M+ Morning Market Buzz - 22Dec25
Dow Jones: 48,134.89 pts (+183.04pts, +0.38%)
⬆️ Resistance: 49700
⬇️ Support: 46900
FBM KLCI: 1,665.90 pts (+19.00pts, +1.15%)
⬆️ Resistance: 1710
⬇️ Support: 1600
HSI Index: 25,690.53 pts (+192.40pts, +0.75%)
⬆️ Resistance: 26400
⬇️ Support: 24600
Crude Palm Oil: RM3,905 (-RM75, -1.88%)
⬆️ Resistance: 4140
⬇️ Support: 3820
Brent Oil: $60.47 (+$0.65, +1.09%)
⬆️ Resistance: 62.80
⬇️ Support: 57.60
Gold: $4,338.88 (+$6.26, +0.14%)
⬆️ Resistance: 4470
⬇️ Support: 4190
Source: Bloomberg, M+ Global
Dow Jones: 48,134.89 pts (+183.04pts, +0.38%)
⬆️ Resistance: 49700
⬇️ Support: 46900
FBM KLCI: 1,665.90 pts (+19.00pts, +1.15%)
⬆️ Resistance: 1710
⬇️ Support: 1600
HSI Index: 25,690.53 pts (+192.40pts, +0.75%)
⬆️ Resistance: 26400
⬇️ Support: 24600
Crude Palm Oil: RM3,905 (-RM75, -1.88%)
⬆️ Resistance: 4140
⬇️ Support: 3820
Brent Oil: $60.47 (+$0.65, +1.09%)
⬆️ Resistance: 62.80
⬇️ Support: 57.60
Gold: $4,338.88 (+$6.26, +0.14%)
⬆️ Resistance: 4470
⬇️ Support: 4190
Source: Bloomberg, M+ Global
M+ Global Market Update – 22Dec25
AI Led Gains with Santa Rally In Sight
US: Wall Street closed higher on Friday as AI-linked stocks extended their rebound. Sentiment was further supported by a softer-than-expected November CPI print, which reinforced expectations for further Fed easing in 2026, even though New York Fed President Williams downplayed the urgency for near-term rate cuts. AI names led the upside; Oracle rebounded on reports of its involvement in a consortium bidding for TikTok’s U.S. operations, while optimism spilled over to other cloud and AI infrastructure plays. Overall, we believe risk appetite remains constructive, underpinned by a potential Santa Claus rally and sustained interest in the AI theme.
MY: Tracking the positive close in the US, we expect the local bourse to end the year on a firmer footing, potentially reaching the 1,680–1,690 level, with banking stocks leading the FBMKLCI. Meanwhile, following the fire incident at Mid Valley yesterday, any retracement in IGBREIT’s share price could present a "buy-on-dip" opportunity, supported by the strong footfall and high occupancy rates at Mid Valley Megamall and The Gardens Mall. Additionally, as Wall Street's rebound was driven by renewed optimism in AI, we believe this may provide upside opportunities for local technology stocks. We favour 3REN, ITMAX, and KOBAY following their recent breakouts, while EMS players such as EG and GESHEN (M+ fair value: RM1.89) could gain attention.
Stocks to watch:
Technology: *3REN*, *ITMAX*, KGB, KOBAY
Finance: *BURSA*, *CIMB*, OSK
Building Material: *SCGBHD*
Automotive: FEYTECH
Consumer: MFLOUR
**Source: M+ Global**
AI Led Gains with Santa Rally In Sight
US: Wall Street closed higher on Friday as AI-linked stocks extended their rebound. Sentiment was further supported by a softer-than-expected November CPI print, which reinforced expectations for further Fed easing in 2026, even though New York Fed President Williams downplayed the urgency for near-term rate cuts. AI names led the upside; Oracle rebounded on reports of its involvement in a consortium bidding for TikTok’s U.S. operations, while optimism spilled over to other cloud and AI infrastructure plays. Overall, we believe risk appetite remains constructive, underpinned by a potential Santa Claus rally and sustained interest in the AI theme.
MY: Tracking the positive close in the US, we expect the local bourse to end the year on a firmer footing, potentially reaching the 1,680–1,690 level, with banking stocks leading the FBMKLCI. Meanwhile, following the fire incident at Mid Valley yesterday, any retracement in IGBREIT’s share price could present a "buy-on-dip" opportunity, supported by the strong footfall and high occupancy rates at Mid Valley Megamall and The Gardens Mall. Additionally, as Wall Street's rebound was driven by renewed optimism in AI, we believe this may provide upside opportunities for local technology stocks. We favour 3REN, ITMAX, and KOBAY following their recent breakouts, while EMS players such as EG and GESHEN (M+ fair value: RM1.89) could gain attention.
Stocks to watch:
Technology: *3REN*, *ITMAX*, KGB, KOBAY
Finance: *BURSA*, *CIMB*, OSK
Building Material: *SCGBHD*
Automotive: FEYTECH
Consumer: MFLOUR
**Source: M+ Global**
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M+ Global Market Wrap - 22Dec25
FBM KLCI: 1,671.29 pts (+5.39pts, +0.32%)
The FBMKLCI (+0.32%) closed in the positive territory, tracking gains across regional markets including Hong Kong and China, as optimism surrounding the AI theme resurfaced alongside ongoing December window-dressing activities. Market breadth was positive with 520 gainers versus 515 decliners. Sector-wise, Industrial Products & Services (+1.31%) led the advance, supported by PMETAL (+17.0 sen), while the Plantation sector (-0.66%) was the weakest performer, dragged down by SDG (-7.0 sen).
