Good Evening All,
We issued a technical buy call on Adobe Inc: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) Fundamental remain intact
(ii) Monthly active users hitting high double-digit growth
(iii) Valuations appear to be undemanding
Research Team, M+
12 December 2025
We issued a technical buy call on Adobe Inc: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) Fundamental remain intact
(ii) Monthly active users hitting high double-digit growth
(iii) Valuations appear to be undemanding
Research Team, M+
12 December 2025
M+ Global Market Wrap - 12Dec25
FBM KLCI: 1,637.81 pts (+12.42pts, +0.76%)
The FBMKLCI (+0.76%) closed higher, buoyed by dovish signals from the U.S. Federal Reserve Chair Powell earlier and a stronger ringgit environment, both of which helped lifted the market sentiment. Market breadth was firm with 744 gainers versus 387 decliners. Sector-wise, Utilities (+1.59%) led the overall broader market, driven by TENAGA (+28.0 sen). Meanwhile, Construction (-0.14%) was the only sector that closed lower, weighed down by GAMUDA (-4.0 sen).
Top 3 Active stocks:
VELESTO (5243): RM0.280 (+0.5 sen)
TANCO (2429): RM1.180 (+3.0 sen)
ZETRIX (0138): RM0.835 (unch)
Volume: 3.09 bn (100-bar avg vol: 3.36 bn)
Value: RM2.46 bn (100-bar avg val: RM2.74 bn)
Market Breadth: ⬆️744 ⬇️387
Crude Palm Oil: RM4,063 (-RM30, -0.74%)
Dow Futures: 48,900 pts (+154 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,637.81 pts (+12.42pts, +0.76%)
The FBMKLCI (+0.76%) closed higher, buoyed by dovish signals from the U.S. Federal Reserve Chair Powell earlier and a stronger ringgit environment, both of which helped lifted the market sentiment. Market breadth was firm with 744 gainers versus 387 decliners. Sector-wise, Utilities (+1.59%) led the overall broader market, driven by TENAGA (+28.0 sen). Meanwhile, Construction (-0.14%) was the only sector that closed lower, weighed down by GAMUDA (-4.0 sen).
Top 3 Active stocks:
VELESTO (5243): RM0.280 (+0.5 sen)
TANCO (2429): RM1.180 (+3.0 sen)
ZETRIX (0138): RM0.835 (unch)
Volume: 3.09 bn (100-bar avg vol: 3.36 bn)
Value: RM2.46 bn (100-bar avg val: RM2.74 bn)
Market Breadth: ⬆️744 ⬇️387
Crude Palm Oil: RM4,063 (-RM30, -0.74%)
Dow Futures: 48,900 pts (+154 pts)
**Source: M+ Global, Bloomberg **
😁2
M+ Morning Market Buzz - 15Dec25
Dow Jones: 48,458.05 pts (-245.96pts, -0.51%)
⬆️ Resistance: 49900
⬇️ Support: 46600
FBM KLCI: 1,637.81 pts (+12.42pts, +0.76%)
⬆️ Resistance: 1680
⬇️ Support: 1570
HSI Index: 25,976.79 pts (+446.28pts, +1.75%)
⬆️ Resistance: 26700
⬇️ Support: 24800
Crude Palm Oil: RM4,018 (-RM45, -1.11%)
⬆️ Resistance: 4220
⬇️ Support: 3940
Brent Oil: $61.12 (+$0.07, -0.26%)
⬆️ Resistance: 65.30
⬇️ Support: 59.60
Gold: $4,299.63 (+$5.75, +0.45%)
⬆️ Resistance: 4450
⬇️ Support: 4090
Source: Bloomberg, M+ Global
Dow Jones: 48,458.05 pts (-245.96pts, -0.51%)
⬆️ Resistance: 49900
⬇️ Support: 46600
FBM KLCI: 1,637.81 pts (+12.42pts, +0.76%)
⬆️ Resistance: 1680
⬇️ Support: 1570
HSI Index: 25,976.79 pts (+446.28pts, +1.75%)
⬆️ Resistance: 26700
⬇️ Support: 24800
Crude Palm Oil: RM4,018 (-RM45, -1.11%)
⬆️ Resistance: 4220
⬇️ Support: 3940
Brent Oil: $61.12 (+$0.07, -0.26%)
⬆️ Resistance: 65.30
⬇️ Support: 59.60
Gold: $4,299.63 (+$5.75, +0.45%)
⬆️ Resistance: 4450
⬇️ Support: 4090
Source: Bloomberg, M+ Global
👏2
M+ Global Market Update – 15Dec25
Profit Taking May Persist
US: Profit taking activities emerged after the S&P 500 breached the 6,900 mark on Thursday, despite weakness in technology stocks, as Oracle’s capital spending and revenue guidance did not meet consensus expectations. Trading interest may soften this week, with the release of US data including nonfarm payrolls, inflation numbers, as well as retail sales, which could shift overall market sentiment, at least in the short term. Hence, we expect Wall Street to continue rotating into value stocks like ADBE and CRM, with the latter providing solid exposure to the AI play, while valuations offer investors a margin buffer.
