Ammb Holdings Bhd (AMBANK) is ranked as the 6th largest banking group by assets in Malaysia in FY21 that provides a range of services such as wholesale banking, business banking, retail banking, investment banking and other related financial services. It has a workforce of approximately 10,000 employees and serves over 3.0m individual and corporate customers.

The FBM KLCI bounced in the afternoon session along with most regional peers as investors cheered China’s reduction in quarantine period for international travellers. Nevertheless, the overnight pullback on Wall Street signified an overall negative sentiment ahead of the earnings season on persistent worries over recession. The broad sell-off may spill over to the regional markets as well as the local bourse.

The FBM KLCI booked marginal gains amid improving regional sentiment. We are cautiously optimistic on the market outlook as foreign selling continued to decline; 5-day net selling stood at RM76.9m vs -RM365.6m from a week earlier. However, market direction remains unclear as Wall Street retreated mildly overnight.

Frontken Corporation Bhd (FRONTKN) is regarded as one of the leading providers of support services to the semiconductor industry, surface treatment and mechanical engineering solutions, serving a wide-range of industries. Its products and services mainly cater for the Malaysia, Singapore and Taiwan market.

The FBM KLCI closed a turbulent session mildly higher on Friday along with the regional peers as investors have priced in concerns over a potential recession moving forward. However, given the sharp gains on Wall Street overnight, investors’ narrative may have changed for now and may look out for opportunities within the stock market as most of the stocks were bashed down and oversold over the past weeks. On a side note, we believe the optimism in poultry sector may fade following the Prime Minister’s decision to retain the ceiling price of chicken.

The FBM KLCI finished little changed amid positive bias regional performances. While the overnight gains on Wall Street may spill over to the local bourse, we reckon any gains should be short-lived on the back of mounting concerns over potential recession as well as the inflationary pressure that may hit corporate earnings going forward.

We attended two site visits earlier this week at OSK Holdings Bhd’s (OSK) on-going property development projects located at (i) Iringan Bayu, Seremban and (ii) Shorea Park, Puchong and we came away feeling re-assured over their respective developments progress. Both Phase 1 of Iringan Bayu and Shorea Park are largely on track for sequential rollout of new phases over the foreseeable future after having achieved commendable take-up rates in their previous launches.

The FBM KLCI tumbled more than 1.8% along with regional peers as pervasive fears over recession rippled through the markets. We believe the sentiment will remain negative-bias as investors mulled the US Fed Chairman’s testimony on the commitment in interest rate hikes to tame inflation, while eyeing Malaysia’s and Japan’s inflation rate tomorrow. Nevertheless, the oversold stocks may still look attractive for bargain hunting activities. Commodities prices have shown a downtrend move amid growing recession worries.