Top 3 Active stocks:
PHARMA (7081): RM0.280 (unch)
ZETRIX (0138): RM0.805 (unch)
TANCO (2429): RM1.130 (unch)
Volume: 2.36 bn (100-bar avg vol: 3.33 bn)
Value: RM1.99 bn (100-bar avg val: RM2.74 bn)
Market Breadth: ⬆️520 ⬇️515
Crude Palm Oil: RM3,905 (+RM80, +2.05%)
Dow Futures: 48,494 pts (+29 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,671.29 pts (+5.39pts, +0.32%)
The FBMKLCI (+0.32%) closed in the positive territory, tracking gains across regional markets including Hong Kong and China, as optimism surrounding the AI theme resurfaced alongside ongoing December window-dressing activities. Market breadth was positive with 520 gainers versus 515 decliners. Sector-wise, Industrial Products & Services (+1.31%) led the advance, supported by PMETAL (+17.0 sen), while the Plantation sector (-0.66%) was the weakest performer, dragged down by SDG (-7.0 sen).
Top 3 Active stocks:
PHARMA (7081): RM0.280 (unch)
ZETRIX (0138): RM0.805 (unch)
TANCO (2429): RM1.130 (unch)
Volume: 2.36 bn (100-bar avg vol: 3.33 bn)
Value: RM1.99 bn (100-bar avg val: RM2.74 bn)
Market Breadth: ⬆️520 ⬇️515
Crude Palm Oil: RM3,905 (+RM80, +2.05%)
Dow Futures: 48,494 pts (+29 pts)
**Source: M+ Global, Bloomberg **
M+ Global Market Update – 23Dec25
The Return Of AI Theme And Firmer Gold Trend
US: Market sentiment has turned positive as concerns over overstretched AI valuations faded following recent volatility. Meanwhile, we observed Oracle shares continuing to climb for a third consecutive day after TikTok agreed to sell its US operations to a new joint venture involving the software group and private equity firm Silver Lake. Also, Alphabet announced the acquisition of Intersect, a data center and energy infrastructure company, for $4.75bn and the acquisition is expected to accelerate the online deployment of data center and power generation capacity. Thus, we believe the positive sentiment surrounding AI and data center themes will persist, supported by year-end window dressing and the Santa Claus Rally.
MY: Closer to home, we expect the broader market to trade on a firmer footing, tracking Wall Street’s positive performance and anticipated window dressing momentum. The banking sector has rallied strongly during this period and is likely to sustain this trend until month-end, supported by a stronger ringgit and attractive dividend yields. Meanwhile, we remain positive on selected technology stocks such as 3REN and MCLEAN, following Intel’s recent $208m investment in Malaysia and the surging demand for storage driven by the AI boom. Also, we favour gold-related stocks as the precious metal continues to trade near its all-time high of $4,450.
Stocks to watch:
Technology: *EDELTEQ*, *MCLEAN*, PENTA
Finance: BURSA, *OSK*, PBBANK
Construction: *AWC*, PWRWELL
Building Material: *MCEMENT*, *SCGBHD*
Automotive: *BETA*
Consumer: FFB
**Source: M+ Global**
The Return Of AI Theme And Firmer Gold Trend
US: Market sentiment has turned positive as concerns over overstretched AI valuations faded following recent volatility. Meanwhile, we observed Oracle shares continuing to climb for a third consecutive day after TikTok agreed to sell its US operations to a new joint venture involving the software group and private equity firm Silver Lake. Also, Alphabet announced the acquisition of Intersect, a data center and energy infrastructure company, for $4.75bn and the acquisition is expected to accelerate the online deployment of data center and power generation capacity. Thus, we believe the positive sentiment surrounding AI and data center themes will persist, supported by year-end window dressing and the Santa Claus Rally.
MY: Closer to home, we expect the broader market to trade on a firmer footing, tracking Wall Street’s positive performance and anticipated window dressing momentum. The banking sector has rallied strongly during this period and is likely to sustain this trend until month-end, supported by a stronger ringgit and attractive dividend yields. Meanwhile, we remain positive on selected technology stocks such as 3REN and MCLEAN, following Intel’s recent $208m investment in Malaysia and the surging demand for storage driven by the AI boom. Also, we favour gold-related stocks as the precious metal continues to trade near its all-time high of $4,450.
