M+ Morning Market Buzz - 29 Oct 24

Dow Jones: 42,387.57 pts (+273.17pts, +0.65%)
⬆️ Resistance:  44000
⬇️ Support:  41300

FBM KLCI: 1,610.47 pts (-7.83pts, -0.48%)
⬆️ Resistance:  1690
⬇️ Support:  1580

HSI Index: 20,599.36 pts (+9.21pts, +0.04%)
⬆️ Resistance:  21400
⬇️ Support:  20000

Crude Palm Oil: RM4,529 (+RM6, +0.13%)
⬆️ Resistance:  4760
⬇️ Support:  4210

Brent Oil: $71.42 (-$4.63, -6.09%)
⬆️ Resistance:  78.10
⬇️ Support:  69.80

Gold: $2,742.46 (-$0.61, -0.02%)
⬆️ Resistance:  2820
⬇️ Support:  2660

M+ Market update – 29 Oct 24
Positive US Tone May Extend To Local Bourse

The FBM KLCI and FBM Small Cap began the week on a softer note as selling pressure persisted across the broader market. Meanwhile, Wall Street rebounded ahead of the US Presidential Election next week, with investors cheered positively as energy supplies remained unaffected by recent developments in the Middle East. Also, investors are awaiting quarterly financial results from major technology companies such as Apple, Microsoft, Google, Amazon, and Meta Platforms. This week, traders will closely monitor the US core PCE, US jobs data, and China’s manufacturing PMI. In the commodities market, Brent crude oil fell by more than 6%, closing near USD71 as Middle East tensions eased, while gold prices continued rallying toward an all-time high, and CPO prices remained above the RM4,500 level.

Sector Focus: With US markets turning positive after a stretch of selling, coupled with a strengthening USD, we believe buying interest may extend to the local market, particularly in the Technology and Glove sectors. Meanwhile, the O&G sector may remain muted due to softer Brent oil prices, but Plantation and Gold-related stocks could trend positively as CPO and gold remain in an uptrend. Besides, we favour selected Consumer, Construction, and Property stocks.

Stocks to watch: 

Consumer: *FFB*, MRDIY, QL
Construction: *BNASTRA*, CHB
Property: *ECOWLD*
Technology: *RAMSSOL*
Glove: *HARTA*
Financial: AMBANK

Source: M+

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