M+ Morning Market Buzz - 28 Nov 24

Dow Jones: 44,722.06 pts (-138.25pts, -0.31%)
⬆️ Resistance:  46000
⬇️ Support:  42500

FBM KLCI: 1,604.25 pts (+1.10pts, +0.07%)
⬆️ Resistance:  1650
⬇️ Support:  1560

HSI Index: 19,603.13 pts (+443.93pts, +2.32%)
⬆️ Resistance:  20200
⬇️ Support:  18700

Crude Palm Oil: RM4,798 (+RM9, +0.19%)
⬆️ Resistance:  4930
⬇️ Support:  4540

Brent Oil: $72.83 (+$0.02, +0.03%)
⬆️ Resistance:  77.00
⬇️ Support:  70.70

Gold: $2,636.02 (+$1.50, +0.06%)
⬆️ Resistance:  2780
⬇️ Support:  2560

M+ Market update – 28 Nov 24
Technology Stocks In Focus After Earnings

The FBMKLCI ended positively following the strong rebound in YTL-related counters. However, Wall Street closed lower ahead of the Thanksgiving holiday, with core PCE data climbing 2.8% YoY from October last year, which may affect the Fed's rate cut decision in the upcoming FOMC meeting as inflation remains sticky with a healthy labour market. This week, traders will monitor key economic events, including (i) Eurozone CPI, (ii) Chicago PMI, and (iii) China’s Manufacturing PMI. In the commodities market, Brent crude oil steadied around the USD72 level as OPEC+ considered restarting production cuts of 2.2m bpd. Meanwhile, gold prices remained below the USD2,700 level, while CPO prices rebounded above the RM4,700 level. Bitcoin stayed elevated, breaking above the USD95k level and approaching the USD100k psychological mark.

Sector Focus: Following the bullish momentum in YTL-related counters, we foresee trading opportunities continuing in the Utilities sector. Similarly, the spike in GENETEC, coupled with several Technology companies results, may lift the sentiment for semiconductor-related counters. Lastly, we remain positive on the Aviation, Hospitality, and Consumer sectors, given the recent stronger earnings from AIRPORT and the upcoming holiday and festive seasons.
Stocks to watch: 

Technology: EDARAN, *INFOTEC*, *ITMAX*, *NOTION*
Building Material: MNHLDG, *UUE *
Building Material: *IBRACO*
Utilities: KJTS, SDCG 
Automotive: BETAMEK
Plantation: MKHOP

Source: M+

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