Stocks to watch:
Technology: *EDELTEQ*, *MCLEAN*, PENTA
Finance: BURSA, *OSK*, PBBANK
Construction: *AWC*, PWRWELL
Building Material: *MCEMENT*, *SCGBHD*
Automotive: *BETA*
Consumer: FFB
**Source: M+ Global**
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M+ Morning Market Buzz - 23Dec25
Dow Jones: 48,362.68 pts (+227.79pts, +0.47%)
⬆️ Resistance: 49500
⬇️ Support: 46900
FBM KLCI: 1,671.29 pts (+5.39pts, +0.32%)
⬆️ Resistance: 1710
⬇️ Support: 1610
HSI Index: 25,801.77 pts (+111.24pts, +0.43%)
⬆️ Resistance: 26400
⬇️ Support: 24600
Crude Palm Oil: RM3,985 (+RM31, +0.78%)
⬆️ Resistance: 4100
⬇️ Support: 3820
Brent Oil: $62.07 (+$1.60, +2.65%)
⬆️ Resistance: 63.50
⬇️ Support: 57.60
Gold: $4,443.60 (+$21.99, +0.49%)
⬆️ Resistance: 4540
⬇️ Support: 4190
Source: Bloomberg, M+ Global
Dow Jones: 48,362.68 pts (+227.79pts, +0.47%)
⬆️ Resistance: 49500
⬇️ Support: 46900
FBM KLCI: 1,671.29 pts (+5.39pts, +0.32%)
⬆️ Resistance: 1710
⬇️ Support: 1610
HSI Index: 25,801.77 pts (+111.24pts, +0.43%)
⬆️ Resistance: 26400
⬇️ Support: 24600
Crude Palm Oil: RM3,985 (+RM31, +0.78%)
⬆️ Resistance: 4100
⬇️ Support: 3820
Brent Oil: $62.07 (+$1.60, +2.65%)
⬆️ Resistance: 63.50
⬇️ Support: 57.60
Gold: $4,443.60 (+$21.99, +0.49%)
⬆️ Resistance: 4540
⬇️ Support: 4190
Source: Bloomberg, M+ Global
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Good Morning All,
We issued a technical buy call on MClean Technologies Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) Spillover effect from sustained AI investment theme
(ii) Beneficiary of AI-driven HDD demand upcycle
(iii) Capacity expansion with higher ASP offerings
Research Team, M+
23 December 2025
We issued a technical buy call on MClean Technologies Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
Trading catalysts include:
(i) Spillover effect from sustained AI investment theme
(ii) Beneficiary of AI-driven HDD demand upcycle
(iii) Capacity expansion with higher ASP offerings
Research Team, M+
23 December 2025
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M+ Global Market Wrap - 23Dec25
FBM KLCI: 1,671.29 pts (+5.35pts, +0.32%)
The FBMKLCI (+0.32%) closed higher, supported by gains in heavyweights such as MAYBANK and TENAGA, as window-dressing activities continued to provide support to the key index. However, market breadth was negative, with 459 gainers versus 489 decliners. Sector-wise, Property (+0.61%) outperformed, led by IOIPG (+5.0 sen), while Transportation & Logistics (-0.65%) was the weakest sector, dragged down by MISC (-0.9 sen).
Top 3 Active stocks:
PHARMA (7081): RM0.295 (+1.5 sen)
VS (6963): RM0.505 (+2.5 sen)
TANCO (2429): RM1.150 (+2.0 sen)
Volume: 1.97 bn (100-bar avg vol: 3.31 bn)
Value: RM1.81 bn (100-bar avg val: RM2.74 bn)
Market Breadth: ⬆️459 ⬇️489
Crude Palm Oil: RM3,985 (+RM44, +1.10%)
Dow Futures: 48,687 pts (-1 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,671.29 pts (+5.35pts, +0.32%)
The FBMKLCI (+0.32%) closed higher, supported by gains in heavyweights such as MAYBANK and TENAGA, as window-dressing activities continued to provide support to the key index. However, market breadth was negative, with 459 gainers versus 489 decliners. Sector-wise, Property (+0.61%) outperformed, led by IOIPG (+5.0 sen), while Transportation & Logistics (-0.65%) was the weakest sector, dragged down by MISC (-0.9 sen).
Top 3 Active stocks:
PHARMA (7081): RM0.295 (+1.5 sen)
VS (6963): RM0.505 (+2.5 sen)
TANCO (2429): RM1.150 (+2.0 sen)
Volume: 1.97 bn (100-bar avg vol: 3.31 bn)
Value: RM1.81 bn (100-bar avg val: RM2.74 bn)
Market Breadth: ⬆️459 ⬇️489
Crude Palm Oil: RM3,985 (+RM44, +1.10%)
Dow Futures: 48,687 pts (-1 pts)
**Source: M+ Global, Bloomberg **
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M+ Morning Market Buzz - 24Dec25
Dow Jones: 48,442.41 pts (+79.73pts, +0.16%)
⬆️ Resistance: 49500
⬇️ Support: 46900
FBM KLCI: 1,676.64 pts (+5.35pts, +0.32%)
⬆️ Resistance: 1720
⬇️ Support: 1610
HSI Index: 25,774.14 pts (-27.63pts, -0.11%)
⬆️ Resistance: 26500
⬇️ Support: 24700
Crude Palm Oil: RM4,036 (-RM26, -0.64%)
⬆️ Resistance: 4120
⬇️ Support: 3820
Brent Oil: $62.07 (+$0.31, +0.61%)
⬆️ Resistance: 63.90
⬇️ Support: 58.10
Gold: $4,484.47 (+$5.88, +0.10%)
⬆️ Resistance: 4590
⬇️ Support: 4220
Source: Bloomberg, M+ Global
Dow Jones: 48,442.41 pts (+79.73pts, +0.16%)
⬆️ Resistance: 49500
⬇️ Support: 46900
FBM KLCI: 1,676.64 pts (+5.35pts, +0.32%)
⬆️ Resistance: 1720
⬇️ Support: 1610
HSI Index: 25,774.14 pts (-27.63pts, -0.11%)
⬆️ Resistance: 26500
⬇️ Support: 24700
Crude Palm Oil: RM4,036 (-RM26, -0.64%)
⬆️ Resistance: 4120
⬇️ Support: 3820
Brent Oil: $62.07 (+$0.31, +0.61%)
⬆️ Resistance: 63.90
⬇️ Support: 58.10
Gold: $4,484.47 (+$5.88, +0.10%)
⬆️ Resistance: 4590
⬇️ Support: 4220
Source: Bloomberg, M+ Global
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M+ Global Market Update – 24Dec25
S&P500 Hits Fresh High On AI Rally
US: The S&P 500 closed at a fresh record high as AI-linked stocks, led by Nvidia, lifted broader indices, while stronger-than-expected US 3Q GDP reinforced optimism about economic resilience. Nvidia gained around 3%, with other mega-cap tech names also edging higher. Meanwhile, attention is turning to the upcoming Fed leadership transition for cues on policy direction. Nevertheless, following the recent rally, we expect Wall Street to see more subdued trading activity today; markets will operate on a half-day session on Wednesday and remain closed on Thursday, before potentially ending the year higher post-Christmas.
