M+ Morning Market Buzz - 1 Jul 24

Dow Jones: 39,118.86 pts (-45.20pts, -0.12%)
⬆️ Resistance:  40300
⬇️ Support:  38200

FBM KLCI: 1,590.09 pts (+5.15pts, +0.32%)
⬆️ Resistance:  1630
⬇️ Support:  1550

HSI Index: 17,718.61 pts (+2.14pts, +0.01%)
⬆️ Resistance:  18300
⬇️ Support:  17300

Crude Palm Oil: RM3,916 (+RM26, +0.67%)
⬆️ Resistance:  4020
⬇️ Support:  3820

Brent Oil: $85.00 (-$0.06, -0.07%)
⬆️ Resistance:  89.00
⬇️ Support:  84.60

Gold: $2,326.75 (-$2.46, -0.11%)
⬆️ Resistance:  2390
⬇️ Support:  2280

M+ Market update – 1 Jul 24
Buying Support Should Sustain Into July

Stocks on the Bursa exchange ended the final trading day of 1H2024 on a positive note, lifted by selected Telco companies like CDB and Maxis. Wall Street closed lower despite reports suggesting consumer spending rose moderately in May. Meanwhile, traders will be watching for the release of several key economic data points, including the ISM manufacturing PMI and jobs data like non-farm employment and the unemployment rate. On the commodity front, Brent oil ranged between USD84-85 as the EIA's report suggested rising inventories. The gold price and CPO traded flat within the USD2320-2330 range and RM3900-4000, respectively.

Sectors focus: Sector Focus: Despite the selling pressure on Wall Street, we believe buying support should continue on the local front. We see opportunities within the Technology sector, where rising investments and demand for data center, AI, and cloud services should support trading activities for now. Additionally, we recommend selected sectors like Shipping, Renewable Energy, Building Materials, Packaging, and Consumer for short-term trading opportunities.

Stocks to watch: 

Technology: *CENSOF*, *ITMAX*, VS
Shipping: M&G, *SYGROUP*
Renewable Energy: PEKAT
Building Material: *CMSB*
Packaging: *DSS*
Consumer: HUPSENG

Source: M+

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