M+ Morning Market Buzz - 5 Dec 24

Dow Jones: 45,014.04 pts (+308.51pts, +0.69%)
⬆️ Resistance:  46000
⬇️ Support:  43700

FBM KLCI: 1,614.09 pts (+7.13pts, +0.44%)
⬆️ Resistance:  1650
⬇️ Support:  1560

HSI Index: 19,742.46 pts (-3.86pts, -0.02%)
⬆️ Resistance:  20300
⬇️ Support:  19000

Crude Palm Oil: RM5,032 (+RM42, +0.83%)
⬆️ Resistance:  5270
⬇️ Support:  4660

Brent Oil: $73.62 (-$1.15, -1.56%)
⬆️ Resistance:  75.80
⬇️ Support:  70.10

Gold: $2,649.90 (-$0.02, -0.00%)
⬆️ Resistance:  2720
⬇️ Support:  2570

M+ Market update – 5 Dec 24
Gamuda and 99Speedmart Added Into KLCI

In anticipation of the FBMKLCI members’ review, the key index extended its gains, closing at 1,614. GAMUDA and 99SMART are on the preliminary addition list for the KLCI, while GENTING and GENM are slated for removal. Meanwhile, Wall Street ended on a positive note, with the Dow rebounding, and the S&P 500 and Nasdaq reaching record highs. Gains in technology stocks drove the rally, as traders priced in another potential rate cut following softer ADP Non-Farm Employment Change and ISM Services PMI data. Key economic indicators to watch this week include (i) unemployment claims and (ii) non-farm payrolls. In the commodities market, Brent crude oil slipped ahead of the OPEC+ meeting, while gold prices edged marginally higher following weaker US economic data and geopolitical tensions in South Korea. CPO prices also gained momentum, closing above the 5,000 level.

Sector Focus: Current themes revolve around earlier data center investments and AI-driven trades. Bullish momentum in YTL-related counters suggests further buying interest in the Utilities, Construction, and Building Materials sectors. Meanwhile, we expect the Technology sector to be supported by an elevated USD and strong results from select technology companies. Also, we like selected Shipping stock like SYGROUP that has strong net cash position. 

Stocks to watch: 

Building Material: *MNHLDG*, SKBSHUT, *UUE*
Technology: ADB, *FRONTKN*
Construction: GDB, *LFECORP*
Industrial products: *MINOX*
Shipping: SYGROUP
Plantation: MKHOP

Source: M+

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