MY: Overall, we expect the KLCI index to follow suit with Wall Street’s negative overnight performance. Nonetheless, trading interest was seen in selected glove stocks as we observe relative trading volumes starting to pick up, with earnings recovery seen in them. Also, we like LACMED’s shift towards an asset-ownership model, providing a win-win situation for LACMED and its clients, given greater working capital flexibility to focus on its core business. Meanwhile, a strengthening ringgit continues to be the focal point and may lead to more domestic-driven investment themes; we like banking heavyweights in the window dressing period.
Stocks to watch:
Technology: *3REN*, KOBAY, *NE*, UNISEM
Building Material: *MSC*, SCGBHD
Finance: ABMB, *RCECAP*
Utility: *YTL*, YTLPOWR
Construction: *SSB8*
Aviation: *AAX*
Property: SUNWAY
Healthcare: IHH
**Source: M+ Global**
Profit Taking May Persist
US: Profit taking activities emerged after the S&P 500 breached the 6,900 mark on Thursday, despite weakness in technology stocks, as Oracle’s capital spending and revenue guidance did not meet consensus expectations. Trading interest may soften this week, with the release of US data including nonfarm payrolls, inflation numbers, as well as retail sales, which could shift overall market sentiment, at least in the short term. Hence, we expect Wall Street to continue rotating into value stocks like ADBE and CRM, with the latter providing solid exposure to the AI play, while valuations offer investors a margin buffer.
MY: Overall, we expect the KLCI index to follow suit with Wall Street’s negative overnight performance. Nonetheless, trading interest was seen in selected glove stocks as we observe relative trading volumes starting to pick up, with earnings recovery seen in them. Also, we like LACMED’s shift towards an asset-ownership model, providing a win-win situation for LACMED and its clients, given greater working capital flexibility to focus on its core business. Meanwhile, a strengthening ringgit continues to be the focal point and may lead to more domestic-driven investment themes; we like banking heavyweights in the window dressing period.
Stocks to watch:
Technology: *3REN*, KOBAY, *NE*, UNISEM
Building Material: *MSC*, SCGBHD
Finance: ABMB, *RCECAP*
Utility: *YTL*, YTLPOWR
Construction: *SSB8*
Aviation: *AAX*
Property: SUNWAY
Healthcare: IHH
**Source: M+ Global**
👍4💯1
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, Qudotech Sdn Bhd, has accepted a Letter of Award from Gamuda Engineering Sdn Bhd for subcontract works related to the cold water, rainwater harvesting and sanitary systems for a hyperscale data centre at Eco Business Park V, Puncak Alam, Selangor. The contract, valued at RM42.3m, shall commence on 8 December 2025 and will be executed in two phases, with completion targeted by 28 February 2027 for Facility 1 and 1 September 2027 for Facility 2. This marks AWC’s second data centre contract from the same returning client and lifts cumulative job wins in FY26 to ~RM424m.
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+
15 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, Qudotech Sdn Bhd, has accepted a Letter of Award from Gamuda Engineering Sdn Bhd for subcontract works related to the cold water, rainwater harvesting and sanitary systems for a hyperscale data centre at Eco Business Park V, Puncak Alam, Selangor. The contract, valued at RM42.3m, shall commence on 8 December 2025 and will be executed in two phases, with completion targeted by 28 February 2027 for Facility 1 and 1 September 2027 for Facility 2. This marks AWC’s second data centre contract from the same returning client and lifts cumulative job wins in FY26 to ~RM424m.
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+
15 December 2025
M+ Global Market Wrap - 15Dec25
FBM KLCI: 1,643.72 pts (+5.91pts, +0.36%)
Despite weaker regional markets, with China and Hong Kong closing lower, the FBMKLCI (+0.36%) ended higher, supported by gains in heavyweight names such as IHH and MAYBANK, which lifted the broader index. However, overall market breadth was negative, with 402 gainers versus 641 decliners. Sector-wise, Healthcare (+0.43%) outperformed, led by IHH (+9.0 sen), while the Telecommunications & Media sector was the weakest performer, dragged down by AXIATA (-2.0 sen).
Top 3 Active stocks:
VELESTO (5243): RM0.285 (+0.5 sen)
ZETRIX (0138): RM0.825 (-1.0 sen)
TANCO (2429): RM1.180 (unch)
Volume: 2.50 bn (100-bar avg vol: 3.35 bn)
Value: RM2.16 bn (100-bar avg val: RM2.74 bn)
Market Breadth: ⬆️402 ⬇️641
Crude Palm Oil: RM4,018 (-RM2, -0.05%)
Dow Futures: 49,043 pts (+183 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,643.72 pts (+5.91pts, +0.36%)
Despite weaker regional markets, with China and Hong Kong closing lower, the FBMKLCI (+0.36%) ended higher, supported by gains in heavyweight names such as IHH and MAYBANK, which lifted the broader index. However, overall market breadth was negative, with 402 gainers versus 641 decliners. Sector-wise, Healthcare (+0.43%) outperformed, led by IHH (+9.0 sen), while the Telecommunications & Media sector was the weakest performer, dragged down by AXIATA (-2.0 sen).