MY: We believe the FBM KLCI may see some profit-taking today after its recent rally, as trading activity typically softens during the holiday week. However, we expect the FBM KLCI to end the year higher, with banking stocks leading the index. Meanwhile, we are optimistic about the news that Betamek has secured a six-year, RM176m contract from Perodua to supply electronic components for a new vehicle model. Betamek has recorded increasing revenue, net profit, and net profit margins since listing, with annualised FY26 revenue and profit expected to exceed FY25. Lastly, traders may position in MSC, SCGBHD, and EMCC supported by their underlying demand and the latter may be boosted by the ongoing gold rally.
Stocks to watch:
Technology: *ADB*, UWC, *VS*
Building Material: *MCEMENT*, MSC
Construction: *SSB8*
Automotive: *BETA*
Solar: *SLVEST*
Finance: WELLCHIP
Telco: TM
Healthcare: IHH
Transportation: WPRTS
**Source: M+ Global**
S&P500 Hits Fresh High On AI Rally
US: The S&P 500 closed at a fresh record high as AI-linked stocks, led by Nvidia, lifted broader indices, while stronger-than-expected US 3Q GDP reinforced optimism about economic resilience. Nvidia gained around 3%, with other mega-cap tech names also edging higher. Meanwhile, attention is turning to the upcoming Fed leadership transition for cues on policy direction. Nevertheless, following the recent rally, we expect Wall Street to see more subdued trading activity today; markets will operate on a half-day session on Wednesday and remain closed on Thursday, before potentially ending the year higher post-Christmas.
MY: We believe the FBM KLCI may see some profit-taking today after its recent rally, as trading activity typically softens during the holiday week. However, we expect the FBM KLCI to end the year higher, with banking stocks leading the index. Meanwhile, we are optimistic about the news that Betamek has secured a six-year, RM176m contract from Perodua to supply electronic components for a new vehicle model. Betamek has recorded increasing revenue, net profit, and net profit margins since listing, with annualised FY26 revenue and profit expected to exceed FY25. Lastly, traders may position in MSC, SCGBHD, and EMCC supported by their underlying demand and the latter may be boosted by the ongoing gold rally.
Stocks to watch:
Technology: *ADB*, UWC, *VS*
Building Material: *MCEMENT*, MSC
Construction: *SSB8*
Automotive: *BETA*
Solar: *SLVEST*
Finance: WELLCHIP
Telco: TM
Healthcare: IHH
Transportation: WPRTS
**Source: M+ Global**
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Good Morning All,
We initiated a coverage report on CAB Cakaran Corporation Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
We are initiating coverage of CAB with a BUY rating and a price target of RM0.89, representing a 49.6% upside from the current share price of RM0.595. Our valuation is based on a target P/E ratio of 5.5x pegged to FY26F EPS of 16.23 sen..
Investment highlights include:
(i) Joint venture with Indonesia’s largest conglomerate Salim Group
(ii) Cargill Feed acquisition to lower input costs and enhance margins
(iii) Nibong Tebal plant to expand food processing capacity
(iv) Fully integrated poultry value chain provides cost control and supply security
(v) Tourism Malaysia 2026 to support poultry demand growth
(vi) Stable industry fundamentals
Research Team, M+
24 December 2025
We initiated a coverage report on CAB Cakaran Corporation Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
We are initiating coverage of CAB with a BUY rating and a price target of RM0.89, representing a 49.6% upside from the current share price of RM0.595. Our valuation is based on a target P/E ratio of 5.5x pegged to FY26F EPS of 16.23 sen..
Investment highlights include:
(i) Joint venture with Indonesia’s largest conglomerate Salim Group
(ii) Cargill Feed acquisition to lower input costs and enhance margins
(iii) Nibong Tebal plant to expand food processing capacity
(iv) Fully integrated poultry value chain provides cost control and supply security
(v) Tourism Malaysia 2026 to support poultry demand growth
(vi) Stable industry fundamentals
Research Team, M+
24 December 2025
Good Morning All,
We initiated a coverage on Well Chip Group Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
📌 We expect the Group’s earnings to grow by 47.1%/11.2%/10.2% over the next three financial years, on the back of: i. Outstanding loan book to reach 2,179.3/2,970.9/3,744.7bn in tandem with the elevated gold price. ii. Additional outlet openings pursuant to IPO proceeds, expanding WCGB’s geographical presence, allowing the Group to take on higher-volume tickets. iii. Depreciation expenses are expected to remain modest, as revenue growth and its lucrative GPM profiles should offset the additional overhead costs.
📌 We are initiating coverage on Well Chip Group Berhad with a BUY rating and a price target of RM2.09, representing a 30.6% upside from the current share price of RM1.60. Our valuation is based on a target P/E ratio of 15.0x pegged to FY26f EPS of 13.9 sen. We believe this outlook is supported by WCGB’s outlet expansion plans, which bode well for higher pawn ticket volumes, a more constructive gold price outlook consensus next year, sustainable margins, and its relatively larger market capitalisation suggest that Well Chip should at least be trading near the non-banks financing related peers’ (fig#5) trailing P/E of 15.2x.
