M+ Morning Market Buzz - 6 Nov 24

Dow Jones: 42,221.88 pts (+427.28pts, +1.02%)
⬆️ Resistance:  43400
⬇️ Support:  40900

FBM KLCI: 1,620.70 pts (+4.27pts, +0.26%)
⬆️ Resistance:  1660
⬇️ Support:  1560

HSI Index: 21,006.97 pts (+439.45pts, +2.14%)
⬆️ Resistance:  21500
⬇️ Support:  19900

Crude Palm Oil: RM4,806 (-RM15, -0.31%)
⬆️ Resistance:  5010
⬇️ Support:  4510

Brent Oil: $75.08 (+$0.36, +0.48%)
⬆️ Resistance:  77.80
⬇️ Support:  69.70

Gold: $2,743.99 (+$0.12, +0.00%)
⬆️ Resistance:  2850
⬇️ Support:  2680

M+ Market update – 5 Nov 24
Waiting For The Dust To Settle

In tandem with the positive performance in Asian markets, the FBMKLCI gained momentum and closed higher. Wall Street also closed firmer, buoyed by gains in NVIDIA (+2.84%) and Palantir; the latter posted stronger-than-expected results, highlighting significant growth in AI-driven earnings. We believe the market will closely watch the US Presidential Election and the upcoming FOMC meeting, which could introduce significant volatility and help determine overall market direction. In the commodities market, Brent crude oil continued its rally as OPEC+ postponed production cuts and ongoing geopolitical tensions in the Middle East, contributing to stronger oil trading. Meanwhile, gold prices remained flat in the USD 2,730 – 2,740 range, while CPO prices retreated on profit-taking, ending below the RM 4,800 level.

Sector Focus: With the positive close on Wall Street overnight, we anticipate buying support may spill over to the local bourse, particularly within the Technology sector in the near term. Meanwhile, we favour the O&G sector given the rebound in crude oil prices, and we maintain a positive view on glove stocks as the ringgit continues to trend around RM 4.34/USD. Looking ahead to earnings, we expect a potential spike in Construction earnings driven by booming data center investments.

Stocks to watch: 

Construction: *MNHLDG*, PLYTEC
Technology: *NATGATE*, RAMSSOL
Building Material: *UNIQUE*
Telco: *REDTONE*

Source: M+

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