Dow Jones: 43,065.22 pts (+201.36pts, +0.47%)
⬆️ Resistance:  44100
⬇️ Support:  41100

FBM KLCI: 1,636.54 pts (+2.99pts, +0.18%)
⬆️ Resistance:  1680
⬇️ Support:  1600

HSI Index: 21,092.87 pts (-159.11pts, -0.75%)
⬆️ Resistance:  23400
⬇️ Support:  19800

Crude Palm Oil: RM4,313 (-RM36, -0.83%)
⬆️ Resistance:  4500
⬇️ Support:  4110

Brent Oil: $77.46 (-$1.58, -2.00%)
⬆️ Resistance:  82.80
⬇️ Support:  73.40

Gold: $2,648.54 (+$1.41, +0.06%)
⬆️ Resistance:  2730
⬇️ Support:  2560

M+ Market update – 15 Oct 24
Navigating the Market Ahead of Budget 2025

In the local market, trading activity has turned cautious ahead of Budget 2025, with the total traded value recording slightly above RM2bn. However, the attention was on Public Bank following last week's selldown, leading to a rebound in the Finance sector. In the US, Wall Street continued to gain momentum, driven by the Technology sector; Nvidia hit new highs as investors bet on strong demand for its next-generation Blackwell AI processors. On the economic data front, investors are watching key reports, including (i) US retail sales, (ii) US unemployment claims, China’s GDP, China industrial production, and China retail sales. In the commodity market, Brent crude oil plunged as tensions in the Middle East eased, while gold prices remained steady around USD2,650. The crude palm oil continued its upward trend, staying above RM4,200.

Sector Focus: We expect traders to be selective ahead of Malaysia’s Budget 2025 announcement this Friday, with key focus areas likely to include the Construction, Property, Building Materials, and Utilities sectors. Meanwhile, we foresee heightened volatility in the Consumer sector, as traders are speculating on subsidy cuts in the poultry segment. Also, the strengthening US dollar is likely to shift attention towards export-oriented sectors such as Gloves and Technology.

Stocks to watch: 

Technology: *EG*, *KGB*
Construction: KERJAYA, *PESONA*
O&G: *GASMSIA*
Shipping: *HARBOUR*
Consumer: MRDIY
Property: MATRIX

Source: M+