Top 3 Active stocks:
VELESTO (5243): RM0.285 (+0.5 sen)
ZETRIX (0138): RM0.825 (-1.0 sen)
TANCO (2429): RM1.180 (unch)
Volume: 2.50 bn (100-bar avg vol: 3.35 bn)
Value: RM2.16 bn (100-bar avg val: RM2.74 bn)
Market Breadth: ⬆️402 ⬇️641
Crude Palm Oil: RM4,018 (-RM2, -0.05%)
Dow Futures: 49,043 pts (+183 pts)
**Source: M+ Global, Bloomberg **
😁2
M+ Morning Market Buzz - 16Dec25
Dow Jones: 48,416.56 pts (-41.49pts, -0.09%)
⬆️ Resistance: 49900
⬇️ Support: 46600
FBM KLCI: 1,643.72 pts (+5.91pts, +0.36%)
⬆️ Resistance: 1680
⬇️ Support: 1580
HSI Index: 25,628.88 pts (-347.91pts, -1.34%)
⬆️ Resistance: 26600
⬇️ Support: 24800
Crude Palm Oil: RM4,013 (-RM13, -0.32%)
⬆️ Resistance: 4220
⬇️ Support: 3920
Brent Oil: $60.56 (-$0.56, -0.92%)
⬆️ Resistance: 64.10
⬇️ Support: 59.00
Gold: $4,305.01 (-$1.83, -0.04%)
⬆️ Resistance: 4450
⬇️ Support: 4090
Source: Bloomberg, M+ Global
Dow Jones: 48,416.56 pts (-41.49pts, -0.09%)
⬆️ Resistance: 49900
⬇️ Support: 46600
FBM KLCI: 1,643.72 pts (+5.91pts, +0.36%)
⬆️ Resistance: 1680
⬇️ Support: 1580
HSI Index: 25,628.88 pts (-347.91pts, -1.34%)
⬆️ Resistance: 26600
⬇️ Support: 24800
Crude Palm Oil: RM4,013 (-RM13, -0.32%)
⬆️ Resistance: 4220
⬇️ Support: 3920
Brent Oil: $60.56 (-$0.56, -0.92%)
⬆️ Resistance: 64.10
⬇️ Support: 59.00
Gold: $4,305.01 (-$1.83, -0.04%)
⬆️ Resistance: 4450
⬇️ Support: 4090
Source: Bloomberg, M+ Global
😁2
M+ Global Market Update – 16Dec25
Market Sentiment Remains Weak
US: Risk-off sentiment persisted, following Oracle’s lacklustre capital spending and revenue guidance for the coming year. However, we believe investors are shifting their focus to Value and Quality stocks, and we expect Salesforce (CRM) and Adobe (ADBE) are likely to offer diversification to investors seeking refuge from overstretched AI stocks. Also, Adobe is providing healthy net income growth as well as undemanding valuations. Nonetheless, we believe Broadcom’s AI chip backlog, together with recent updates from major technology companies, evidences strong demand for AI compute. Moreover, token usage remains on a healthy trend.
MY: We conclude that the KLCI’s recent quarterly earnings were rather neutral, as results were mostly within consensus estimates. Moreover, Wall Street’s overnight performance may limit the upside potential over the near term on the local bourse. Nevertheless, we continue to favour LACMED’s shift towards an asset-ownership model, which enables its customers to allocate cash more efficiently while providing the company with stable recurring revenue. Based on UMC’s trailing P/E of 14.8–16.3x, we believe LACMED should be trading at RM0.95, at least. Besides, we believe WELLCHIP and EMCC may serve as proxies to the recent gold price hike.
Stocks to watch:
Technology: *3REN*, UWC
Building Material: *MCEMENT*, PMETAL
Finance: AEONCR, *RCECAP*
Automotive: *BAUTO*
Construction: *SSB8*
Healthcare: IHH
O&G: KEYFIELD
**Source: M+ Global**
Market Sentiment Remains Weak
US: Risk-off sentiment persisted, following Oracle’s lacklustre capital spending and revenue guidance for the coming year. However, we believe investors are shifting their focus to Value and Quality stocks, and we expect Salesforce (CRM) and Adobe (ADBE) are likely to offer diversification to investors seeking refuge from overstretched AI stocks. Also, Adobe is providing healthy net income growth as well as undemanding valuations. Nonetheless, we believe Broadcom’s AI chip backlog, together with recent updates from major technology companies, evidences strong demand for AI compute. Moreover, token usage remains on a healthy trend.
MY: We conclude that the KLCI’s recent quarterly earnings were rather neutral, as results were mostly within consensus estimates. Moreover, Wall Street’s overnight performance may limit the upside potential over the near term on the local bourse. Nevertheless, we continue to favour LACMED’s shift towards an asset-ownership model, which enables its customers to allocate cash more efficiently while providing the company with stable recurring revenue. Based on UMC’s trailing P/E of 14.8–16.3x, we believe LACMED should be trading at RM0.95, at least. Besides, we believe WELLCHIP and EMCC may serve as proxies to the recent gold price hike.
