M+ Morning Market Buzz - 14 Oct 24

Dow Jones: 42,863.86 pts (+409.74pts, +0.97%)
⬆️ Resistance:  43800
⬇️ Support:  41000

FBM KLCI: 1,633.55 pts (-7.39pts, -0.45%)
⬆️ Resistance:  1680
⬇️ Support:  1600

HSI Index: 21,251.98 pts (+614.74pts, +2.98%)
⬆️ Resistance:  23800
⬇️ Support:  19800

Crude Palm Oil: RM4,350 (+RM117, +2.76%)
⬆️ Resistance:  4500
⬇️ Support:  4110

Brent Oil: $79.04 (-$0.96, -1.21%)
⬆️ Resistance:  82.80
⬇️ Support:  73.70

Gold: $2,656.59 (-$6.81, -0.26%)
⬆️ Resistance:  2720
⬇️ Support:  2560

M+ Market update – 14 Oct 24
 Shifting Attention Towards Export Sectors 

The local market conditions stabilized despite the ringgit weakening last week, as traders anticipate a potential recovery ahead of the tabling of Budget 2025 this Friday. In the US, Wall Street saw record highs in the Dow and S&P 500, while the Nasdaq gained momentum after September's PPI data came in cooler-than-expected. This has led to the market pricing in a soft-landing scenario going forward. In the commodities market, Brent crude oil is trading below USD78 per barrel as disappointing Chinese inflation data over the weekend raised demand concerns. Meanwhile, gold prices held steady around USD2,650 as September's easing PPI data supported the metal. Crude palm oil rebounded, closing at RM4,350.

Sector Focus: With Budget 2025 on the horizon, we expect investor interest to concentrate on the Construction, Property, Building Materials, Utilities, and e-invoicing sectors. Additionally, the strengthening US dollar may shift attention toward export-oriented sectors such as Gloves and Technology. We also have a positive outlook on the Plantation sector, as the uptrend in crude palm oil prices remains stable.

Stocks to watch: 
Technology: *EG*, IFCAMSC, *ITMAX*
Construction: *GAMUDA*, *KERJAYA*, PESONA
Shipping: *SEALINK*
Consumer: LHI
Gloves: HARTA
Property: SUNWAY

Source: M+

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