M+ Morning Market Buzz - 26 Nov 24

Dow Jones: 44,736.57 pts (+440.06pts, +0.99%)
⬆️ Resistance:  45800
⬇️ Support:  42100

FBM KLCI: 1,597.45 pts (+7.67pts, +0.48%)
⬆️ Resistance:  1650
⬇️ Support:  1560

HSI Index: 19,150.99 pts (-78.98pts, -0.41%)
⬆️ Resistance:  20200
⬇️ Support:  18800

Crude Palm Oil: RM4,699 (-RM38, -0.81%)
⬆️ Resistance:  5110
⬇️ Support:  4540

Brent Oil: $73.01 (-$2.16, -2.87%)
⬆️ Resistance:  77.00
⬇️ Support:  71.20

Gold: $2,625.01 (+$2.45, +0.09%)
⬆️ Resistance:  2780
⬇️ Support:  2560

M+ Market update – 26 Nov 24
KLCI Review Done, Back to Earnings Action

The FBMKLCI closed higher, supported by the KLCI semi-annual review cut-off period and the onset of certain rebalancing activities. Meanwhile, Wall Street ended higher as investors speculated that Donald Trump’s choice of Scott Bessent to lead the Treasury would bring a Wall Street mindset to the role, favouring the stock market and improving overall business conditions. This week, traders will be focusing on several 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 retreated below USD73, while gold prices declined below the USD2,700 mark as Israel moved closer to a cease-fire. On the CPO prices, is still trading on a retracement phase, closing below the RM4,700 level.

Sector Focus: With the USD maintaining its strength against the ringgit, we believe the ongoing US-China trade tensions could offer potential upside opportunities in the Technology and Glove sectors. Also, the Construction, Property, and Building Materials sectors are expected to remain supported by earlier data center investments, potentially translating into earnings growth during this reporting season. Lastly, with Banking stocks rallying yesterday, we anticipate some upside momentum for traders to capitalise on.

Stocks to watch: 

Property: ECOWLD, *VLB*
Technology: FRONTKN, *RAMSSOL*
Utilities: RANHILL, *SDCG*
Finance: *AMBANK*
O&G: *ARMADA*
Building Material: SCGBHD
Construction: INTA
Healthcare: KPJ

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.