark’s gains, market breadth was negative, with 490 gainers versus 594 decliners. Sector-wise, Telecommunication & Media (+1.89%) outperformed, driven by AXIATA (+12.0 sen), while Construction (-2.54%) was the weakest performer, weighed down by GAMUDA (-24.0 sen).
Top 3 Active stocks:
BORNOIL (7036): RM0.005 (unch)
BMS (0385): RM0.210 (+2.0 sen)
VELESTO (5243): RM0.275 (+0.5 sen)
Volume: 3.11 bn (100-bar avg vol: 3.36 bn)
Value: RM2.38 bn (100-bar avg val: RM2.74 bn)
Market Breadth: ⬆️490 ⬇️594
Crude Palm Oil: RM4,063 (RM0, 0.00%)
Dow Futures: 47,942 pts (-165 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,625.39 pts (+14.39pts, +0.89%)
The FBMKLCI (+0.89%) closed higher as sentiment improved following the Federal Reserve’s interest rate cut. Banking heavyweights such as MAYBANK, CIMB, and PBBANK continued to lift the broader market. Despite the benchmark’s gains, market breadth was negative, with 490 gainers versus 594 decliners. Sector-wise, Telecommunication & Media (+1.89%) outperformed, driven by AXIATA (+12.0 sen), while Construction (-2.54%) was the weakest performer, weighed down by GAMUDA (-24.0 sen).
Top 3 Active stocks:
BORNOIL (7036): RM0.005 (unch)
BMS (0385): RM0.210 (+2.0 sen)
VELESTO (5243): RM0.275 (+0.5 sen)
Volume: 3.11 bn (100-bar avg vol: 3.36 bn)
Value: RM2.38 bn (100-bar avg val: RM2.74 bn)
Market Breadth: ⬆️490 ⬇️594
Crude Palm Oil: RM4,063 (RM0, 0.00%)
Dow Futures: 47,942 pts (-165 pts)
**Source: M+ Global, Bloomberg **
😁2
M+ Morning Market Buzz - 12Dec25
Dow Jones: 48,704.01 pts (+646.26pts, +1.34%)
⬆️ Resistance: 49800
⬇️ Support: 46600
FBM KLCI: 1,625.39 pts (+14.39pts, +0.89%)
⬆️ Resistance: 1660
⬇️ Support: 1570
HSI Index: 25,530.51 pts (-10.27pts, -0.04%)
⬆️ Resistance: 26700
⬇️ Support: 24800
Crude Palm Oil: RM4,063 (-RM23, -0.57%)
⬆️ Resistance: 4250
⬇️ Support: 3940
Brent Oil: $62.21 (-$0.93, -1.04%)
⬆️ Resistance: 65.40
⬇️ Support: 59.60
Gold: $4,280.18 (+$1.82, +0.07%)
⬆️ Resistance: 4380
⬇️ Support: 4090
Source: Bloomberg, M+ Global
Dow Jones: 48,704.01 pts (+646.26pts, +1.34%)
⬆️ Resistance: 49800
⬇️ Support: 46600
FBM KLCI: 1,625.39 pts (+14.39pts, +0.89%)
⬆️ Resistance: 1660
⬇️ Support: 1570
HSI Index: 25,530.51 pts (-10.27pts, -0.04%)
⬆️ Resistance: 26700
⬇️ Support: 24800
Crude Palm Oil: RM4,063 (-RM23, -0.57%)
⬆️ Resistance: 4250
⬇️ Support: 3940
Brent Oil: $62.21 (-$0.93, -1.04%)
⬆️ Resistance: 65.40
⬇️ Support: 59.60
Gold: $4,280.18 (+$1.82, +0.07%)
⬆️ Resistance: 4380
⬇️ Support: 4090
Source: Bloomberg, M+ Global
👍3👏1😁1
M+ Global Market Update – 12Dec25
Bullish Sentiment Intact Despite Oracle’s Pullback
US: Wall Street closed broadly higher, with the Dow reaching a record high. However, AI-related gains were capped by a sharp selloff in Oracle after its aggressive FY26 capex hike reignited concerns over AI monetisation and rising debt levels. Fed sentiment also stayed in focus after Wednesday’s third 25bps rate cut, with Powell signalling a higher bar for further easing despite a more balanced tone. Still, we expect market direction to turn increasingly positive as investors digest the Fed’s dovish view. We also view Disney’s $1bn investment in OpenAI, including licensing its characters for the Sora platform, as a positive development.
MY: Following the Fed’s interest rate cut, we expect the FBMKLCI to end the week on a positive note. Given the stronger MYR environment and the dovish-inclined Fed, we believe Banks will continue to outperform, potentially leading the FBMKLCI higher for a December rally. Meanwhile, given the recent pullback to decent levels in Solar-related counters, we believe investors can start accumulating some solar-related stocks, including SLVEST, SAMAIDEN, and PEKAT, to participate in the NETR journey. Lastly, with the breakout in SDG yesterday, traders could monitor for entry opportunities on SDG and also other plantation counters.
Stocks to watch:
Construction: *PWRWELL*, SCGBHD, *SSB8*
Finance: *AMBANK*, CIMB, *RCECAP*
Technology: *ITMAX*, VS
Automotive: BETA
Transportation: WPRTS
**Source: M+ Global**
Bullish Sentiment Intact Despite Oracle’s Pullback
US: Wall Street closed broadly higher, with the Dow reaching a record high. However, AI-related gains were capped by a sharp selloff in Oracle after its aggressive FY26 capex hike reignited concerns over AI monetisation and rising debt levels. Fed sentiment also stayed in focus after Wednesday’s third 25bps rate cut, with Powell signalling a higher bar for further easing despite a more balanced tone. Still, we expect market direction to turn increasingly positive as investors digest the Fed’s dovish view. We also view Disney’s $1bn investment in OpenAI, including licensing its characters for the Sora platform, as a positive development.
MY: Following the Fed’s interest rate cut, we expect the FBMKLCI to end the week on a positive note. Given the stronger MYR environment and the dovish-inclined Fed, we believe Banks will continue to outperform, potentially leading the FBMKLCI higher for a December rally. Meanwhile, given the recent pullback to decent levels in Solar-related counters, we believe investors can start accumulating some solar-related stocks, including SLVEST, SAMAIDEN, and PEKAT, to participate in the NETR journey. Lastly, with the breakout in SDG yesterday, traders could monitor for entry opportunities on SDG and also other plantation counters.
Stocks to watch:
Construction: *PWRWELL*, SCGBHD, *SSB8*
Finance: *AMBANK*, CIMB, *RCECAP*
Technology: *ITMAX*, VS
Automotive: BETA
Transportation: WPRTS
**Source: M+ Global**
👍4👏1
Good Morning All,
We issued a technical buy call on UWC Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) Front-end equipment demand to strengthen margins
(ii) Beneficiary of Intel–NVIDIA next-gen chip collaboration
(iii) Continuous commitment across different growing sectors
Research Team, M+
12 December 2025
We issued a technical buy call on UWC Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) Front-end equipment demand to strengthen margins
(ii) Beneficiary of Intel–NVIDIA next-gen chip collaboration
(iii) Continuous commitment across different growing sectors
Research Team, M+
12 December 2025