KLSE Traders Update and Ideas

Daily Market Update - 19 Nov 2024

mplus313
Publish date: Tue, 19 Nov 2024, 09:02 AM
mplus313
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This blog provides market updates and trading ideas that I gather from around the web.

M+ Morning Market Buzz - 19 Nov 24

Dow Jones: 43,389.60 pts (-55.39pts, -0.13%)
⬆️ Resistance:  45300
⬇️ Support:  42500

FBM KLCI: 1,604.04 pts (+11.60pts, +0.73%)
⬆️ Resistance:  1650
⬇️ Support:  1560

HSI Index: 19,576.61 pts (+150.27pts, +0.77%)
⬆️ Resistance:  21000
⬇️ Support:  19000

Crude Palm Oil: RM4,899 (-RM9, -0.18%)
⬆️ Resistance:  5300
⬇️ Support:  4730

Brent Oil: $73.30 (+$2.26, +3.18%)
⬆️ Resistance:  75.00
⬇️ Support:  69.30

Gold: $2,611.83 (+$0.85, +0.03%)
⬆️ Resistance:  2680
⬇️ Support:  2490

M+ Market update – 19 Nov 24
Reclaiming The 1,600 Level

The FBMKLCI closed above the 1,600 level following the rebound in PMETAL and we expect stronger sentiment going into the earnings season. In the US, the market started off strong, buoyed by Tesla’s performance, as Trump’s administration plans to make a federal framework for fully self-driving vehicles one of the Transportation Department’s priorities. This week, traders will continue to monitor key events like: (i) a speech by the BoJ Governor, (ii) NVIDIA’s earnings release, (iii) G20 Summit, and (iv) China’s loan prime rate announcements. In the commodities market, Brent crude oil edged closer to the USD73 level amid escalating tensions in the Ukraine-Russia conflict, while gold prices surged above the USD2,600 mark. Meanwhile, CPO prices traded below the RM5,000 psychological level due to a slowdown in exports.

Sector Focus: Following strong earnings by KGB and the Trump administration's proposal for a 60% baseline tariff on Chinese imports, we remain optimistic about the local Technology and Glove sectors. The intensified Ukraine-Russia conflict may also boost sentiment in gold and oil-related counters. Also, we favour the Construction, Property, and Building Materials sectors, supported by growing data center investments. We remain positive towards East Malaysia companies, buoyed by their recent strong IPO performances.

Stocks to watch: 

Construction: *BNASTRA*, KERJAYA, SUNWAY
Building Material: *MNHLDG*, SCGBHD, *UNIQUE*
Plantation: SDG, *TSH*
Property: *VLB*
Healthcare: KPJ
Technology: *VS*

Source: M+

 

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