M+ Morning Market Buzz - 19 Nov 24

Dow Jones: 43,389.60 pts (-55.39pts, -0.13%)
⬆️ Resistance:  45300
⬇️ Support:  42500

FBM KLCI: 1,604.04 pts (+11.60pts, +0.73%)
⬆️ Resistance:  1650
⬇️ Support:  1560

HSI Index: 19,576.61 pts (+150.27pts, +0.77%)
⬆️ Resistance:  21000
⬇️ Support:  19000

Crude Palm Oil: RM4,899 (-RM9, -0.18%)
⬆️ Resistance:  5300
⬇️ Support:  4730

Brent Oil: $73.30 (+$2.26, +3.18%)
⬆️ Resistance:  75.00
⬇️ Support:  69.30

Gold: $2,611.83 (+$0.85, +0.03%)
⬆️ Resistance:  2680
⬇️ Support:  2490

M+ Market update – 19 Nov 24
Reclaiming The 1,600 Level

The FBMKLCI closed above the 1,600 level following the rebound in PMETAL and we expect stronger sentiment going into the earnings season. In the US, the market started off strong, buoyed by Tesla’s performance, as Trump’s administration plans to make a federal framework for fully self-driving vehicles one of the Transportation Department’s priorities. This week, traders will continue to monitor key events like: (i) a speech by the BoJ Governor, (ii) NVIDIA’s earnings release, (iii) G20 Summit, and (iv) China’s loan prime rate announcements. In the commodities market, Brent crude oil edged closer to the USD73 level amid escalating tensions in the Ukraine-Russia conflict, while gold prices surged above the USD2,600 mark. Meanwhile, CPO prices traded below the RM5,000 psychological level due to a slowdown in exports.

Sector Focus: Following strong earnings by KGB and the Trump administration's proposal for a 60% baseline tariff on Chinese imports, we remain optimistic about the local Technology and Glove sectors. The intensified Ukraine-Russia conflict may also boost sentiment in gold and oil-related counters. Also, we favour the Construction, Property, and Building Materials sectors, supported by growing data center investments. We remain positive towards East Malaysia companies, buoyed by their recent strong IPO performances.

Stocks to watch: 

Construction: *BNASTRA*, KERJAYA, SUNWAY
Building Material: *MNHLDG*, SCGBHD, *UNIQUE*
Plantation: SDG, *TSH*
Property: *VLB*
Healthcare: KPJ
Technology: *VS*

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.