M+ Morning Market Buzz - 2Sep24

Dow Jones: 41,563.08 pts (+228.03pts, +0.55%)
⬆️ Resistance:  42500
⬇️ Support:  40100

FBM KLCI: 1,678.80 pts (+25.25pts, +1.53%)
⬆️ Resistance:  1720
⬇️ Support:  1610

HSI Index: 17,989.07 pts (+202.75pts, +1.14%)
⬆️ Resistance:  18600
⬇️ Support:  17200

Crude Palm Oil: RM3,977 (+RM37, +0.94%)
⬆️ Resistance:  4090
⬇️ Support:  3800

Brent Oil: $76.93 (-$0.35, -0.45%)
⬆️ Resistance:  83.30
⬇️ Support:  76.40

Gold: $2,503.39 (+$0.83, +0.03%)
⬆️ Resistance:  2580
⬇️ Support:  2450

M+ Market update – 2Sep24
Markets Ended Final Day Of August With A Bang

The local exchange ended on a positive note, supported by window dressing activities on the final day of August. We observed a broad-based rebound following selling pressure linked to the yen carry trade incident in early August. Meanwhile, the US stock markets closed broadly higher in anticipation of a Fed interest rate cut in September, after the core PCE index met expectations at 0.2%. This week, investors will focus on manufacturing and jobs data, which should provide insights into the health of economic activities. In the commodity markets, Brent oil trended lower, dipping just below the USD77 level, while gold prices remained around USD2,500. CPO prices continued their rebound, approaching the RM4,000 mark.

Sector Focus: Still, we believe the broadly negative performance in the US technology stocks, coupled with the stronger ringgit environment may dampen the demand for local technology companies. On the other hand, the elevated ringgit could boost trading activity in sectors such as Consumer, Banking, Construction, and Building Materials. We also favour selected O&G players following their strong earnings results.

Stocks to watch: 

Technology: *CLOUDPT*, HTPADU
Financial: *BIMB*, PBBANK
Consumer: *LHI*
Automotive: *BETA*
Plantation: *INNO*
Logistics: AIRPORT

Source: M+

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