M+ Morning Market Buzz - 5 Nov 24

Dow Jones: 41,794.60 pts (-257.59pts, -0.61%)
⬆️ Resistance:  43400
⬇️ Support:  40900

FBM KLCI: 1,616.43 pts (+12.45pts, +0.78%)
⬆️ Resistance:  1660
⬇️ Support:  1560

HSI Index: 20,567.52 pts (+61.09pts, +0.30%)
⬆️ Resistance:  21400
⬇️ Support:  19900

Crude Palm Oil: RM4,891 (-RM43, -0.88%)
⬆️ Resistance:  5010
⬇️ Support:  4440

Brent Oil: $73.10 (+$2.03, +2.78%)
⬆️ Resistance:  77.00
⬇️ Support:  69.40

Gold: $2,736.78 (-$0.06, -0.00%)
⬆️ Resistance:  2850
⬇️ Support:  2680

M+ Market update – 5 Nov 24
Investors Could Turn to Safe Haven Assets

After last week’s sell-off due to a series of foreign outflows, the FBMKLCI rebounded and closed in positive territory. In light of slower job growth indicated by the NFP data, investors shifted their portfolios toward safe-haven assets like US Treasuries, while Wall Street ended lower ahead of the US Presidential Election and the upcoming FOMC meeting. Looking ahead, traders will closely monitor AI-related stocks to assess their earnings growth; Palantir, traded higher post-market following quarterly results that exceeded expectations. In the commodity markets, Brent crude oil extended its gains as OPEC+ postponed its December production, while the ongoing tensions in the Middle East contributed to firmer trading in oil. Meanwhile, gold prices remained flat at USD 2,736, and CPO prices continued their rally, surging above RM 4,800.

Sector Focus: Given the weaker ringgit environment, trading sentiment may favour export-driven sectors like Gloves and Technology, while Consumer Products and Industrial Products & Services may see moderate gains. In line with the surge in commodity prices, sectors such as O&G, Plantation, and gold-related industries are likely to gain momentum in the near term.

Stocks to watch: 

Construction: GAMUDA, *MNHLDG*
Renewable Energy: *CYPARK*
Telco: *REDTONE*
Technology: *VS* 
Building Material: SKBSHUT
Property: SUNWAY
Consumer: MRDIY

Source: M+

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