M+ Morning Market Buzz - 26 Dec 24

Dow Jones: 43,297.03 pts (+390.08pts, +0.91%)
⬆️ Resistance:  44200
⬇️ Support:  41400

FBM KLCI: 1,602.99 pts (+6.79pts, +0.43%)
⬆️ Resistance:  1640
⬇️ Support:  1560

HSI Index: 20,098.29 pts (+215.16pts, +1.08%)
⬆️ Resistance:  20600
⬇️ Support:  19200

Crude Palm Oil: RM4,558 (+RM16, +0.35%)
⬆️ Resistance:  4670
⬇️ Support:  4270

Brent Oil: $73.58 (+$0.95, +1.31%)
⬆️ Resistance:  75.40
⬇️ Support:  70.60

Gold: $2,616.87 (+$4.31, +0.17%)
⬆️ Resistance:  2690
⬇️ Support:  2540

M+ Market update – 26 Dec 24
Export Stocks To Pick Up Amid Elevated USD

The local bourse traded higher, surpassing the 1,600 level, as buying interest was observed across blue-chip stocks during the window-dressing period. In the US, Wall Street continued its upward trend on Christmas Eve, led by tech stocks, including a 7.4% surge in TESLA and gains of more than 1% in both AMAZON and META. Meanwhile, traders will keep an eye on key economic data, such as initial jobless claims later today and crude oil inventories on Friday. In the commodities market, Brent crude oil ended higher, closing above the USD73 level. Gold prices steadied around USD2,610-2,620, while CPO prices finally rebounded above the RM4,500 mark.

Sector Focus: With the slight rebound in crude oil prices, traders may focus on O&G-related counters ahead of the US crude oil inventories data release this Friday. Additionally, as the government has removed the 85% demand cap under the self-consumption (SelCo) program and allowed solar installations on land and water starting January 2025, traders can look for opportunities in solar-related companies. We remain optimistic about the data center value chain industries within the Construction, Building Materials, Technology, and Utilities sectors. Furthermore, the market is likely to favour Technology stocks amid the weakening ringgit bias.

Stocks to watch: 

Technology: *CORAZA*, FRONTKN, *JCY*, *NOTION*
Building Material: MINOX, MTEC, SCGBHD
Construction: *PRTASCO*, WCT
Logistics: *WPRTS*
Utility: *RANHILL*
Finance: TAKAFUL

Source: M+

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