M+ Morning Market Buzz - 10Sep24

Dow Jones: 40,829.59 pts (+484.18pts, +1.20%)
⬆️ Resistance:  42400
⬇️ Support:  39500

FBM KLCI: 1,651.49 pts (-1.63pts, -0.10%)
⬆️ Resistance:  1720
⬇️ Support:  1610

HSI Index: 17,196.96 pts (-247.34pts, -1.42%)
⬆️ Resistance:  18100
⬇️ Support:  16800

Crude Palm Oil: RM3,895 (-RM8, -0.21%)
⬆️ Resistance:  4070
⬇️ Support:  3780

Brent Oil: $71.84 (+$0.78, +1.10%)
⬆️ Resistance:  79.20
⬇️ Support:  69.20

Gold: $2,506.38 (+$0.54, +0.02%)
⬆️ Resistance:  2580
⬇️ Support:  2430

M+ Market update – 10Sep24
All Eyes On Inflation Data

The FBM KLCI ended slightly lower as selling pressure continued on YTL-related stocks. The small-cap index also declined for another session, though it remains near its trendline. In the US, stocks rebounded as investors speculated that the Federal Reserve’s expected rate cut this month could stimulate the slowing economy, leading to bargain hunting in technology stocks. This week, markets will be focused on two key inflation data releases, with the CPI on Wednesday and the PPI on Thursday. In commodity markets, Brent oil saw a mild rebound as traders bought the dip amid hurricane warnings that could threaten the US Gulf Coast. Meanwhile, gold prices stabilized around USD2,500, with traders awaiting the Fed’s rate cut, and crude palm oil prices hovered just below RM3,900.

Sector Focus: With the rebound in US technology stocks, we believe traders may look to bargain hunt for oversold technology stocks on the local front. Additionally, Apple's 'Glowtime' conference, where new versions of the iPhone, AirPods, and Apple Watch has been unveiled, could generate buying interest in Apple-related tech stocks on our local exchange. Given the strong ringgit, we continue to favour the Consumer sector. Furthermore, uptrends have been observed in the Construction, Utilities, Oil & Gas, and Renewable Energy sectors.

Stocks to watch: 
Construction: *BNASTRA*, *PESONA*, SENDAI
Technology: *HTPADU*, *IFCAMSC*, LGMS
Utility: *MALAKOF*, PBA
O&G: DELEUM
Renewable Energy: PEKAT

Source: M+

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