M+ Global Market Update – 22May26
Nvidia Shed 2% After Earnings
US: Overall, we should anticipate that Wall Street’s uptrend will remain intact. Following Nvidia’s Q1 earnings outperformance, markets are taking a 'sell-on-news' stance, which has led to a retreat in its share price. We believe traders could take positions as the stock hovers near the EMA20 and continues to benefit from the global AI boom. Meanwhile, its upcoming Rubin architecture could also benefit companies such as Micron, Applied Materials, Vertiv Holdings, and Teradyne. With the upcoming IPO debut of SpaceX in June, we believe the sentiment will focus on space-related counters such as AST SpaceMobile and Sidus Space.
MY: Tracking the positive performance on Wall Street yesterday, we anticipate that the FBM KLCI will rebound today after a losing streak of more than a week. Meanwhile, we like the rebound above the EMA20 shown by PWRWELL, underpinned by its massive contract wins for data centres in Selangor, infrastructure buildouts such as the RTS Link in Johor, and regional manufacturing expansions. Lastly, we remain bullish on the Technology sector, favouring MI, UWC, FRONTKN, and THMY, as sentiment should continue to bode well for the sector following Nvidia’s recent earnings outperformance and the ARM partnership announcement.
Stocks to watch:
Technology: *3REN*, AMBEST, *CPETECH*, KOBAY, MPI, *SCICOM*, THMY, *UWC*, *VITROX*
Construction: *MITRA*, MNHLDG
Automotive: *BETA*
Utility: *RANHILL*
**Source: M+ Global**
