M+ Morning Market Buzz - 25 Nov 24

Dow Jones: 44,296.51 pts (+426.16pts, +0.97%)
⬆️ Resistance:  45300
⬇️ Support:  42100

FBM KLCI: 1,589.78 pts (+1.10pts, +0.07%)
⬆️ Resistance:  1650
⬇️ Support:  1560

HSI Index: 19,229.97 pts (-371.14pts, -1.89%)
⬆️ Resistance:  20200
⬇️ Support:  18800

Crude Palm Oil: RM4,642 (-RM130, -2.72%)
⬆️ Resistance:  5110
⬇️ Support:  4540

Brent Oil: $75.17 (-$0.07, -0.09%)
⬆️ Resistance:  77.00
⬇️ Support:  69.30

Gold: $2,716.19 (-$3.13, -0.12%)
⬆️ Resistance:  2780
⬇️ Support:  2520

M+ Market update – 25 Nov 24
Traders Will Focus On KLCI Semi-Annual Review

While the FBMKLCI was unable to sustain levels above 1,600, it managed to snap a 3-day losing streak. Meanwhile, Wall Street closed higher as investors continued to bet on “buy crypto and dollar” following Trump’s election victory. Over the weekend, Trump nominated Scott Bessent to lead the Treasury, tasking him with implementing the administration’s pledges to cut taxes and raise tariffs. This week, traders will shift their focus to key economic events, including: (i) the FOMC Meeting Minutes, (ii) US Core PCE data, (iii) US Q3 GDP, and (iv) China’s Manufacturing PMI. In the commodities market, Brent crude oil climbed toward USD75, while gold prices surged above USD2,700 amid rising geopolitical tensions. Conversely, CPO prices retreated below RM4,700.

Sector Focus: With rising gold and oil prices, we anticipate positive trading activity in the Gold and O&G sectors. Also, the stronger USD and the Trump administration’s proposed tariffs are expected to create opportunities in export-oriented sectors such as Technology and Gloves. The Construction, Property, and Building Materials sectors also remain supported by data center investments. Lastly, following SEALINK’s strong quarterly results, we are optimistic about Shipping and Aviation companies, alongside the Consumer sector, as we approach the festive season.

Stocks to watch: 

Technology: EG, *FRONTKN*, KGB, *PANDA*
Construction: GAMUDA, PESONA, *PLYTEC*, *SENDAI*
Building Material: *UNIQUE*
Property: ECOWLD
Renewable Energy: SDCG
Finance: RCECAP

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