Stocks to watch:
Technology: *3REN*, UWC
Building Material: *MCEMENT*, PMETAL
Finance: AEONCR, *RCECAP*
Automotive: *BAUTO*
Construction: *SSB8*
Healthcare: IHH
O&G: KEYFIELD
**Source: M+ Global**
😁5
M+ Global Market Wrap - 16Dec25
FBM KLCI: 1,648.31 pts (+4.59pts, +0.28%)
Regional markets remained weak, with China and Hong Kong closing lower. In contrast, the FBMKLCI (+0.28%) ended higher, supported by a stronger ringgit, which continued to bolster the market sentiment on the local front. However, overall market breadth was negative, with 408 gainers versus 699 decliners. Sector-wise, REITs (+0.54%) outperformed, led by IGBREIT (+6.0 sen), while Technology (-1.73%) was the weakest performing sector, dragged by INARI (-6.0 sen).
Top 3 Active stocks:
TANCO (2429): RM1.150 (-3.0 sen)
ZETRIX (0138): RM0.810 (-1.5 sen)
VS (6963): RM0.485 (-3.0 sen)
Volume: 2.59 bn (100-bar avg vol: 3.35 bn)
Value: RM2.27 bn (100-bar avg val: RM2.73 bn)
Market Breadth: ⬆️408⬇️699
Crude Palm Oil: RM4,013 (-RM44, -1.10%)
Dow Futures: 48,751 pts (-87 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,648.31 pts (+4.59pts, +0.28%)
Regional markets remained weak, with China and Hong Kong closing lower. In contrast, the FBMKLCI (+0.28%) ended higher, supported by a stronger ringgit, which continued to bolster the market sentiment on the local front. However, overall market breadth was negative, with 408 gainers versus 699 decliners. Sector-wise, REITs (+0.54%) outperformed, led by IGBREIT (+6.0 sen), while Technology (-1.73%) was the weakest performing sector, dragged by INARI (-6.0 sen).
Top 3 Active stocks:
TANCO (2429): RM1.150 (-3.0 sen)
ZETRIX (0138): RM0.810 (-1.5 sen)
VS (6963): RM0.485 (-3.0 sen)
Volume: 2.59 bn (100-bar avg vol: 3.35 bn)
Value: RM2.27 bn (100-bar avg val: RM2.73 bn)
Market Breadth: ⬆️408⬇️699
Crude Palm Oil: RM4,013 (-RM44, -1.10%)
Dow Futures: 48,751 pts (-87 pts)
**Source: M+ Global, Bloomberg **
😁2
M+ Morning Market Buzz - 17Dec25
Dow Jones: 48,114.26 pts (-302.30pts, -0.62%)
⬆️ Resistance: 49900
⬇️ Support: 46600
FBM KLCI: 1,648.31 pts (+4.59pts, +0.28%)
⬆️ Resistance: 1690
⬇️ Support: 1580
HSI Index: 25,235.41 pts (-393.47pts, -1.54%)
⬆️ Resistance: 26600
⬇️ Support: 24600
Crude Palm Oil: RM3,962 (-RM30, -0.76%)
⬆️ Resistance: 4220
⬇️ Support: 3880
Brent Oil: $60.56 (-$1.64, -2.84%)
⬆️ Resistance: 64.00
⬇️ Support: 57.60
Gold: $4,302.32 (+$3.90, -0.06%)
⬆️ Resistance: 4450
⬇️ Support: 4100
Source: Bloomberg, M+ Global
Dow Jones: 48,114.26 pts (-302.30pts, -0.62%)
⬆️ Resistance: 49900
⬇️ Support: 46600
FBM KLCI: 1,648.31 pts (+4.59pts, +0.28%)
⬆️ Resistance: 1690
⬇️ Support: 1580
HSI Index: 25,235.41 pts (-393.47pts, -1.54%)
⬆️ Resistance: 26600
⬇️ Support: 24600
Crude Palm Oil: RM3,962 (-RM30, -0.76%)
⬆️ Resistance: 4220
⬇️ Support: 3880
Brent Oil: $60.56 (-$1.64, -2.84%)
⬆️ Resistance: 64.00
⬇️ Support: 57.60
Gold: $4,302.32 (+$3.90, -0.06%)
⬆️ Resistance: 4450
⬇️ Support: 4100
Source: Bloomberg, M+ Global
👏2💯1
M+ Global Market Update – 17Dec25
Another Gold Play To Emerge
US: Oracle’s CapEx and revenue guidance concerns appear to be fading as the share price has rebounded mildly. However, Wall Street closed on a mixed footing following the release of jobs data and a lower unemployment rate. Meanwhile, we believe Salesforce (CRM) and Adobe (ADBE) could offer investors refuge from overstretched AI stocks. Moreover, a further easing cycle and a persistent US fiscal deficit should collectively create natural demand for gold. Hence, we favour NEM, SSRM, and CDE. Looking ahead to this week, inflation will come into focus with the release of the CPI, while the University of Michigan consumer sentiment survey will provide an assessment of overall inflation expectations moving forward.
