M+ Morning Market Buzz - 24Sep24

Dow Jones: 42,124.65 pts (+61.29pts, +0.15%)
⬆️ Resistance:  43100
⬇️ Support:  40700

FBM KLCI: 1,665.30 pts (-3.52pts, -0.21%)
⬆️ Resistance:  1710
⬇️ Support:  1620

HSI Index: 18,247.11 pts (-11.46pts, -0.06%)
⬆️ Resistance:  18800
⬇️ Support:  17100

Crude Palm Oil: RM3,977 (+RM38, +0.96%)
⬆️ Resistance:  4130
⬇️ Support:  3630

Brent Oil: $73.90 (-$0.59, -0.79%)
⬆️ Resistance:  76.70
⬇️ Support:  70.80

Gold: $2,628.72 (-$1.16, -0.04%)
⬆️ Resistance:  2690
⬇️ Support:  2500

M+ Market update – 24Sep24
Buying Support To Spillover To Local Front

Bursa Malaysia started the week on a negative note as profit-taking emerged following Friday’s rebalancing activities. Meanwhile, US stock markets traded higher (Dow and S&P500 charged to new all-time highs), boosted by remarks from several Fed policymakers, who suggested that the recent 50 bps rate cut was timely, with further dovish measures potentially coming within the next three months. In economic data, the US manufacturing PMI indicated contraction, while the services PMI remained above 50, signalling growth. In the commodities market, Brent oil fell below USD 74 due to weaker demand from China and a surprise slowdown in European manufacturing, dampening market sentiment. Gold prices stayed above USD 2,600, while crude palm oil surged to an 11-week high.

Sector Focus: With positive momentum on Wall Street, we expect buying support to spill over into the local market, particularly in the oversold Technology sector and small-cap stocks. The Construction, Building Material, and Property sectors may also see positive movement, driven by potential developments around the revival of the KL-SG HSR and the JB-SG SEZ following the return of the Malaysia King from the 4-day China visit. Additionally, the strong ringgit should benefit Consumer, Utilities, Financials, and Automotive stocks.

Stocks to watch: 

Technology: ITMAX, *SKPRES*
Building Material: *MNHLDG*, *SKBSHUT*
Financial: *AMBANK* 
Manufacturing: *SENFONG*
Construction: GDB
Consumer: PWF

Source: M+

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