M+ Morning Market Buzz - 11 Dec 24

Dow Jones: 44,247.83 pts (-154.10pts, -0.35%)
⬆️ Resistance:  46000
⬇️ Support:  43400

FBM KLCI: 1,608.97 pts (-2.46pts, -0.15%)
⬆️ Resistance:  1660
⬇️ Support:  1580

HSI Index: 20,311.28 pts (-102.81pts, -0.50%)
⬆️ Resistance:  21500
⬇️ Support:  19100

Crude Palm Oil: RM4,951 (-RM15, -0.30%)
⬆️ Resistance:  5290
⬇️ Support:  4830

Brent Oil: $72.19 (+$0.05, +0.07%)
⬆️ Resistance:  75.80
⬇️ Support:  69.50

Gold: $2,694.25 (+$0.75, +0.03%)
⬆️ Resistance:  2750
⬇️ Support:  2570

M+ Market update – 11 Dec 24
Healthcare Stocks Leading The Broad Market

The FBMKLCI continued to trend lower for the third consecutive day, with 9 out of 13 sectors ended negatively. Similarly, Wall Street retreated further as investors traded cautiously ahead of the upcoming US CPI and PPI data which may influence the Fed’s rate outlook in the FOMC meeting scheduled for December 17-18. Traders will also monitor other key events this week, including (i) initial jobless claims and (ii) ECB rate decision. In the commodities market, Brent crude oil rose marginally above the USD72 level, while gold is approaching the USD2,700 level. Nevertheless, Bitcoin broke below the USD100k level, while CPO prices had experienced a sharp pullback, violating below the RM5,000 mark.

Sector Focus: We reiterate our optimism towards the Construction and Building Materials sectors following the realisation of earnings from the establishment of data centre facilities which started earlier this year. Meanwhile, buying interest might also emerge in the data centre midstream industries under the Technology sector, such as IT solutions, cybersecurity, HDD, EMS and OSAT, spurred by the completion of data center facilities as well as the Google Cloud news yesterday. Lastly, traders can also look for trading opportunities in glove counters, as strong momentum in share price persists.

Stocks to watch: 

Technology: EG, *FRONTKN*, *KGB*, SKPRES
Construction: *BNASTRA*, GAMUDA
Healthcare: HARTA, *KOSSAN*
Utility: *PEKAT*, RANHILL 
Industrial Products: *MINOX*
Consumer: RGB

Source: M+

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