MY: Overall, tracking the sentiment on Wall Street, the KLCI may open on a weaker footing amid a lack of fresh leads, but we believe ongoing window dressing activities may limit the downside risk. Meanwhile, higher tin prices, coupled with MSC’s volume ramp-up, should provide a tailwind for the company. Besides, we favour LACMED’s shift towards an asset-ownership model, which may provide the Group with a competitive edge and offer working capital flexibility for their customers. Based on channel checks, PWRWELL is anticipating a recovery in its Bangladesh segment next year, backed by healthy progress toward RE adoption.
Stocks to watch:
Construction: *PWRWELL*, *SUNCON*
Consumer: *99SMART*
Building Material: *MCEMENT*
Automotive: *BETA*
Transportation & Logistics: WPRTS
Healthcare: IHH
O&G: KEYFIELD
**Source: M+ Global**
Another Gold Play To Emerge
US: Oracle’s CapEx and revenue guidance concerns appear to be fading as the share price has rebounded mildly. However, Wall Street closed on a mixed footing following the release of jobs data and a lower unemployment rate. Meanwhile, we believe Salesforce (CRM) and Adobe (ADBE) could offer investors refuge from overstretched AI stocks. Moreover, a further easing cycle and a persistent US fiscal deficit should collectively create natural demand for gold. Hence, we favour NEM, SSRM, and CDE. Looking ahead to this week, inflation will come into focus with the release of the CPI, while the University of Michigan consumer sentiment survey will provide an assessment of overall inflation expectations moving forward.
MY: Overall, tracking the sentiment on Wall Street, the KLCI may open on a weaker footing amid a lack of fresh leads, but we believe ongoing window dressing activities may limit the downside risk. Meanwhile, higher tin prices, coupled with MSC’s volume ramp-up, should provide a tailwind for the company. Besides, we favour LACMED’s shift towards an asset-ownership model, which may provide the Group with a competitive edge and offer working capital flexibility for their customers. Based on channel checks, PWRWELL is anticipating a recovery in its Bangladesh segment next year, backed by healthy progress toward RE adoption.
Stocks to watch:
Construction: *PWRWELL*, *SUNCON*
Consumer: *99SMART*
Building Material: *MCEMENT*
Automotive: *BETA*
Transportation & Logistics: WPRTS
Healthcare: IHH
O&G: KEYFIELD
**Source: M+ Global**
👍5
M+ Global Market Wrap - 17Dec25
FBM KLCI: 1,641.44 pts (-6.87pts, -0.42%)
After four consecutive days of gains, the FBMKLCI (-0.42%) slipped into the negative territory as profit-taking in heavyweight stocks such as PBBANK and IHH weighed on the broader index. Despite the decline, overall market breadth remained positive, with 575 gainers versus 465 decliners. Sector-wise, Technology (+2.13%) led the advance, supported by UWC (+29.0 sen), while Telecommunications & Media (-0.99%) was the weakest sector, dragged by CDB (-5.0 sen).
Top 3 Active stocks:
VELESTO (5243): RM0.280 (+0.5 sen)
ZETRIX (0138): RM0.805 (-0.5 sen)
TANCO (2429): RM1.150 (unch)
Volume: 2.45 bn (100-bar avg vol: 3.34 bn)
Value: RM2.27 bn (100-bar avg val: RM2.73 bn)
Market Breadth: ⬆️575 ⬇️465
Crude Palm Oil: RM3,962 (-RM3, -0.08%)
Dow Futures: 48,499 pts (+20 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,641.44 pts (-6.87pts, -0.42%)
After four consecutive days of gains, the FBMKLCI (-0.42%) slipped into the negative territory as profit-taking in heavyweight stocks such as PBBANK and IHH weighed on the broader index. Despite the decline, overall market breadth remained positive, with 575 gainers versus 465 decliners. Sector-wise, Technology (+2.13%) led the advance, supported by UWC (+29.0 sen), while Telecommunications & Media (-0.99%) was the weakest sector, dragged by CDB (-5.0 sen).
