Bursa Malaysia Stocks to Watch (23 Jun 2026): Wall Street Mixed as Tech Slid - M+ Global Picks
Global equity markets head into Tuesday on uncertain footing. Wall Street closed mixed after investors digested two key developments: a decline in Brent crude oil toward the USD80-per-barrel level, and a pullback in the Nasdaq driven by a slide in big technology stocks. The effects are also expected to be felt on Bursa Malaysia today.
This article summarises the M+ GLOBAL Market Update dated 23 June 2026, themed "Wall Street Mixed As Tech Stocks Slid". It is important to understand: all market views and the "stocks to watch" list below are the analysis and opinion of M+ Global, not buy or sell recommendations from mahersaham.com. We share this summary purely as reference and market education.
Disclaimer: The information in this article is not investment advice. It is a summary of a third party's views (M+ Global) for educational purposes. Any decision to buy or sell shares is your own responsibility. Please do your own research or consult a licensed financial adviser before investing.
Today's Theme: Why Wall Street Was Mixed
The big market theme on 23 June 2026 is a mixed Wall Street - some indices up, some down - after investors digested two main factors.
First, Brent crude oil fell toward the USD80-per-barrel level. Brent is the world's main crude oil price benchmark (you can read about the differences in Brent vs WTI vs Tapis). Falling oil prices usually ease inflation worries, but at the same time pressure energy company shares.
Second, the Nasdaq experienced a pullback following a slide in technology stocks. A pullback means a retracement in price after a rise - not necessarily a reversal, but enough to make investors more cautious. To understand how a slide in tech stocks can drag down the whole Nasdaq while other indices hold up, read Dow Jones holds up while tech stocks plunge. If you are still unclear about the differences between the three main US indices, see What's the Difference Between Dow Jones, S&P 500 and Nasdaq.
Wall Street Outlook: Cautious Ahead of Core PCE Inflation Data
According to M+ Global, US indices are expected to trade cautiously in the short term. The main reason is that investors are waiting for one critical economic data point this week: the core PCE inflation data.
What is core PCE? PCE (Personal Consumption Expenditures) is an inflation measure closely watched by the Federal Reserve (Fed), the US central bank. "Core" means it excludes the more volatile food and energy prices, to give a steadier picture of underlying price pressure. You can understand this concept further in Core Inflation vs Headline Inflation. Because this data can influence the Fed's interest-rate decisions, investors tend to "sit tight" before it is released - and this is the source of the caution M+ Global expects. (Official reference on the PCE price index can be checked at the Bureau of Economic Analysis (BEA).)
Cisco Systems (CSCO): AI Bookings Surge, Awaiting Breakout
In this cautious environment, M+ Global continues to like Cisco Systems (CSCO). The basis is Cisco's 3Q FY26 quarterly results, reported as excellent, driven by a surge in AI-related bookings.
Technically, M+ Global notes the CSCO share is making a pullback toward the EMA20 while awaiting a breakout. The EMA20 (20-day Exponential Moving Average) is the 20-day moving average that gives more weight to recent prices; many traders view this level as a dynamic support zone. "Awaiting a breakout" means waiting for the moment price pierces a key resistance level, which can typically open room for further upside.
Interestingly, Cisco's narrative as a core player in the AI boom has a historical parallel investors should understand. We compared them in NVIDIA Today = Cisco 2000? - an important lesson about technology cycles.
NetApp (NTAP): Four-Year Enterprise Deal With Google
The second US stock M+ Global likes is NetApp (NTAP), following a four-year enterprise deal with Google. Under this deal, Google will embed NetApp's storage platform into the air-gapped Google Distributed Cloud (a system fully isolated from the public internet for high security).
M+ Global's thesis behind NTAP is that this deal positions NetApp as the preferred storage layer for large AI workloads. As AI models grow larger, the need for fast and secure large-scale data storage also rises - and this is the space M+ Global sees NTAP being able to capitalise on.
Bursa Malaysia Outlook: Cautious KLCI, Airlines Get Some Relief
Turning to the local market, M+ Global expects the FBM KLCI (the index of 30 leading Bursa Malaysia companies) to also start the day cautiously, following the mixed Wall Street. Uncertain global sentiment usually spreads to regional markets.
Still, there is a silver lining. M+ Global notes that the fall in crude oil prices is expected to benefit airlines such as AAX (AirAsia X). The logic is simple: jet fuel is one of the largest operating costs for airlines, so when oil prices fall, their costs drop and margins can improve. To understand how airlines manage their exposure to oil prices, read Jet Fuel Hedging.
Theme 1: INARI Awaiting a Breakout
The key local stock M+ Global likes is INARI, seen as awaiting a breakout. According to M+ Global, the positive view on INARI is supported by three factors:
- Increasingly complex RF (Radio Frequency) chips for AI-capable smartphones. As smartphones become more sophisticated, their RF chip content rises - giving more work to chip packagers like INARI.
- A surge in high-speed optical transceiver packaging, driven by the data centre buildout. Optical transceivers are components that convert electrical signals into light signals for fast data transfer - demand for them is surging alongside the data centre boom.
- A weaker ringgit, which typically benefits exporters like INARI as US-dollar revenue converts into more ringgit.
The data centre and tech-exporter theme is no small matter in Malaysia. We covered its scale in Malaysia's data centre boom, and the list of tech stocks analysts are watching in 7 Bursa Malaysia technology stocks.
