M+ Morning Market Buzz - 30 Dec 24

Dow Jones: 42,992.21 pts (-333.59pts, -0.77%)
⬆️ Resistance:  44300
⬇️ Support:  41700

FBM KLCI: 1,628.14 pts (+14.44pts, +0.89%)
⬆️ Resistance:  1670
⬇️ Support:  1570

HSI Index: 20,090.46 pts (-7.83pts, -0.04%)
⬆️ Resistance:  20600
⬇️ Support:  19400

Crude Palm Oil: RM4,624 (+RM81, +1.78%)
⬆️ Resistance:  4730
⬇️ Support:  4340

Brent Oil: $74.17 (+$0.91, +1.24%)
⬆️ Resistance:  75.80
⬇️ Support:  70.60

Gold: $2,621.40 (-$12.18, -0.46%)
⬆️ Resistance:  2700
⬇️ Support:  2560

M+ Market update – 30 Dec 24
Positive Closing Amid Window Dressing Activities

The local front gained momentum, buoyed by buying support in Utilities heavyweights like Tenaga Nasional after the tariff hike proposition for 2H25 onwards and year-end window dressing activities. Meanwhile, in the U.S., Technology heavyweights weighed down sentiment on Wall Street in the final stretch of the year. This week, traders will keep track of the key economic data like the US Unemployment Claims and the ISM Manufacturing PMI. In the commodities market, Brent crude oil traded within a tight range of USD73 per barrel, while gold fluctuated between USD2,610- $2,640, both remained negative biased. However, CPO prices rebounded strongly, closing above the 4,600 mark.

Sector Focus: While the local front is set to open lower, tracking the weaker tone of the overnight US market, we see trading opportunities arising in solar-related counters after TNB was shortlisted to develop a 500MW solar plant in Kedah under the LSS5 programme. Meanwhile, we maintain a positive outlook on export-oriented sectors like Technology and Gloves, which are likely to benefit from an elevated USD environment. For a more conservative play, we believe Healthcare and Consumer Products and Services will provide stability amid year-end fluctuations, as the window dressing activities may persist.

Stocks to watch: 
Technology: *EG*,JCY, *MYEG*, *SMRT*
Construction: GDB, *INTA*, *SUNCON*
O&G: *KEYFIRLED*
Building Material: MNHLDG

Source: M+

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