Top 3 Active stocks:
VELESTO (5243): RM0.280 (+0.5 sen)
ZETRIX (0138): RM0.805 (-0.5 sen)
TANCO (2429): RM1.150 (unch)
Volume: 2.45 bn (100-bar avg vol: 3.34 bn)
Value: RM2.27 bn (100-bar avg val: RM2.73 bn)
Market Breadth: ⬆️575 ⬇️465
Crude Palm Oil: RM3,962 (-RM3, -0.08%)
Dow Futures: 48,499 pts (+20 pts)
**Source: M+ Global, Bloomberg **
👏2
M+ Morning Market Buzz - 18Dec25
Dow Jones: 47,885.97 pts (-228.29pts, -0.47%)
⬆️ Resistance: 49900
⬇️ Support: 46900
FBM KLCI: 1,641.44 pts (-6.87pts, -0.42%)
⬆️ Resistance: 1690
⬇️ Support: 1580
HSI Index: 25,468.78 pts (+233.37pts, +0.92%)
⬆️ Resistance: 26600
⬇️ Support: 24600
Crude Palm Oil: RM3,966 (+RM33, +0.83%)
⬆️ Resistance: 4220
⬇️ Support: 3850
Brent Oil: $58.92 (+$0.76, +2.85%)
⬆️ Resistance: 63.90
⬇️ Support: 57.60
Gold: $4,338.33 (-$0.91, +0.84%)
⬆️ Resistance: 4450
⬇️ Support: 4130
Source: Bloomberg, M+ Global
Dow Jones: 47,885.97 pts (-228.29pts, -0.47%)
⬆️ Resistance: 49900
⬇️ Support: 46900
FBM KLCI: 1,641.44 pts (-6.87pts, -0.42%)
⬆️ Resistance: 1690
⬇️ Support: 1580
HSI Index: 25,468.78 pts (+233.37pts, +0.92%)
⬆️ Resistance: 26600
⬇️ Support: 24600
Crude Palm Oil: RM3,966 (+RM33, +0.83%)
⬆️ Resistance: 4220
⬇️ Support: 3850
Brent Oil: $58.92 (+$0.76, +2.85%)
⬆️ Resistance: 63.90
⬇️ Support: 57.60
Gold: $4,338.33 (-$0.91, +0.84%)
⬆️ Resistance: 4450
⬇️ Support: 4130
Source: Bloomberg, M+ Global
👏2
M+ Global Market Update – 18Dec25
**Rotating Away from Overstretched Valuations*
US: Selling pressure persisted as Blue Owl reportedly pulled out of financing Oracle’s data center infrastructure, although this was disputed by Oracle. Meanwhile, we expect investors to rotate out of AI companies with overstretched valuations and into Salesforce (CRM) and Adobe (ADBE) on the back of their recent solid earnings and undemanding valuations. All in all, with hyperscalers’ CapEx charting record highs and AI tokens trending healthily, evidence suggests that AI demand remains intact. Thus, we favour AMD and GOOGL over the long term. Also, the weak USD environment, coupled with expectations of a Fed rate cut next year, has pushed gold prices near all-time highs, which may favour miners such as NEM, SSRM, and CDE.
MY: Overall, the KLCI may follow Wall Street’s subdued overnight performance; but we believe ongoing window-dressing activities may provide buying support over the near term. PWRWELL has experienced a breakout, likely supported by Bangladesh’s move toward renewable energy adoption. Meanwhile, LACMED (M+ FV: RM1.02) continues to rally as it still trades below UMC’s trailing and forward PER. The shift toward an asset-ownership model should not only provide clients with capital flexibility but also enhance earnings visibility for LACMED, given its recurring nature.
Stocks to watch:
Technology: *3REN*, ITMAX, *JHM*, MPI, *UWC*, VITROX
Consumer: *LHI*, MFLOUR
Construction: *PWRWELL*
Building Material: *SCGBHD*
Automotive: *BETA*
Healthcare: PHARMA
**Source: M+ Global**
**Rotating Away from Overstretched Valuations*
US: Selling pressure persisted as Blue Owl reportedly pulled out of financing Oracle’s data center infrastructure, although this was disputed by Oracle. Meanwhile, we expect investors to rotate out of AI companies with overstretched valuations and into Salesforce (CRM) and Adobe (ADBE) on the back of their recent solid earnings and undemanding valuations. All in all, with hyperscalers’ CapEx charting record highs and AI tokens trending healthily, evidence suggests that AI demand remains intact. Thus, we favour AMD and GOOGL over the long term. Also, the weak USD environment, coupled with expectations of a Fed rate cut next year, has pushed gold prices near all-time highs, which may favour miners such as NEM, SSRM, and CDE.
MY: Overall, the KLCI may follow Wall Street’s subdued overnight performance; but we believe ongoing window-dressing activities may provide buying support over the near term. PWRWELL has experienced a breakout, likely supported by Bangladesh’s move toward renewable energy adoption. Meanwhile, LACMED (M+ FV: RM1.02) continues to rally as it still trades below UMC’s trailing and forward PER. The shift toward an asset-ownership model should not only provide clients with capital flexibility but also enhance earnings visibility for LACMED, given its recurring nature.
Stocks to watch:
Technology: *3REN*, ITMAX, *JHM*, MPI, *UWC*, VITROX
Consumer: *LHI*, MFLOUR
Construction: *PWRWELL*
Building Material: *SCGBHD*
Automotive: *BETA*
Healthcare: PHARMA
**Source: M+ Global**
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M+ Global Market Wrap - 18Dec25
FBM KLCI: 1,646.90 pts (+5.46pts, +0.33%)
The FBMKLCI (+0.33%) rebounded to close in positive territory, in tandem with regional markets including Hong Kong and China, as investors' confidence in Malaysia’s outlook for 2026 improved, underpinned by more positive sentiment toward recent economic policies. Market breadth was positive with 590 gainers versus 477 decliners. Sector-wise, Consumer Products & Services (+1.14%) outperformed, led by SIME (+11.0 sen), while Technology (-0.56%) lagged, dragged by VITROX (-11.0 sen).
