M+ Morning Market Buzz - 30 Oct 24

Dow Jones: 42,233.05 pts (-154.52pts, -0.36%)
⬆️ Resistance:  43700
⬇️ Support:  41300

FBM KLCI: 1,615.08 pts (+4.61pts, +0.29%)
⬆️ Resistance:  1680
⬇️ Support:  1580

HSI Index: 20,701.14 pts (+101.78pts, +0.49%)
⬆️ Resistance:  21400
⬇️ Support:  20100

Crude Palm Oil: RM4,637 (-RM16, -0.35%)
⬆️ Resistance:  4760
⬇️ Support:  4300

Brent Oil: $71.12 (-$0.30, -0.42%)
⬆️ Resistance:  78.10
⬇️ Support:  69.40

Gold: $2,774.74 (+$0.07, +0.00%)
⬆️ Resistance:  2840
⬇️ Support:  2660

M+ Market update – 30 Oct 24
Accumulation Could Emerge In The Tech Sector

Sentiment on the local front turned positive, with both the FBM KLCI and FBM Small Cap edging higher as buying interest gradually built up. However, in the US, Wall Street ended mixed ahead of the upcoming US Presidential Election, FOMC meeting next week, and investors are awaiting quarterly results from major technology giants such as Apple, Microsoft, Amazon, and Meta Platforms. This week, key economic data to watch include the US core PCE, US jobs data, US GDP, and China’s manufacturing PMI. In the commodities market, Brent crude oil declined further amid weaker demand from China and easing tensions in the Middle East, while gold prices continued to rally towards an all-time high around USD2,770, and CPO prices surged above the RM4,600 level.

Sector Focus: Given that Alphabet beat earnings expectations, coupled with Frontken’s stronger earnings release, we believe buying support may spill over to stocks on the local front, particularly in the Technology sector. Meanwhile, the weakening bias of the ringgit could lift sentiment for export-oriented stocks. Also, we anticipate that the O&G sector may stay muted due to softer Brent oil prices, but Plantation and Gold-related stocks could trend positively as CPO and gold continue in their upcycle.

Stocks to watch: 

Construction: *CHB*, GAMUDA, MUHIBAH
Telco: *REDTONE* 
Financial: *TAKAFUL*
Building Material: *SCGBHD*
Plantation: INNO, *JTIASA*
Technology: RAMSSOL
Property: SPSETIA

Source: M+

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