M+ Morning Market Buzz - 29 Jul 24

Dow Jones: 40,589.34 pts (+654.27pts, +1.64%)
⬆️ Resistance:  41600
⬇️ Support:  39100

FBM KLCI: 1,612.88 pts (-2.30pts, -0.14%)
⬆️ Resistance:  1670
⬇️ Support:  1580

HSI Index: 17,021.31 pts (+16.34pts, +0.10%)
⬆️ Resistance:  18100
⬇️ Support:  16600

Crude Palm Oil: RM3,942 (+RM24, +0.61%)
⬆️ Resistance:  4100
⬇️ Support:  3810

Brent Oil: $81.13 (+$0.39, +0.48%)
⬆️ Resistance:  84.90
⬇️ Support:  78.50

Gold: $2,387.19 (+$10.22, +0.43%)
⬆️ Resistance:  2490
⬇️ Support:  2310

M+ Market update – 29 Jul 24
Still Anticipating Buy-On-Dip Opportunities

Last week, most of the indices took a beating as profit-taking activities emerged, snapping a three-week rally on the FBM KLCI, FBM70, and FBM Small Cap. On a weekly basis in the US, the Dow rallied, but both the Nasdaq and S&P 500 were dragged down by technology heavyweights in anticipation of softer AI-driven earnings. This week, traders will be monitoring China Manufacturing PMI, US home sales, US jobs data, and US ISM Manufacturing PMI. In the commodity markets, Brent oil declined below USD81, as concerns over China’s economic growth negatively impacted market sentiment, while the gold price maintained its uptrend toward USD2400. The CPO is ranging between RM3900-4000.

Sectors Focus: Despite the weaker tone in the US, we expect this could be a buying opportunity with the rebound on Friday. We believe the buying interest may revolve around the data center catalyst and focus within the Construction, Property, Utilities, Building Material, and Technology sectors. Additionally, we expect traders to position ahead of the earnings seasons within the Consumer, Shipping, and Financial sectors in view of more resilient results in the near term.

Stocks to watch: 

Building Material: *AYS*, MCEMENT, *SKBSHUT*
Technology: KOBAY, *RAMSSOL*
Consumer: PTRB, SPTOTO
Shipping: *M&G*
Financial: *ABMB*
Construction: FAJAR

Source: M+

Disclaimer

The content published is solely for information and personal use only. It should not be construed to be, any advice, recommendation, offer or invitation to buy or sell any securities, futures contracts or any other instrument. Readers should seek independent advice from their own professional advisers (including legal, tax, financial and accounting) as to the risks and merits before entering into any transaction pursuant to or in reliance on any information here.

The content published above shall only be for your sole and personal non-professional use. No guarantee is given on the accuracy or completeness of the information published here. No warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of any person or group of persons acting on such information.