M+ Morning Market Buzz - 9 Oct 24

Dow Jones: 42,080.37 pts (+126.13pts, +0.30%)
⬆️ Resistance:  43300
⬇️ Support:  41000

FBM KLCI: 1,635.62 pts (+0.33pts, +0.02%)
⬆️ Resistance:  1690
⬇️ Support:  1600

HSI Index: 20,926.79 pts (-2172.99pts, -9.41%)
⬆️ Resistance:  23800
⬇️ Support:  20400

Crude Palm Oil: RM4,271 (-RM52, -1.22%)
⬆️ Resistance:  4500
⬇️ Support:  3920

Brent Oil: $80.93 (-$3.43, -4.24%)
⬆️ Resistance:  82.80
⬇️ Support:  72.20

Gold: $2,621.83 ($0.00, 0.00%)
⬆️ Resistance:  2730
⬇️ Support:  2560

Source: Bloomberg, M+

M+ Market update – 9 Oct 24
**Identifying Budget Beneficiaries*

Despite Hong Kong experiencing a sharp decline after China's stock market reopened following the Golden Week holiday, the FBM KLCI managed to hold gains above the 1,630 level. Similarly, Wall Street rebounded as the risk premium from Middle East tensions eased after Israel delayed its response. This week, traders will be closely watching the release of the FOMC meeting minutes and key inflation data, such as CPI and PPI, to assess the direction of the Federal Reserve’s monetary policy. In the commodities market, Brent crude experienced a sell-off, dropping below USD78, while gold retraced toward the USD2,600 level. Crude palm oil also pulled back below RM4,300 as profit-taking activities emerged.

Sector Focus: Despite the pullback in most commodities, we believe the recent rebound in crude oil and the continued uptrend in crude palm oil will provide support to sectors such as O&G and Plantation. Also, with the ringgit softening to RM4.285/USD (from RM4.11/USD last week), Technology stocks may attract buying interest. Ahead of Budget 2025, traders may also focus on sectors like e-invoicing, Construction, Property, Building Materials, Utilities, and Consumer-related stocks.

Stocks to watch: 

Technology: CLOUDPT, *EG*, *ITMAX*, *RAMSSOL*
Construction: *GAMUDA*
Building Material: *UNIQUE*
Healthcare: KPJ
Consumer: MRDIY
Industrial Products: SENFONG

Source: M+

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