Research Team, M+
24 December 2025
We initiated a coverage on Well Chip Group Berhad: Your Trusted Guide to Global Trading | Malacca Securities (mplusonline.com)
📌 We expect the Group’s earnings to grow by 47.1%/11.2%/10.2% over the next three financial years, on the back of: i. Outstanding loan book to reach 2,179.3/2,970.9/3,744.7bn in tandem with the elevated gold price. ii. Additional outlet openings pursuant to IPO proceeds, expanding WCGB’s geographical presence, allowing the Group to take on higher-volume tickets. iii. Depreciation expenses are expected to remain modest, as revenue growth and its lucrative GPM profiles should offset the additional overhead costs.
📌 We are initiating coverage on Well Chip Group Berhad with a BUY rating and a price target of RM2.09, representing a 30.6% upside from the current share price of RM1.60. Our valuation is based on a target P/E ratio of 15.0x pegged to FY26f EPS of 13.9 sen. We believe this outlook is supported by WCGB’s outlet expansion plans, which bode well for higher pawn ticket volumes, a more constructive gold price outlook consensus next year, sustainable margins, and its relatively larger market capitalisation suggest that Well Chip should at least be trading near the non-banks financing related peers’ (fig#5) trailing P/E of 15.2x.
Research Team, M+
24 December 2025
M+ Global Market Wrap - 24Dec25
FBM KLCI: 1,678.31 pts (+1.67pts, +0.10%)
The FBMKLCI (+0.10%) extended its gains ahead of the Christmas holiday, closing in the positive territory. The ringgit continued to strengthen to its highest level since 2021, supported by sustained weakening biased USD and improving foreign inflows, which helped lifted investor sentiment. Market breadth was positive with 500 gainers versus 483 decliners. Sector-wise, Construction (+1.21%) led the advance, driven by GAMUDA (+13.0 sen), while Property (-0.45%) was the weakest-performing sector, dragged down by TANCO (-4.0 sen).
Top 3 Active stocks:
PHARMA (7081): RM0.290 (-0.5 sen)
TANCO (2429): RM1.110 (-4.0 sen)
ZETRIX (0138): RM0.820 (+0.5 sen)
Volume: 2.04 bn (100-bar avg vol: 3.31 bn)
Value: RM1.70 bn (100-bar avg val: RM2.73 bn)
Market Breadth: ⬆️500 ⬇️483
Crude Palm Oil: RM4,036 (-RM16, -0.40%)
Dow Futures: 48,709 pts (-53 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,678.31 pts (+1.67pts, +0.10%)
The FBMKLCI (+0.10%) extended its gains ahead of the Christmas holiday, closing in the positive territory. The ringgit continued to strengthen to its highest level since 2021, supported by sustained weakening biased USD and improving foreign inflows, which helped lifted investor sentiment. Market breadth was positive with 500 gainers versus 483 decliners. Sector-wise, Construction (+1.21%) led the advance, driven by GAMUDA (+13.0 sen), while Property (-0.45%) was the weakest-performing sector, dragged down by TANCO (-4.0 sen).
Top 3 Active stocks:
PHARMA (7081): RM0.290 (-0.5 sen)
TANCO (2429): RM1.110 (-4.0 sen)
ZETRIX (0138): RM0.820 (+0.5 sen)
Volume: 2.04 bn (100-bar avg vol: 3.31 bn)
Value: RM1.70 bn (100-bar avg val: RM2.73 bn)
Market Breadth: ⬆️500 ⬇️483
Crude Palm Oil: RM4,036 (-RM16, -0.40%)
Dow Futures: 48,709 pts (-53 pts)
**Source: M+ Global, Bloomberg **
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M+ Global Market Update – 26Dec25
AI Momentum Continues To Drive S&P 500 Higher
US: The S&P 500 closed at fresh record highs in a holiday-shortened session, supported by a rebound in AI-linked stocks and softer jobless claims data, which reinforced expectations for further rate cuts in 2026. Nvidia has agreed to license AI chip technology from start-up Groq and hire its CEO and key engineers, bolstering its push into AI inference as competition intensifies beyond model training. Micron Technology also ended the session at a record high following a strong forecast issued last week, while Intel declined following reports that Nvidia has halted tests to manufacture chips using Intel’s 18A production process. Moving forward, we expect Wall Street to extend its rally and end the year on a high note.
MY: As we approach the end of the year, we believe the local bourse will continue to trade higher, particularly the FBM KLCI. Notably, in more than 85% of the instances over the past 25 years, the KLCI has ended on a positive note in December, with an average return of nearly 2%. Meanwhile, given the re-emergence of the AI theme in the US, we believe this could bode well for technology counters like MI, CORAZA, and MCLEAN. Over on the ringgit strength, we favour domestic-driven sectors like Consumer and Construction. Additionally, traders could position themselves in data center-related stocks, including POWERWELL and SCGBHD.
Stocks to watch:
Construction: *CBHB*, PWRWELL, *SSB8*
Consumer: FFB, KOPI, *MFLOUR*
Technology: KGB, *MCLEAN*, MI
Healthcare: *IHH*
Transportation: WPRTS
Financial: MNRB
**Source: M+ Global**
AI Momentum Continues To Drive S&P 500 Higher
US: The S&P 500 closed at fresh record highs in a holiday-shortened session, supported by a rebound in AI-linked stocks and softer jobless claims data, which reinforced expectations for further rate cuts in 2026. Nvidia has agreed to license AI chip technology from start-up Groq and hire its CEO and key engineers, bolstering its push into AI inference as competition intensifies beyond model training. Micron Technology also ended the session at a record high following a strong forecast issued last week, while Intel declined following reports that Nvidia has halted tests to manufacture chips using Intel’s 18A production process. Moving forward, we expect Wall Street to extend its rally and end the year on a high note.
