M+ Morning Market Buzz - 27 Dec 24

Dow Jones: 43,325.80 pts (+28.77pts, +0.07%)
⬆️ Resistance:  44300
⬇️ Support:  41400

FBM KLCI: 1,613.70 pts (+10.71pts, +0.67%)
⬆️ Resistance:  1650
⬇️ Support:  1560

HSI Index: 20,098.29 pts (+215.16pts, +1.08%)
⬆️ Resistance:  20600
⬇️ Support:  19300

Crude Palm Oil: RM4,543 (-RM1, -0.02%)
⬆️ Resistance:  4670
⬇️ Support:  4270

Brent Oil: $73.26 (-$0.32, -0.43%)
⬆️ Resistance:  75.70
⬇️ Support:  70.60

Gold: $2,633.58 (-$0.33, -0.01%)
⬆️ Resistance:  2700
⬇️ Support:  2540

M+ Market update – 27 Dec 24
Window Dressing Activities To Persist

The local bourse continued to trade higher, as buying interest was seen across the blue-chip stocks, lifting the KLCI index. In the US, Wall Street closed mixed in thin trade following the Christmas holiday. The weekly US jobless claims data released yesterday came out at 219k, lower than most of the economists’ expectation of 224k, signalling stronger employment market. Meanwhile, traders will also continue to keep track on the crude oil inventories later today. In the commodities market, Brent crude oil ended slightly lower at USD73.26 per barrel. Gold prices traded flat around USD2,630, while CPO prices continued to stay above the RM4,500 mark.

Sector Focus: With the proposed electricity tariff hike by TNB starting July next year, traders may find trading opportunities in the Utilities sector. On top of that, as TNB was being shortlisted to develop a 500MW solar plant in Kedah under the LSS5 programme, along with the government's recent removal of the 85% demand cap under the self-consumption (SelCo) programme, it presents further upside opportunities in the solar-related counters. Finally, improved employment data in the US, which might lead to Fed to remain its hawkish tone, is likely to benefit the local Technology stocks.

Stocks to watch: 

Technology: *EG*, *JCY*, *NATGATE*, NOTION
Building Material/ Utility: JTGROUP, MNHLDG, *SCGBHD*, SMRT, *UUE*
Construction: MITRA
Finance: OSK

Source: M+

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