M+ Morning Market Buzz - 21 Nov 24

Dow Jones: 43,408.47 pts (+139.53pts, +0.32%)
⬆️ Resistance:  45000
⬇️ Support:  42100

FBM KLCI: 1,598.18 pts (-4.16pts, -0.26%)
⬆️ Resistance:  1650
⬇️ Support:  1560

HSI Index: 19,705.01 pts (+41.34pts, +0.21%)
⬆️ Resistance:  20300
⬇️ Support:  19000

Crude Palm Oil: RM4,815 (-RM60, -1.25%)
⬆️ Resistance:  5200
⬇️ Support:  4710

Brent Oil: $72.81 (-$0.50, -0.68%)
⬆️ Resistance:  75.50
⬇️ Support:  69.30

Gold: $2,650.60 (-$0.95, -0.04%)
⬆️ Resistance:  2710
⬇️ Support:  2490

M+ Market update – 21 Nov 24
Focusing On Earnings And Window Dressing

The FBMKLCI failed to hold above the 1,600 mark for the second consecutive day, closing lower at 1,598.18, weighed down by banking heavyweights. In the US, Wall Street ended on a muted note, and US futures remained flat following NVIDIA’s earnings announcement as the revenue forecast fell short of expectations, suggesting that its rapid growth may be nearing its limits. Meanwhile, traders will continue to monitor several key events like the (i) US existing home sales, (ii) initial jobless claims, and (iii) Eurozone consumer confidence index. In the commodities market, Brent crude oil traded along USD73. Gold prices surged past the USD2,600 mark, while CPO prices retreated further below the RM4,800 psychological level.

Sector Focus: As the year-end holiday season approaches, we remain bullish on the tourism and aviation industries, supported by the momentum in AAX and CAPITALA. The escalation of the Ukraine-Russia conflict may create opportunities in gold-related stocks, while a stronger USD, coupled with potential tariffs from the Trump administration, continues to favour export-oriented sectors such as Technology and Gloves. Additionally, we are optimistic about the Construction, Property, and Building Materials sectors, which may experience earnings momentum growth driven by data center investments earlier this year.

Stocks to watch: 

Technology: *CLOUDPT*, HTPADU, *INFOTEC*, KGB, *NOTION*
Construction: *GAMUDA*, INTA
O&G: *ARMADA*
Finance: RCECAP
Building Material: SCGBHD
Aviation: CAPITALA

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.