M+ Morning Market Buzz - 17 Dec 24

Dow Jones: 43,717.48 pts (-110.58pts, -0.25%)
⬆️ Resistance:  45400
⬇️ Support:  42900

FBM KLCI: 1,606.85 pts (-1.90pts, -0.12%)
⬆️ Resistance:  1650
⬇️ Support:  1570

HSI Index: 19,795.49 pts (-175.75pts, -0.88%)
⬆️ Resistance:  21500
⬇️ Support:  19400

Crude Palm Oil: RM4,758 (-RM21, -0.44%)
⬆️ Resistance:  5270
⬇️ Support:  4660

Brent Oil: $74.49 (-$0.58, -0.78%)
⬆️ Resistance:  76.10
⬇️ Support:  70.10

Gold: $2,652.72 (+$0.24, +0.01%)
⬆️ Resistance:  2790
⬇️ Support:  2600

M+ Market update – 17 Dec 24
Focus On Technology And Cocoa

The FBMKLCI began the week on a softer note, as losses in Banking heavyweights weighed on sentiment in the local bourse. However, Wall Street traded mixed as investors looked ahead to the anticipated Fed interest rate cut later this week, along with several key data releases, including (i) Retail & Core Retail Sales, (ii) US GDP, (iii) Unemployment Claims, (iv) Core PCE Price Index, and (v) the BoJ monetary policy conference, setting the tone for monetary policy next year. In the commodities market, Brent crude oil traded flat at around USD73-74, as China’s stimulus packages fell short of investors' expectations, and investors took a pause ahead of the FOMC meeting. Gold prices also traded flat around USD2,650 mark, while CPO prices continued to pullback for another session, traded below the support of RM 4,800.

Sector Focus: As attention shifts to the upcoming FOMC meeting, trading activities in the US may slowdown. However, we believe buying interest may emerge on the local front amid the ongoing window dressing activities throughout December. We believe stocks that linked to data center supply chain and Technology will perform well under the stronger USD environment. Meanwhile, cocoa price at a fresh record could benefit GCB.

Stocks to watch: 

Technology: *EG*, *FRONTKN*, *JCY*
Property: *CRESNDO*, E&O, MATRIX
Building Material: ENGTEX, *MINOX*
Transportation: *WPRTS*
Construction: ECONBHD
Finance: AMBANK

Source: M+

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