Top 3 Active stocks:
ZETRIX (0138): RM0.820 (+1.5 sen)
TOPGLOV (7113): RM0.670 (+2.0 sen)
TANCO (2429): RM1.130 (-2.0 sen)
Volume: 2.47 bn (100-bar avg vol: 3.33 bn)
Value: RM2.29 bn (100-bar avg val: RM2.73 bn)
Market Breadth: ⬆️590 ⬇️477
Crude Palm Oil: RM3,966 (+RM7, +0.18%)
Dow Futures: 48,242 pts (+2 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,646.90 pts (+5.46pts, +0.33%)
The FBMKLCI (+0.33%) rebounded to close in positive territory, in tandem with regional markets including Hong Kong and China, as investors' confidence in Malaysia’s outlook for 2026 improved, underpinned by more positive sentiment toward recent economic policies. Market breadth was positive with 590 gainers versus 477 decliners. Sector-wise, Consumer Products & Services (+1.14%) outperformed, led by SIME (+11.0 sen), while Technology (-0.56%) lagged, dragged by VITROX (-11.0 sen).
Top 3 Active stocks:
ZETRIX (0138): RM0.820 (+1.5 sen)
TOPGLOV (7113): RM0.670 (+2.0 sen)
TANCO (2429): RM1.130 (-2.0 sen)
Volume: 2.47 bn (100-bar avg vol: 3.33 bn)
Value: RM2.29 bn (100-bar avg val: RM2.73 bn)
Market Breadth: ⬆️590 ⬇️477
Crude Palm Oil: RM3,966 (+RM7, +0.18%)
Dow Futures: 48,242 pts (+2 pts)
**Source: M+ Global, Bloomberg **
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M+ Morning Market Buzz - 19Dec25
Dow Jones: 47,951.85 pts (+65.88pts, +0.14%)
⬆️ Resistance: 49900
⬇️ Support: 46900
FBM KLCI: 1,646.90 pts (+5.46pts, +0.33%)
⬆️ Resistance: 1690
⬇️ Support: 1590
HSI Index: 25,498.13 pts (+29.35pts, +0.12%)
⬆️ Resistance: 26600
⬇️ Support: 24600
Crude Palm Oil: RM3,980 (+RM1, +0.03%)
⬆️ Resistance: 4160
⬇️ Support: 3850
Brent Oil: $59.68 (+$0.04, +0.07%)
⬆️ Resistance: 63.10
⬇️ Support: 57.60
Gold: $4,332.62 (-$5.71, -0.13%)
⬆️ Resistance: 4470
⬇️ Support: 4180
Source: Bloomberg, M+ Global
Dow Jones: 47,951.85 pts (+65.88pts, +0.14%)
⬆️ Resistance: 49900
⬇️ Support: 46900
FBM KLCI: 1,646.90 pts (+5.46pts, +0.33%)
⬆️ Resistance: 1690
⬇️ Support: 1590
HSI Index: 25,498.13 pts (+29.35pts, +0.12%)
⬆️ Resistance: 26600
⬇️ Support: 24600
Crude Palm Oil: RM3,980 (+RM1, +0.03%)
⬆️ Resistance: 4160
⬇️ Support: 3850
Brent Oil: $59.68 (+$0.04, +0.07%)
⬆️ Resistance: 63.10
⬇️ Support: 57.60
Gold: $4,332.62 (-$5.71, -0.13%)
⬆️ Resistance: 4470
⬇️ Support: 4180
Source: Bloomberg, M+ Global
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M+ Global Market Update – 19Dec25
Technology Rebound On Cooler Inflation Data
US: Technology stocks rebounded on Thursday, leading U.S. equities higher. The Nasdaq climbed 1.4%, despite news that Oracle’s longtime partner, Blue Owl Capital, had stalled funding talks for a USD 10bn data center. The rally was fuelled by easing inflation pressures, as cooler-than-expected consumer price data reinforced expectations for a lower interest rate trajectory moving forward. With hyperscalers’ CapEx reaching record highs to support computing capacity and healthy trends in AI tokens, the sector outlook remains positive. Consequently, we favour AMD, GOOGL, and MU, with the latter reporting earnings that exceeded consensus estimates.
MY: Positive spillover effects and ongoing window-dressing activities are expected to keep the KLCI on a firmer footing today. Although excess inventory remains a concern, we believe Top Glove’s earnings recovery is taking shape as the latest earnings have stabilised. Thus, we expect increased trading interest within the glove sector over the near term. Meanwhile, gold prices approaching all-time highs should support higher disbursement rates for pawnshop operators such as WELLCHIP, EMCC, and PPJACK. Meanwhile, a strengthening Ringgit may provide buying support for the banking and consumer sectors, with CIMB and 99SMART likely to benefit.