MY: As we approach the end of the year, we believe the local bourse will continue to trade higher, particularly the FBM KLCI. Notably, in more than 85% of the instances over the past 25 years, the KLCI has ended on a positive note in December, with an average return of nearly 2%. Meanwhile, given the re-emergence of the AI theme in the US, we believe this could bode well for technology counters like MI, CORAZA, and MCLEAN. Over on the ringgit strength, we favour domestic-driven sectors like Consumer and Construction. Additionally, traders could position themselves in data center-related stocks, including POWERWELL and SCGBHD.
Stocks to watch:
Construction: *CBHB*, PWRWELL, *SSB8*
Consumer: FFB, KOPI, *MFLOUR*
Technology: KGB, *MCLEAN*, MI
Healthcare: *IHH*
Transportation: WPRTS
Financial: MNRB
**Source: M+ Global**
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M+ Morning Market Buzz - 26Dec25
Dow Jones: 48,731.16 pts (+288.75pts, +0.60%)
⬆️ Resistance: 49800
⬇️ Support: 47100
FBM KLCI: 1,678.31 pts (+1.67pts, +0.10%)
⬆️ Resistance: 1720
⬇️ Support: 1620
HSI Index: 25,818.93 pts (+44.79pts, +0.17%)
⬆️ Resistance: 26500
⬇️ Support: 25100
Crude Palm Oil: RM4,037 (+RM1, +0.02%)
⬆️ Resistance: 4140
⬇️ Support: 3820
Brent Oil: $62.24 (-$0.14, -0.22%)
⬆️ Resistance: 64.00
⬇️ Support: 58.30
Gold: $4,479.42 (+$24.77, +0.54%)
⬆️ Resistance: 4620
⬇️ Support: 4230
Source: Bloomberg, M+ Global
Dow Jones: 48,731.16 pts (+288.75pts, +0.60%)
⬆️ Resistance: 49800
⬇️ Support: 47100
FBM KLCI: 1,678.31 pts (+1.67pts, +0.10%)
⬆️ Resistance: 1720
⬇️ Support: 1620
HSI Index: 25,818.93 pts (+44.79pts, +0.17%)
⬆️ Resistance: 26500
⬇️ Support: 25100
Crude Palm Oil: RM4,037 (+RM1, +0.02%)
⬆️ Resistance: 4140
⬇️ Support: 3820
Brent Oil: $62.24 (-$0.14, -0.22%)
⬆️ Resistance: 64.00
⬇️ Support: 58.30
Gold: $4,479.42 (+$24.77, +0.54%)
⬆️ Resistance: 4620
⬇️ Support: 4230
Source: Bloomberg, M+ Global
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FBM KLCI: 1,677.10 pts (-1.21pts, -0.07%)
The FBMKLCI (-0.07%) ended slightly lower as profit-taking emerged following several days of consecutive gains; heavyweights stocks such as MAYBANK and IHH weighed on the broader market. Market breadth was negative, with 377 gainers versus 504 decliners. Sector-wise, Plantation (+0.25%) led the advance, supported by SDG (+7.0 sen), while Construction (-1.15%) was the weakest performer, dragged down by GAMUDA (-10.0 sen).
Top 3 Active stocks:
BPURI (5932): RM0.300 (+0.5 sen)
TANCO (2429): RM1.130 (+2.0 sen)
ZETRIX (0138): RM0.815 (-0.5 sen)
Volume: 1.59 bn (100-bar avg vol: 3.29 bn)
Value: RM1.30 bn (100-bar avg val: RM2.73 bn)
Market Breadth: ⬆️377 ⬇️504
Crude Palm Oil: RM4,037 (+RM52, +1.29%)
Dow Futures: 48,983 pts (-46 pts)
**Source: M+ Global, Bloomberg **
The FBMKLCI (-0.07%) ended slightly lower as profit-taking emerged following several days of consecutive gains; heavyweights stocks such as MAYBANK and IHH weighed on the broader market. Market breadth was negative, with 377 gainers versus 504 decliners. Sector-wise, Plantation (+0.25%) led the advance, supported by SDG (+7.0 sen), while Construction (-1.15%) was the weakest performer, dragged down by GAMUDA (-10.0 sen).
