M+ Morning Market Buzz - 10 Oct 24

Dow Jones: 42,512.00 pts (+431.63pts, +1.03%)
⬆️ Resistance:  43500
⬇️ Support:  41000

FBM KLCI: 1,634.91 pts (-0.71pts, -0.04%)
⬆️ Resistance:  1680
⬇️ Support:  1600

HSI Index: 20,637.24 pts (-289.55pts, -1.38%)
⬆️ Resistance:  23800
⬇️ Support:  19800

Crude Palm Oil: RM4,252 (-RM22, -0.52%)
⬆️ Resistance:  4500
⬇️ Support:  4040

Brent Oil: $76.58 (-$0.60, -0.78%)
⬆️ Resistance:  82.80
⬇️ Support:  72.90

Gold: $2,607.77 (+$0.21, +0.01%)
⬆️ Resistance:  2730
⬇️ Support:  2560

M+ Market update – 10 Oct 24
Focusing On Ringgit Direction And Budget 2025

Overall, trading activity on the Bursa Exchange was mildly negative, with both the FBMKLCI and FBM Small Cap closing in negative territory, but attention was shifted towards the Construction and REIT sectors. Meanwhile, the US stock markets rallied, with both the Dow and S&P 500 reaching new all-time highs, and the Nasdaq breaking out as traders assessed the FOMC meeting minutes from September. Meanwhile, we expect traders to focus on the upcoming CPI and PPI data over the next two trading days to gauge the direction of the Federal Reserve’s monetary policy. In the commodities market, Brent crude oil saw another sell-off, falling below USD77 due to higher-than-expected crude oil inventories, while gold prices continued to retrace toward the USD2,600 level. Crude palm oil traded lower but holding firmly above RM4,200.

Sector Focus: As we approach Budget 2025, we expect investors to position themselves ahead of the event by trading in e-invoicing, Construction, Property, Building Materials, Utilities, and Consumer-related stocks. Also, the ongoing rally in CPO prices may lead to a positive trading sentiment in Plantation stocks. Moreover, with the ringgit showing a weakening bias compared to last week, sentiment could shift toward export-related stocks.

Stocks to watch: 

Construction: *GAMUDA*, *SSB8*, SUNCON
Property: *LAGENDA*, MATRIX
Consumer: *FFB*, MRDIY 
Building Material: *SCGBHD*
Technology: RAMSSOL

Source: M+

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