M+ Morning Market Buzz - 10 Jan 25

Dow Jones: 42,635.20 pts (+106.84pts, +0.25%)
⬆️ Resistance:  44000
⬇️ Support:  41500

FBM KLCI: 1,600.81 pts (-14.02pts, -0.87%)
⬆️ Resistance:  1670
⬇️ Support:  1570

HSI Index: 19,240.89 pts (-38.95pts, -0.20%)
⬆️ Resistance:  20300
⬇️ Support:  18800

Crude Palm Oil: RM4,296 (-RM5, -0.12%)
⬆️ Resistance:  4540
⬇️ Support:  4150

Brent Oil: $76.92 (+$0.76, +1.00%)
⬆️ Resistance:  79.50
⬇️ Support:  74.10

Gold: $2,667.25 (+$3.59, +0.13%)
⬆️ Resistance:  2740
⬇️ Support:  2570

M+ Market update – 10 Jan 25
State-Specific Thematic Focus

The local front continued to close on a negative tone, with YTL-related counters dragging the key index lower. Meanwhile, equity markets in the US were closed in observance of the passing of former US President Jimmy Carter. As the time of writing, Wall Street futures are down, and traders are shifting their attention to the December nonfarm payrolls due later today. In the commodities market, Brent crude oil traded above USD77 level amid declining US inventories. Gold prices are hovering along the USD2670 level, while CPO prices have fallen below RM4,300. 

Sector Focus: As Wall Street futures slides, this could spillover to stocks on the local front. However, we believe the market will focus on state-specific thematic plays; (i) Sarawak - PM Anwar’s proposal to position Sarawak as Malaysia’s energy hub is expected to drive further developments in the state, benefiting East Malaysia-related counters, (ii) Penang - the commencement of six water projects in Penang, worth over RM1.8bn, alongside the start of the Penang LRT project, is expected to boost the Penang-related counters and (iii) Johor - the formalisation of the JSSEZ, coupled with ongoing FDI inflows and data center investments in Johor, is anticipated to benefit the Johor-related counters.

Stocks to watch: 

Consumer: *DXN*, *FFB*
O&G: *YINSON*
Property: *ECOWLD*
Utility: MALAKOF

Source: M+

Disclaimer

The content published is solely for information and personal use only. It should not be construed to be, any advice, recommendation, offer or invitation to buy or sell any securities, futures contracts or any other instrument. Readers should seek independent advice from their own professional advisers (including legal, tax, financial and accounting) as to the risks and merits before entering into any transaction pursuant to or in reliance on any information here.

The content published above shall only be for your sole and personal non-professional use. No guarantee is given on the accuracy or completeness of the information published here. No warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of any person or group of persons acting on such information.