M+ Morning Market Buzz - 13 Nov 24

Dow Jones: 43,910.98 pts (-382.15pts, -0.86%)
⬆️ Resistance:  45400
⬇️ Support:  42000

FBM KLCI: 1,608.43 pts (-0.83pts, -0.05%)
⬆️ Resistance:  1680
⬇️ Support:  1580

HSI Index: 19,846.88 pts (-580.05pts, -2.84%)
⬆️ Resistance:  21800
⬇️ Support:  19400

Crude Palm Oil: RM5,026 (+RM10, +0.20%)
⬆️ Resistance:  5310
⬇️ Support:  4690

Brent Oil: $71.83 (-$0.09, -0.13%)
⬆️ Resistance:  77.70
⬇️ Support:  70.20

Gold: $2,598.39 (-$0.11, -0.00%)
⬆️ Resistance:  2810
⬇️ Support:  2540

M+ Market update – 13 Nov 24
Corporate Earnings Will Be The Primary Focus

The FBMKLCI ended flat as selling pressure persisted on selected index heavyweights, though Banking and other heavyweight stocks were mostly positive ahead of their respective earnings releases. Meanwhile, a Trump 2.0-induced rally on Wall Street lost steam, as profit-taking activities emerged as most positive catalysts, such as (i) lower corporate tax rates and (ii) higher tariffs on trade deficit nations, largely priced in. We believe the focus will shift back to the US earnings season. Market participants will also closely monitor key economic indicators, including (i) CPI, (ii) PPI, (iii) Retail Sales, and (iv) Malaysia's 3Q2024 GDP data. In the commodities market, Brent crude oil traded flat after OPEC+ cut its forecast for global oil demand growth next year. Gold prices retreated further to USD2,598 as the dollar gained momentum. The CPO price remains above RM5,000.

Sector Focus: We believe export-oriented sectors such as Technology and Gloves will benefit from a stronger dollar environment. While CPO prices have retreated on a slower export pace, we maintain a positive outlook on the Plantation sector in the near term, supported by Indonesia's higher biodiesel mandates, which will likely bolster CPO prices. Also, selected Construction, Property, and Building Materials stocks are expected to gain momentum ahead of their earnings releases.

Stocks to watch: 

Healthcare: *HARTA*, *KOSSAN*, *KPJ*
Plantation: *SDG*, TSH
Aviation: AAX, *CAPITALA*
Finance: RCECAP
Industrial Products: SENFONG
Property: SUNWAY
O&G: KEYFIELD

Source: M+

Disclaimer

The content published is solely for information and personal use only. It should not be construed to be, any advice, recommendation, offer or invitation to buy or sell any securities, futures contracts or any other instrument. Readers should seek independent advice from their own professional advisers (including legal, tax, financial and accounting) as to the risks and merits before entering into any transaction pursuant to or in reliance on any information here.

The content published above shall only be for your sole and personal non-professional use. No guarantee is given on the accuracy or completeness of the information published here. No warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of any person or group of persons acting on such information.