M+ Morning Market Buzz - 9 Jan 25

Dow Jones: 42,635.20 pts (+106.84pts, +0.25%)
⬆️ Resistance:  44000
⬇️ Support:  41400

FBM KLCI: 1,614.83 pts (-14.96pts, -0.92%)
⬆️ Resistance:  1680
⬇️ Support:  1590

HSI Index: 19,279.84 pts (-167.74pts, -0.86%)
⬆️ Resistance:  20400
⬇️ Support:  18800

Crude Palm Oil: RM4,354 (-RM25, -0.57%)
⬆️ Resistance:  4620
⬇️ Support:  4200

Brent Oil: $76.16 (-$0.89, -1.16%)
⬆️ Resistance:  79.50
⬇️ Support:  73.30

Gold: $2,661.94 (+$0.34, +0.01%)
⬆️ Resistance:  2730
⬇️ Support:  2570

M+ Market update – 9 Jan 25
JSSEZ Theme Could Support The Market

The local front closed on a negative tone, as subdued overnight performance in the US spilled into the regional markets. Meanwhile, Wall Street ended mixed, with FOMC meeting minutes reflecting that nearly all committee participants found that upside risks to the inflation outlook had increased, alongside with expectations of fewer rate cuts this year than previously anticipated. Traders will also closely monitor the US monthly initial jobless claims data and China’s CPI and PPI later today. In the commodities market, Brent crude oil declined traded around USD76-77, while the gold price ranging along USD2660 with a positive bias. Meanwhile, the CPO prices continued to trade below the RM4,400 mark. 

Sector Focus: Despite broad-based selling pressure, we expect the JSSEZ theme to continue providing support to overall investment sentiment in the near term, driven by ongoing FDI inflows and data center investments. Besides, we remain optimistic about Penang-related counters, underpinned by the commencement of six water projects worth over RM1.8bn and the start of the Penang LRT project. We maintain a bullish outlook on the Construction, Property, Building Material and Utilities sectors. Trading opportunities might persist in ITMAX, as it has secured an RM11.8m CCTV contract from the Penang City Council.

Stocks to watch: 

Manufacturing: *MINOX*, UNIQUE
Consumer: *PANDA*, *RGB*
Technology: *ADB*
Utility: *RANHILL*
Property: *VLB*
Construction: INTA

Source: M+

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