Market Review

MY: The local bourse closed higher, supported by gains in selected blue chips, although market breadth remained negative, with 648 losers outpacing 430 gainers. Sector-wise, Energy (+0.92%) outperformed, led by SLVEST (+9.0 sen) and YINSON (+2.0 sen), while Technology (-2.57%) lagged the most.

US: Wall Street slumped on Friday as Amazon and Intel slides dragged tech lower to close a negative October. The Nasdaq fell 2.9%, the S&P 500 lost 1.8%, and the Dow dropped 1.1%. Broad AI return concerns and Amazon's ballooning cash burn hit growth stocks, while a USD6.3B Binance hack pressured crypto equities.

The Day Ahead

US: Wall Street may remain under pressure following Friday's tech-led sell-off, as Intel's weak outlook and rising AI investment costs reignited valuation concerns. Investors will also monitor Tuesday's US midterm elections and Monday's ISM Manufacturing PMI. Meanwhile, attention shifts to earnings from Apple (AAPL) and Palantir (PLTR) on Monday. Apple's iPhone demand, Services growth and holiday-quarter guidance will offer insights into consumer spending and mega-cap technology resilience, while Palantir's commercial AI growth will test whether enterprise AI adoption is translating into sustainable revenue.

MY: The FBM KLCI may trade cautiously amid weaker global technology sentiment, although fresh corporate developments could provide stock-specific opportunities. CDB may attract interest after securing MCMC's spectrum assignments for the 2,600MHz and 900MHz bands on 30 October, strengthening network capacity and coverage, albeit with additional spectrum costs, including RM42m in annual fees for the 2,600MHz band. Meanwhile, TAANN may attract interest following its reported strong 3QFY26 production performance, with crude palm oil (CPO) output rising 23% YoY to 97,610 tonnes and fresh fruit bunch (FFB) production increasing 30% to 236,443 tonnes, improving production volume visibility for its plantation operations.