Malaysia Morning Wrap | New York Formally Greenlights Casino Licenses for Genting and Two Other Winners
Key Takeaways:
• Dow and S&P Slip as Nasdaq Advances on Tesla's Record Close
• KLCI Extends Four-Day Rally as Financials Lead
• Financials Dominate Bursa Malaysia's Market Value
• Stocks to watch: Velesto Energy, Genting Malaysia, etc.
🇺🇸Wall Street Summary
$S&P 500 Index (.SPX.US)$ 6,800.26 (-0.24%)
$Dow Jones Industrial Average (.DJI.US)$ 48,114.26 (-0.62%)
$Nasdaq Composite Index (.IXIC.US)$ 23,111.46 (+0.23%)
US stocks were mixed Tuesday: the $Nasdaq Composite Index (.IXIC.US)$ edged up 0.2% while the $S&P 500 Index (.SPX.US)$ fell 0.2% and the $Dow Jones Industrial Average (.DJI.US)$ slid 0.6%. Tech outperformed as $Tesla (TSLA.US)$ jumped 3.1% to a record close on robotaxi momentum, and Palantir, Oracle, and Meta advanced.
The Dow lagged on weakness in healthcare, with $Johnson & Johnson (JNJ.US)$, $UnitedHealth (UNH.US)$, and $Merck & Co (MRK.US)$ retreating.
A mixed jobs update (Nov +64k vs. 45k expected; Oct -105k) stoked hopes for a January Fed rate cut but also raised growth concerns.
Crypto rose on rate-cut bets: $Bitcoin (BTC.CC)$ +2.1% to 87,686, $Ethereum (ETH.CC)$ +0.7% to 2,951, $Solana (SOL.CC)$ +2.8% to 128.34, and $Ripple (XRP.CC)$ +2.4% to 1.93.
🇲🇾Bursa Market Insight
$FTSE Bursa Malaysia KLCI Index (.KLSE.MY)$ 1,648.31 (+0.28%)
Bursa Malaysia extended its winning streak to four sessions, with the $FTSE Bursa Malaysia KLCI Index (.KLSE.MY)$ up 0.28% to 1,648.31. Activity picked up, but market breadth was weak as decliners topped gainers.
Financial heavyweights led the rise, supported by a resilient domestic backdrop, easier global conditions after the Fed’s rate cut, and year-end rebalancing that favored large-cap defensives. Turnover increased to 2.59 billion shares worth RM2.27 billion.
CIMB Securities' sectoral analysis shows the financial services sector commands 25% of Bursa Malaysia's total market capitalisation (RM474 billion) despite representing just 3.4% of listings (37 securities) as of Dec 12, 2025. By contrast, industrial and consumer products each account for about 12% of market value despite large listing counts.
Other heavyweights include utilities (9%), plantations (8%), and telecommunications (7%), followed by healthcare (6%), property (5%), and technology and construction (4% each).
Smaller sectors like transportation and logistics, REITs, and energy contribute 2–3%, while ETFs and trusts are negligible.
🔍IPO Scanner
🔔Stocks to Watch
$VELESTO (5243.MY)$ will sell its Naga 3 jack-up rig for US$63 million (RM258.4 million) to streamline its fleet. It expects a RM17.1 million gain and plans to use RM251.1 million for shareholder payouts, corporate needs and working capital by December 2026.
New York's gaming commission unanimously approved casino licences for $GENM (4715.MY)$, Bally's Bronx and Hard Rock Metropolitan Park, ending a decade-long process. Governor Kathy Hochul said the projects must honor community commitments; the vote followed Dec 1 recommendations.
$UWC (5292.MY)$'s 1QFY2026 net profit rose to RM17.1 million from RM6.49 million as revenue hit a record RM120.84 million, up 35%. The group is upbeat on semiconductor recovery and AI-driven demand.
$APOLLO (6432.MY)$'s 2QFY2026 net profit fell 30% y-o-y to RM7.45 million, with revenue down 2.7% to RM75.26 million on weaker sales and higher costs. It expects stabilisation after overhauling its distribution model.
$CYPARK (5184.MY)$ reported a 2QFY2026 net loss of RM15.54 million versus a RM2.28 million profit a year ago; excluding last year's one-off, losses widened from RM8.9 million. Revenue slipped to RM46.19 million, but the group sees better visibility from LSS5+ and SMART WTE Phase 2 nearing approval.
$PTT (7010.MY)$ won a RM35.88 million contract from Sime Darby Property for earthworks at Bandar Bukit Raja Business Park in Kapar, Klang. Work starts Jan 5, 2026, and ends Sept 4, 2027.
$CARIMIN (5257.MY)$ secured a RM33.98 million fixed-price contract from $PETGAS (6033.MY)$ to replace the gas pipeline linked to the Putra Heights explosion. Its unit Carimin Engineering Services will handle procurement, construction and commissioning.
$MSNIAGA (5011.MY)$ landed a RM19.82 million, 65-month lease-to-use deal from the Education Ministry to supply IT equipment to schools in northern Sarawak from Jan 2026 to May 2031. The scope covers laptops, printers, projectors and charging carts, with no automatic renewal.
💡Buy or Sell?
Source: Dow Jones Newswires, Bursa Malaysia, The Malaysian Reserve, The Star, The Edge.
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only.
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