M+ Morning Market Buzz - 20 Nov 24

Dow Jones: 43,268.94 pts (-120.66pts, -0.28%)
⬆️ Resistance:  45100
⬇️ Support:  42100

FBM KLCI: 1,602.34 pts (-1.70pts, -0.11%)
⬆️ Resistance:  1650
⬇️ Support:  1560

HSI Index: 19,663.67 pts (+87.06pts, +0.44%)
⬆️ Resistance:  20300
⬇️ Support:  19000

Crude Palm Oil: RM4,924 (+RM13, +0.26%)
⬆️ Resistance:  5200
⬇️ Support:  4710

Brent Oil: $73.31 (+$0.01, +0.01%)
⬆️ Resistance:  75.40
⬇️ Support:  69.30

Gold: $2,632.08 (+$1.90, +0.07%)
⬆️ Resistance:  2700
⬇️ Support:  2490

M+ Market update – 20 Nov 24
Attention Turns to Corporate Earnings

The FBMKLCI posted a small decline due to a last-minute selldown amid profit-taking activities in banking heavyweights. In the US, geopolitical headlines related to Ukraine initially exerted selling pressure on equities, but stocks quickly rebounded and ended the day higher as investors anticipate NVIDIA’s earnings announcement tomorrow. Besides, traders will monitor several key events, including: (i) China’s loan prime rate decisions, (ii) UK’s October CPI, (iii) US crude oil inventory levels, and (iv) initial jobless claims in the US. In the commodities market, Brent crude oil traded around USD73 following news from the International Atomic Energy Agency that Iran agreed to halt the production of near bomb-grade uranium, albeit geopolitical tensions remain elevated. Gold prices surged past the USD2,600 mark, while CPO prices rebounded near the RM5,000 psychological level.

Sector Focus: With the USD remaining elevated, coupled with potential tariffs from the Trump administration, we remain optimistic about local export-oriented segments, particularly Technology and Glove. Meanwhile, we favour the Construction, Property, and Building Materials sectors, supported by increased data center investments that could drive earnings momentum this season. In the tourism sector, we see rising momentum in both AAX and CAPITALA.

Stocks to watch: 

Construction: *INTA*, KERJAYA, SENDAI
Aviation: *AAX*, CAPITALA
Property: E&O, *VLB*
Technology: ITMAX, VSTECS
Consumer: *HUPSENG*
Building Material: *UNIQUE*
Utilities: RANHILL
Finance: BIMB

Source: M+

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