M+ Morning Market Buzz - 17 Jan 25 
 
Dow Jones: 43,153.13 pts (-68.42pts, -0.16%) 
⬆️ Resistance:  44200 
⬇️ Support:  41100 
 
FBM KLCI: 1,555.54 pts (-6.58pts, -0.42%) 
⬆️ Resistance:  1640 
⬇️ Support:  1530 
 
HSI Index: 19,522.89 pts (+236.82pts, +1.23%) 
⬆️ Resistance:  20100 
⬇️ Support:  18300 
 
Crude Palm Oil: RM4,186 (-RM78, -1.86%) 
⬆️ Resistance:  4640 
⬇️ Support:  4090 
 
Brent Oil: $82.03 (-$0.68, -0.83%) 
⬆️ Resistance:  84.30 
⬇️ Support:  75.50 
 
Gold: $2,714.31 (-$0.24, -0.01%) 
⬆️ Resistance:  2780 
⬇️ Support:  2610 

M+ Market Update – 17 Jan 25
Stocks Approaching Oversold Levels
 
The local bourse closed lower, dragged down by a continuous sell-off in Construction and Utilities heavyweights. In the US, higher-than-expected unemployment claims, coupled with softer-than-anticipated retail and core retail sales, spooked the market and contributed to the selling pressure on Wall Street. Traders will be monitoring the key Chinese economic data including GDP, industrial production, and retail sales, that will be released later today. In the commodities market, Brent crude is hovering above USD81 per barrel, while gold prices traded positively above USD2700. CPO prices continue to decline near the RM4100 level despite the new Indonesia export policies.

Sector Focus: Despite the negative US overnight performance, we believe the bargain hunting activities could emerge as stocks have been beaten down to oversold levels. Besides, we see trading opportunities in the Energy sector, which could benefit from the spike in Brent crude oil. Technology stocks may also attract interest given the elevated USD environment. Meanwhile, there could be a shift from data center theme to state-specific trading catalyst after the recent selldown, where the Penang LRT development and JSSEZ may boost the Construction and Property sectors in the near to mid-term.

Stocks to watch: 

Technology: *MI*, *RAMSSOL*, SMRT
O&G: *ARMADA*, *KEYFIELD*

Source: M+

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