Theme 2: CPO Rebound & El Nino Support Plantation Stocks
The second local theme is plantation stocks. With a rebound in CPO (crude palm oil) prices and expectations of El Nino weather, M+ Global continues to like plantation stocks.
Why do both factors matter? When CPO prices rise, plantation companies usually enjoy better sales and margins. Meanwhile, the El Nino weather phenomenon can bring drier conditions that disrupt palm oil output - and when supply is affected, CPO prices tend to stay high. M+ Global's preferred plantation stocks are:
- SDG (SD Guthrie)
- SOP (Sarawak Oil Palms)
- UTDPLT (United Plantations)
To understand why CPO prices move in cycles and when investors typically pay attention to this sector, read Plantation Stocks: The CPO Price Cycle & When Investors Should Enter. If you are interested in the mechanics of trading palm oil futures, see FCPO: A Complete Guide to Crude Palm Oil Trading.
Full "Stocks To Watch" List (M+ Global View)
Beyond the themes above, M+ Global lists several stocks to watch across various sectors. Again, these are M+ Global's views, shared for reference only:
| Sector | Stocks To Watch (M+ Global) |
|---|---|
| Technology | EG, GENETEC, INARI, JFTECH, KESM, NE, TTVHB |
| Utilities | BMGREEN |
| Plantation | WTK |
| Finance | OSK |
This list shows M+ Global's heavy tilt toward the technology sector - consistent with the AI chip, optical transceiver and data centre themes noted above - while also paying attention to green utilities, plantation and finance. Investors can use this list as a starting point for their own research, not as an automatic buy signal.
What Can Investors Do in This Situation?
In a cautious market ahead of important inflation data, a few basic principles remain relevant:
- Understand the source of the views. The stocks to watch above come from M+ Global. Before acting, check the charts, financial reports, and Shariah status (if relevant) of each stock yourself.
- Monitor the core PCE data. Because the market is "waiting" for this data, any surprise (higher or lower than expected) can move sentiment quickly. News portals such as Bernama can help you follow the latest developments.
- Manage risk. The breakout themes M+ Global mentions - whether CSCO, NTAP or INARI - do not guarantee profit; they are just a technical view at one point in time. Prices can move the opposite way.
For investors who are just starting to trade Bursa and overseas shares, you can refer to our guide on how to buy Bursa Malaysia shares using the Mplus Global app.
Frequently Asked Questions (FAQ)
1. Are the stocks in this article recommendations from mahersaham.com?
No. All market views and the "stocks to watch" list in this article are M+ Global's analysis. Mahersaham.com only summarises and explains those views for educational purposes, not as buy or sell recommendations.
2. What does "Wall Street Mixed As Tech Stocks Slid" mean?
It means Wall Street closed mixed (some indices up, some down) because technology stocks slid, particularly those that dragged down the Nasdaq. At the same time, the fall in Brent crude toward USD80 also affected sentiment.
3. Why is the core PCE data so important to the market?
Core PCE is the Federal Reserve's preferred inflation measure, excluding volatile food and energy prices. Because it can influence the Fed's interest-rate decisions, investors tend to be cautious and wait before this data is released.
4. Why does M+ Global like Cisco (CSCO) and NetApp (NTAP)?
M+ Global likes CSCO because of excellent 3Q FY26 results driven by a surge in AI bookings, with the chart making a pullback to the EMA20 while awaiting a breakout. For NTAP, the basis is the four-year enterprise deal with Google that embeds NTAP's storage platform into the air-gapped Google Distributed Cloud, positioning NTAP as the preferred storage layer for large AI workloads.
5. Why can falling oil prices benefit airlines like AAX?
Jet fuel is among the largest operating costs for airlines. When oil prices fall, these costs drop and profit margins can improve. That is why M+ Global notes airlines such as AAX could benefit.
6. Why does M+ Global continue to like plantation stocks?
Two reasons: a rebound in CPO prices that supports plantation companies' sales and margins, and expectations of El Nino weather that can disrupt palm oil supply and keep CPO prices high. M+ Global's preferred stocks include SDG, SOP and UTDPLT.
7. Are the stocks mentioned Shariah-compliant?
This article does not confirm the Shariah status of any stock. If Shariah compliance matters to you, please check the stock's status in the list of Shariah-compliant securities issued by the Securities Commission Malaysia before investing.
Conclusion
The big market theme on 23 June 2026 is a mixed Wall Street, driven by Brent oil falling toward USD80 and a Nasdaq pullback as tech stocks slid. In this environment, M+ Global expects US indices and Bursa Malaysia to trade cautiously ahead of the critical core PCE inflation data this week. Even so, M+ Global still sees selective opportunities - from US tech stocks like Cisco and NetApp, to local airlines enjoying lower fuel costs, tech exporters like INARI, and plantation stocks supported by the CPO rebound and El Nino. All of this, again, is M+ Global's view shared as educational reference.
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Further Reading
- Dow Jones Holds Up, Nasdaq Plunges 1.5%
- NVIDIA Today = Cisco 2000? Historical Lessons & Other AI Stocks for Investors
- Core Inflation vs Headline Inflation: Which Should Investors Follow?
- Plantation Stocks: The CPO Price Cycle & When Investors Should Enter
- RM185 Billion Into Malaysia - Who Profits From the Data Centre Boom?
Source of market views and stocks to watch: M+ Global Market Update (23 June 2026). This article is not investment advice.