M+ Morning Market Buzz - 10 Dec 24

Dow Jones: 44,401.93 pts (-240.59pts, -0.54%)
⬆️ Resistance:  46000
⬇️ Support:  43500

FBM KLCI: 1,611.43 pts (-1.82pts, -0.11%)
⬆️ Resistance:  1660
⬇️ Support:  1570

HSI Index: 20,414.09 pts (+548.24pts, +2.76%)
⬆️ Resistance:  20900
⬇️ Support:  19000

Crude Palm Oil: RM5,120 (-RM9, -0.18%)
⬆️ Resistance:  5290
⬇️ Support:  4850

Brent Oil: $72.14 (+$1.02, +1.43%)
⬆️ Resistance:  75.80
⬇️ Support:  69.50

Gold: $2,660.30 (+$0.34, +0.01%)
⬆️ Resistance:  2730
⬇️ Support:  2570

M+ Market update – 10 Dec 24
Plantation Stocks Remain In Focus

The FBMKLCI extended its loss for the second consecutive day, with all sectors ended on a bearish tone except Plantation. Meanwhile, Wall Street has also ended on a negative note following a series of all-time-highs, with traders awaiting for key inflation data that will help shape the outlook for Federal Reserve rates. Traders will continue to monitor several key events this week, including (i) US CPI data, (ii) US PPI data, (iii) initial jobless claims and (iv) ECB rate decision. In the commodities market, Brent crude oil rose marginally and is still trading around the USD71 level. Gold traded sideways around the USD2,660 level while CPO prices trading above the RM5,100 level.

Sector Focus: Following the news that second wave of floods are expected to hit the country, we believe that there will be more trading volatilities ahead for the Plantation counters, as floods are expected to drive the sentiment for higher CPO prices. Meanwhile, traders can also find opportunities in the data centre midstream industries under the Technology sector, such as IT solutions, cybersecurity, HDD, EMS and OSAT, spurred by the commencement of data center construction earlier this year. Lastly, as we are approaching year-end, window dressing effect might also happen across certain blue-chip counters.

Stocks to watch: 

Technology: ADB, *EDARAN*, *EG*
Consumer: *HUPSENG*, MYNEWS
Construction: GAMUDA
Utility: *RANHILL*
Plantation: *TAANN*
Property: CRESNDO
O&G: DELEUM

Source: M+

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