Top 3 Active stocks:
BPURI (5932): RM0.300 (+0.5 sen)
TANCO (2429): RM1.130 (+2.0 sen)
ZETRIX (0138): RM0.815 (-0.5 sen)
Volume: 1.59 bn (100-bar avg vol: 3.29 bn)
Value: RM1.30 bn (100-bar avg val: RM2.73 bn)
Market Breadth: ⬆️377 ⬇️504
Crude Palm Oil: RM4,037 (+RM52, +1.29%)
Dow Futures: 48,983 pts (-46 pts)
**Source: M+ Global, Bloomberg **
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M+ Morning Market Buzz - 29Dec25
Dow Jones: 48,710.97 pts (-20.19pts, -0.04%)
⬆️ Resistance: 49800
⬇️ Support: 47300
FBM KLCI: 1,677.10 pts (-1.21pts, -0.07%)
⬆️ Resistance: 1720
⬇️ Support: 1630
HSI Index: 25,818.93 pts (+44.79pts, +0.17%)
⬆️ Resistance: 26500
⬇️ Support: 25200
Crude Palm Oil: RM4,089 (+RM52, +1.29%)
⬆️ Resistance: 4180
⬇️ Support: 3840
Brent Oil: $60.64 (-$1.60, -2.57%)
⬆️ Resistance: 64.00
⬇️ Support: 59.40
Gold: $4,533.21 (+$9.65, +0.18%)
⬆️ Resistance: 4650
⬇️ Support: 4260
Source: Bloomberg, M+ Global
Dow Jones: 48,710.97 pts (-20.19pts, -0.04%)
⬆️ Resistance: 49800
⬇️ Support: 47300
FBM KLCI: 1,677.10 pts (-1.21pts, -0.07%)
⬆️ Resistance: 1720
⬇️ Support: 1630
HSI Index: 25,818.93 pts (+44.79pts, +0.17%)
⬆️ Resistance: 26500
⬇️ Support: 25200
Crude Palm Oil: RM4,089 (+RM52, +1.29%)
⬆️ Resistance: 4180
⬇️ Support: 3840
Brent Oil: $60.64 (-$1.60, -2.57%)
⬆️ Resistance: 64.00
⬇️ Support: 59.40
Gold: $4,533.21 (+$9.65, +0.18%)
⬆️ Resistance: 4650
⬇️ Support: 4260
Source: Bloomberg, M+ Global
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M+ Global Market Update – 29Dec25
Nvidia-Groq Deal Reinforces AI Inference Narrative
US: Wall Street ended marginally lower on Friday amid thin post-Christmas trading volumes. Nevertheless, Nvidia continued its ascent after agreeing to acquire the assets of AI start-up Groq in a USD20bn deal, strengthening its position in the AI inference market. CrowdStrike also advanced, fuelled by continued deal momentum and AI-related tailwinds. Overall sentiment toward technology remains constructive, supported by renewed optimism for the AI theme and expectations of eventual Fed rate cuts in 2026. Looking ahead, we expect Wall Street to end the year on a higher note during this window-dressing period.
MY: We believe the FBM KLCI will end the year firmer, potentially reaching the 1,680–1,690 range, led by banking heavyweights. Meanwhile, as we approach 2026, we view AQUAWALK as a key beneficiary, underpinned by: (i) Visit Malaysia 2026, (ii) higher tourist footfall due to its strategic location in KLCC, and (iii) a strong net cash position. We also favour the robust 9MFY25 recovery demonstrated by VITROX; its annualized FY25 results are likely to surpass FY24, supported by strong demand from hyperscale data centers and the surge in generative AI services. Lastly, traders may look to EMCC and WELLCHIP for opportunities amid an elevated gold price environment, which has surpassed the $4,500 level.
Stocks to watch:
Consumer: *KOPI*, *LHI*, *MFLOUR*
Technology: *DUFU*, NE
Construction: MITRA, *PWRWELL*
Plantation: SDG
Gold-related: WELLCHIP
**Source: M+ Global**
Nvidia-Groq Deal Reinforces AI Inference Narrative
US: Wall Street ended marginally lower on Friday amid thin post-Christmas trading volumes. Nevertheless, Nvidia continued its ascent after agreeing to acquire the assets of AI start-up Groq in a USD20bn deal, strengthening its position in the AI inference market. CrowdStrike also advanced, fuelled by continued deal momentum and AI-related tailwinds. Overall sentiment toward technology remains constructive, supported by renewed optimism for the AI theme and expectations of eventual Fed rate cuts in 2026. Looking ahead, we expect Wall Street to end the year on a higher note during this window-dressing period.
MY: We believe the FBM KLCI will end the year firmer, potentially reaching the 1,680–1,690 range, led by banking heavyweights. Meanwhile, as we approach 2026, we view AQUAWALK as a key beneficiary, underpinned by: (i) Visit Malaysia 2026, (ii) higher tourist footfall due to its strategic location in KLCC, and (iii) a strong net cash position. We also favour the robust 9MFY25 recovery demonstrated by VITROX; its annualized FY25 results are likely to surpass FY24, supported by strong demand from hyperscale data centers and the surge in generative AI services. Lastly, traders may look to EMCC and WELLCHIP for opportunities amid an elevated gold price environment, which has surpassed the $4,500 level.
Stocks to watch:
Consumer: *KOPI*, *LHI*, *MFLOUR*
Technology: *DUFU*, NE
Construction: MITRA, *PWRWELL*
Plantation: SDG
Gold-related: WELLCHIP
**Source: M+ Global**
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M+ Global Market Wrap - 29Dec25
FBM KLCI: 1,680.99 pts (+3.89pts, +0.23%)
The FBMKLCI (+0.23%) kicked off the final trading week of 2025 with a window-dressing push, lifting the key index to 1,680.99 pts as last minute buying interest kicked in. However, market breadth was negative, with 646 decliners against 369 advancers. Sector-wise, REITs (+0.72%) emerged as the best performer, buoyed by gains in SUNREIT (+5.0 sen) and PAVREIT (+2.0 sen), while the Property (-0.64%) recorded the largest decline.
Top 3 Active stocks:
PHARMA (7081): RM0.300 (unch)
TANCO (2429): RM1.140 (+1.0 sen)
ZETRIX (0138): RM0.815 (unch)
Volume: 2.03 bn (100-bar avg vol: 3.27 bn)
Value: RM1.79 bn (100-bar avg val: RM2.71 bn)
Market Breadth: ⬆️369 ⬇️646
Crude Palm Oil: RM4,089 (-RM35, -0.86%)
Dow Futures: 48,952 pts (-46 pts)
**Source: M+ Global, Bloomberg **
FBM KLCI: 1,680.99 pts (+3.89pts, +0.23%)
The FBMKLCI (+0.23%) kicked off the final trading week of 2025 with a window-dressing push, lifting the key index to 1,680.99 pts as last minute buying interest kicked in. However, market breadth was negative, with 646 decliners against 369 advancers. Sector-wise, REITs (+0.72%) emerged as the best performer, buoyed by gains in SUNREIT (+5.0 sen) and PAVREIT (+2.0 sen), while the Property (-0.64%) recorded the largest decline.
