M+ Morning Market Buzz - 12 Nov 24

Dow Jones: 44,293.13 pts (+304.14pts, +0.69%)
⬆️ Resistance:  45400
⬇️ Support:  41000

FBM KLCI: 1,609.26 pts (-11.98pts, -0.74%)
⬆️ Resistance:  1680
⬇️ Support:  1580

HSI Index: 20,426.93 pts (-301.26pts, -1.45%)
⬆️ Resistance:  21800
⬇️ Support:  19800

Crude Palm Oil: RM5,196 (-RM30, -0.58%)
⬆️ Resistance:  5310
⬇️ Support:  4690

Brent Oil: $73.87 (-$1.93, -2.61%)
⬆️ Resistance:  77.80
⬇️ Support:  70.20

Gold: $2,618.82 (+$0.67, +0.03%)
⬆️ Resistance:  2810
⬇️ Support:  2560

M+ Market update – 12 Nov 24
Funds Flowing Into Wall Street and Dollar 

The FBMKLCI began the week on a softer note amid a lack of fresh catalysts environment, while selected weaker corporate earnings contributed to the selling pressure on the local bourse. The US stock market, however, advanced further on the back of Donald Trump’s victory in the US presidential election. This week, market participants will focus on key economic indicators, including: (i) CPI, (ii) PPI, (iii) Retail Sales and Core Retail Sales, and (iv) 3Q2024 Malaysia GDP data. In the commodities market, Brent crude oil fell to USD 71 per barrel as investors digested China’s latest stimulus plan. Meanwhile, gold prices retreated further to USD 2,619. Meanwhile, the CPO prices continued to surge, closing above the RM 5,100 level.

Sector Focus: With the US markets continuing to rise, coupled with a strengthening USD, we believe buying interest may extend to the local bourse, particularly in the export-related sectors like Technology and Glove. Meanwhile, we anticipate that the supply of vegetable oil is likely to tighten amid the implementation of higher biodiesel mandates in Indonesia, which will benefit local plantations like JPG following the strong CPO price. Also, selected Construction and Building Materials stocks are expected to gain momentum in the earnings season, supported by ongoing data center investments.

Stocks to watch: 

Shipping: *HARBOUR*, *SYGROUP*, WPRTS
Technology: RAMSSOL, *SKPRES*
Construction: *SCGBHD*
Finance: *RCECAP*
Plantation: SDG
Renewable Energy: KJTS
Property: IBRACO

Source: M+

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