M+ Morning Market Buzz - 11 Nov 24

Dow Jones: 43,988.99 pts (+259.65pts, +0.59%)
⬆️ Resistance:  45100
⬇️ Support:  40900

FBM KLCI: 1,621.24 pts (-2.04pts, -0.13%)
⬆️ Resistance:  1680
⬇️ Support:  1580

HSI Index: 20,728.19 pts (-225.15pts, -1.07%)
⬆️ Resistance:  21800
⬇️ Support:  20000

Crude Palm Oil: RM5,101 (+RM149, +3.01%)
⬆️ Resistance:  5210
⬇️ Support:  4690

Brent Oil: $73.87 (-$1.76, -2.33%)
⬆️ Resistance:  77.80
⬇️ Support:  71.90

Gold: $2,684.77 (-$21.94, -0.81%)
⬆️ Resistance:  2810
⬇️ Support:  2600

M+ Market update – 11 Nov 24
Shifting The Focus To Earnings Season

Last Friday, the Malaysian ringgit strengthened slightly as the FOMC meeting concluded with a 25 bps rate cut, while the KLCI ended softer. Meanwhile, Wall Street closed on a positive note, reaching new highs after Donald Trump’s second presidential win. Looking ahead, traders will closely monitor inflation and retail sales data, which could dictate the outcome in upcoming FOMC meetings; the probability of a 25 bps cut in the December FOMC has declined to 84.9% (from 64.9%). In the commodity markets, Brent oil prices fell below USD73 per barrel as fears of prolonged supply disruptions from a hurricane in the US Gulf of Mexico eased. Meanwhile, gold prices retreated to around USD2,684, and CPO surged above the RM5,100 level.

Sector Focus: Despite the slight rebound in the ringgit, we believe Technology stocks could gain momentum, tracking the US move, but the upside may be limited in due to PIE’s earnings. We also favour stocks within the Shipping industry as AGX experienced a breakout last week. In view of the strong rally in CPO prices, we suggest that investors to focus on the Plantation sector heading into earnings season and 1Q25. Also, selected Construction and Building Materials stocks are expected to post stronger earnings, supported by ongoing data center investments.
Stocks to watch: 

Plantation: *INNO*, SOP
Construction: *BNASTRA*, *SSB8*
Finance: MNRB, *RCECAP*
Shipping: *AGX*
Property: VLB

Source: M+
 

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