M+ Morning Market Buzz - 7 Jan 25

Dow Jones: 42,706.56 pts (-25.57pts, -0.06%)
⬆️ Resistance:  44000
⬇️ Support:  41400

FBM KLCI: 1,625.47 pts (-3.99pts, -0.24%)
⬆️ Resistance:  1680
⬇️ Support:  1600

HSI Index: 19,688.29 pts (-71.98pts, -0.36%)
⬆️ Resistance:  20600
⬇️ Support:  19200

Crude Palm Oil: RM4,338 (+RM1, +0.02%)
⬆️ Resistance:  4670
⬇️ Support:  4200

Brent Oil: $76.30 (-$0.21, -0.27%)
⬆️ Resistance:  79.10
⬇️ Support:  72.40

Gold: $2,636.47 (-$0.43, -0.02%)
⬆️ Resistance:  2720
⬇️ Support:  2560

M+ Market update – 7 Jan 25
Spotlight On Johor-Related Stocks

The local front continued to retreat for the third consecutive day, with selling pressure observed across Petronas-related counters including PCHEM and PETDAG. In the US, S&P500 and NASDAQ extended their gains for the second day, with Nvidia hitting a record high ahead of CEO Jensen Huang’s speech. Meanwhile Foxconn’s strong quarterly revenue continued to fuel demand for tech stocks. Traders will also keep track on the US jobs report this Friday. In the commodities market, Brent crude oil is hovering around USD76, while the gold price traded sideways above USD2,600, and Bitcoin once again surpassing the USD100k mark. Meanwhile, the CPO prices are still trading below the RM4,400 mark. 

Sector Focus: As the Malaysia-Singapore Leaders' Retreat enters its second day, the Prime Ministers of both countries are set to sign a joint agreement on the Johor-Singapore Special Economic Zone. Hence, traders can continue to look for opportunities within the Johor-related counters. Besides, as Penang’s LRT project set to commence this month, we believe the Construction sector stands to benefit. Lastly, the reports of new virus infections in China may lead to heightened sentiment and trading volatility in glove counters.

Stocks to watch: 

Construction: BNASTRA, *IJM*, *SUNCON*
Technology: *NOTION*, *RAMSSOL*
Building Material: *SENDAI *
O&G: *ARMADA*
Healthcare: KOSSAN
Financial: OSK
Consumer: GCB

Source: M+

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