Top 3 Active stocks:
PHARMA (7081): RM0.300 (unch)
TANCO (2429): RM1.140 (+1.0 sen)
ZETRIX (0138): RM0.815 (unch)
Volume: 2.03 bn (100-bar avg vol: 3.27 bn)
Value: RM1.79 bn (100-bar avg val: RM2.71 bn)
Market Breadth: ⬆️369 ⬇️646
Crude Palm Oil: RM4,089 (-RM35, -0.86%)
Dow Futures: 48,952 pts (-46 pts)
**Source: M+ Global, Bloomberg **
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M+ Morning Market Buzz - 30Dec25
Dow Jones: 48,461.93 pts (-249.04pts, -0.51%)
⬆️ Resistance: 49800
⬇️ Support: 47300
FBM KLCI: 1,680.99 pts (+3.89pts, +0.23%)
⬆️ Resistance: 1720
⬇️ Support: 1640
HSI Index: 25,635.23 pts (-183.70pts, -0.71%)
⬆️ Resistance: 26700
⬇️ Support: 25200
Crude Palm Oil: RM4,047 (-RM5, -0.12%)
⬆️ Resistance: 4180
⬇️ Support: 3910
Brent Oil: $61.94 (+$1.30, +2.14%)
⬆️ Resistance: 64.00
⬇️ Support: 59.40
Gold: $4,332.35 (+$1.50, +0.03%)
⬆️ Resistance: 4650
⬇️ Support: 4230
Source: Bloomberg, M+ Global
Dow Jones: 48,461.93 pts (-249.04pts, -0.51%)
⬆️ Resistance: 49800
⬇️ Support: 47300
FBM KLCI: 1,680.99 pts (+3.89pts, +0.23%)
⬆️ Resistance: 1720
⬇️ Support: 1640
HSI Index: 25,635.23 pts (-183.70pts, -0.71%)
⬆️ Resistance: 26700
⬇️ Support: 25200
Crude Palm Oil: RM4,047 (-RM5, -0.12%)
⬆️ Resistance: 4180
⬇️ Support: 3910
Brent Oil: $61.94 (+$1.30, +2.14%)
⬆️ Resistance: 64.00
⬇️ Support: 59.40
Gold: $4,332.35 (+$1.50, +0.03%)
⬆️ Resistance: 4650
⬇️ Support: 4230
Source: Bloomberg, M+ Global
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M+ Global Market Update – 30Dec25
Mild Profit-Taking On Tech Stocks
US: Wall Street traded on a softer note as heavyweight technology stocks pulled back from recent record highs. AI-linked names, including Nvidia and Palantir, retreated by 1.2% and 2.4% respectively, while Tesla also eased 3.3% after last week’s strong run as concerns over overstretched valuations re-emerged. Sector-wise, technology, materials, and banks weighed on sentiment, partly offset by gains in energy stocks tracking stable oil prices. However, we expect Wall Street to stabilise and potentially end the year higher, supported by window-dressing activities as we believe the pullback represents potential buying opportunities.
MY: As the FBMKLCI approaches the end of 2025, we believe banking stocks will continue to lead the key index higher. We favour MAYBANK, CIMB, and RHBBANK, underpinned by attractive dividend yields of >5%. Meanwhile, we expect selected consumer and tourism-related stocks to benefit from a stronger MYR environment and Visit Malaysia 2026, including KOPI, AQUAWALK, and LWSABAH. Lastly, following IAB’s breakout yesterday, investors and traders may continue to monitor the stock for trading and investment opportunities, supported by (i) federal and state government budget allocations, (ii) the potential Sarawak state election in 2026, and (iii) IAB’s consistently strong double-digit PAT margins.
Stocks to watch:
Consumer: AAX, *CAPITALA*, *LHI*
Technology: *NE*, *UCHITEC*
Plantation: *INNO*, WTK
Automotive: MBMR
Healthcare: PHARMA
Solar: SLVEST
Construction: *SSB8*
Finance: CIMB
**Source: M+ Global**
Mild Profit-Taking On Tech Stocks
US: Wall Street traded on a softer note as heavyweight technology stocks pulled back from recent record highs. AI-linked names, including Nvidia and Palantir, retreated by 1.2% and 2.4% respectively, while Tesla also eased 3.3% after last week’s strong run as concerns over overstretched valuations re-emerged. Sector-wise, technology, materials, and banks weighed on sentiment, partly offset by gains in energy stocks tracking stable oil prices. However, we expect Wall Street to stabilise and potentially end the year higher, supported by window-dressing activities as we believe the pullback represents potential buying opportunities.
MY: As the FBMKLCI approaches the end of 2025, we believe banking stocks will continue to lead the key index higher. We favour MAYBANK, CIMB, and RHBBANK, underpinned by attractive dividend yields of >5%. Meanwhile, we expect selected consumer and tourism-related stocks to benefit from a stronger MYR environment and Visit Malaysia 2026, including KOPI, AQUAWALK, and LWSABAH. Lastly, following IAB’s breakout yesterday, investors and traders may continue to monitor the stock for trading and investment opportunities, supported by (i) federal and state government budget allocations, (ii) the potential Sarawak state election in 2026, and (iii) IAB’s consistently strong double-digit PAT margins.
Stocks to watch:
Consumer: AAX, *CAPITALA*, *LHI*
Technology: *NE*, *UCHITEC*
Plantation: *INNO*, WTK
Automotive: MBMR
Healthcare: PHARMA
Solar: SLVEST
Construction: *SSB8*
Finance: CIMB
**Source: M+ Global**
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