M+ Morning Market Buzz - 18 Dec 24

Dow Jones: 43,449.90 pts (-267.58pts, -0.61%)
⬆️ Resistance:  45300
⬇️ Support:  42500

FBM KLCI: 1,597.33 pts (-9.52pts, -0.59%)
⬆️ Resistance:  1650
⬇️ Support:  1570

HSI Index: 19,700.48 pts (-95.01pts, -0.48%)
⬆️ Resistance:  21000
⬇️ Support:  19300

Crude Palm Oil: RM4,725 (-RM55, -1.16%)
⬆️ Resistance:  5090
⬇️ Support:  4600

Brent Oil: $73.91 (-$0.57, -0.77%)
⬆️ Resistance:  76.10
⬇️ Support:  70.80

Gold: $2,646.83 (-$4.56, -0.17%)
⬆️ Resistance:  2790
⬇️ Support:  2590

M+ Market update – 18 Dec 24
All Eyes On Fed

The FBMKLCI continued to trend lower for second session after PMETAL weighed on the sentiment. In the US, November retail sales exceeded expectations, indicating that the economy remains on a growth trajectory. This data had no impact on the FOMC meeting outcome and traders are pricing in a 25 bps cut. Furthermore, traders will closely monitor several key data releases, including (i) US GDP, (ii) Unemployment Claims, (iii) Core PCE Price Index, and (iv) the BoJ monetary policy conference. In the commodities market, Brent crude oil traded around USD72-73 as weak demand from China limited the upward momentum. Despite stronger retail sales, gold prices traded flat around the USD2,650 mark, while CPO prices continued to retreat for another session, trading below the RM4,700 level.

Sector Focus: We believe window dressing activities may continue to support overall market conditions. Also, under the strong USD environment, we like stocks within the export segment, while the data-center supply chain related stocks could see increased trading activities amid investments by MNCs earlier this year. Meanwhile, ARMADA has been building strong momentum following its agreement with MISC to explore merger of offshore business, which could lead to earnings expansion.

Stocks to watch: 

Technology: *CLOUDPT*, FRONTKN, *KGB*, *RAMSSOL*, SKPRES
O&G: *ARMADA*
Consumer: *RGB*
Industrial Products: *MEGAFB*
Utility: SMRT
Property: CRESNDO

Source: M+

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