Stocks to watch:
Consumer: *ECOSHOP*, *MFLOUR*
Technology: KGB, *NE*
Construction: *SSB8*
Building Material: *SCGBHD*
Property: SUNWAY
Healthcare: *PHARMA*
**Source: M+ Global**
Technology Rebound On Cooler Inflation Data
US: Technology stocks rebounded on Thursday, leading U.S. equities higher. The Nasdaq climbed 1.4%, despite news that Oracle’s longtime partner, Blue Owl Capital, had stalled funding talks for a USD 10bn data center. The rally was fuelled by easing inflation pressures, as cooler-than-expected consumer price data reinforced expectations for a lower interest rate trajectory moving forward. With hyperscalers’ CapEx reaching record highs to support computing capacity and healthy trends in AI tokens, the sector outlook remains positive. Consequently, we favour AMD, GOOGL, and MU, with the latter reporting earnings that exceeded consensus estimates.
MY: Positive spillover effects and ongoing window-dressing activities are expected to keep the KLCI on a firmer footing today. Although excess inventory remains a concern, we believe Top Glove’s earnings recovery is taking shape as the latest earnings have stabilised. Thus, we expect increased trading interest within the glove sector over the near term. Meanwhile, gold prices approaching all-time highs should support higher disbursement rates for pawnshop operators such as WELLCHIP, EMCC, and PPJACK. Meanwhile, a strengthening Ringgit may provide buying support for the banking and consumer sectors, with CIMB and 99SMART likely to benefit.
Stocks to watch:
Consumer: *ECOSHOP*, *MFLOUR*
Technology: KGB, *NE*
Construction: *SSB8*
Building Material: *SCGBHD*
Property: SUNWAY
Healthcare: *PHARMA*
**Source: M+ Global**
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M+ Global Market Wrap - 19Dec25
FBM KLCI: 1,665.90 pts (+19.00pts, +1.15%)
The FBMKLCI (+1.15%) closed higher, buoyed by positive sentiment from the overnight U.S. market. Gains were driven by banking heavyweights such as CIMB, PBBANK, MAYBANK, and HLBANK, which lifted the broader index. Market breadth was positive with 627 gainers versus 461 decliners. Sector-wise, Financial Services (+2.12%) led the advance, supported by CIMB (+27.0 sen), while Construction (-0.43%) was the weakest-performing sector, dragged by GAMUDA (-7.0 sen).
Top 3 Active stocks:
PHARMA (7081): RM0.280 (+2.0 sen)
TANCO (2429): RM1.130 (unch)
BORNOIL (7036): RM0.005 (unch)
Volume: 2.75 bn (100-bar avg vol: 3.33 bn)
Value: RM3.08 bn (100-bar avg val: RM2.73 bn)
Market Breadth: ⬆️627 ⬇️461
Crude Palm Oil: RM3,980 (-RM66, -1.66%)
Dow Futures: 48,344 pts (+23 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,665.90 pts (+19.00pts, +1.15%)
The FBMKLCI (+1.15%) closed higher, buoyed by positive sentiment from the overnight U.S. market. Gains were driven by banking heavyweights such as CIMB, PBBANK, MAYBANK, and HLBANK, which lifted the broader index. Market breadth was positive with 627 gainers versus 461 decliners. Sector-wise, Financial Services (+2.12%) led the advance, supported by CIMB (+27.0 sen), while Construction (-0.43%) was the weakest-performing sector, dragged by GAMUDA (-7.0 sen).
Top 3 Active stocks:
PHARMA (7081): RM0.280 (+2.0 sen)
TANCO (2429): RM1.130 (unch)
BORNOIL (7036): RM0.005 (unch)
Volume: 2.75 bn (100-bar avg vol: 3.33 bn)
Value: RM3.08 bn (100-bar avg val: RM2.73 bn)
Market Breadth: ⬆️627 ⬇️461
Crude Palm Oil: RM3,980 (-RM66, -1.66%)
Dow Futures: 48,344 pts (+23 pts)
**Source: M+ Global, Bloomberg **
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Good Evening All,
We issued a technical buy call on Millicom International Cellular S.A.: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) A refuge within safety-margin plays
(ii) TIGO’s sustainability merits
(iii) Strategic acquisitions fuelling growth.
Research Team, M+
19 December 2025
We issued a technical buy call on Millicom International Cellular S.A.: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) A refuge within safety-margin plays
(ii) TIGO’s sustainability merits
(iii) Strategic acquisitions fuelling growth.
Research Team, M+
19 December 2025
Good Evening All,
We issued a technical buy call on Flex Ltd: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) Beneficiary of AI and data centre capex upcycle
(ii) Strategic partnership with NVIDIA
(iii) Margin and earnings resilience
Research Team, M+
19 December 2025
We issued a technical buy call on Flex Ltd: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) Beneficiary of AI and data centre capex upcycle
(ii) Strategic partnership with NVIDIA
(iii) Margin and earnings resilience
Research Team, M+
19 December 2025