M+ Morning Market Buzz - 21 Jan 25

Dow Jones: 43,487.83 pts (+334.70pts, +0.78%)
⬆️ Resistance:  44600
⬇️ Support:  41400

FBM KLCI: 1,572.34 pts (+5.62pts, +0.36%)
⬆️ Resistance:  1640
⬇️ Support:  1520

HSI Index: 19,925.81 pts (+341.75pts, +1.75%)
⬆️ Resistance:  20500
⬇️ Support:  18600

Crude Palm Oil: RM4,206 (+RM3, +0.07%)
⬆️ Resistance:  4610
⬇️ Support:  4030

Brent Oil: $80.15 (-$0.64, -0.79%)
⬆️ Resistance:  84.30
⬇️ Support:  77.90

Gold: $2,708.21 (-$1.08, -0.04%)
⬆️ Resistance:  2780
⬇️ Support:  2610

M+ Market Update – 21 Jan 25
All Eyes Are On Trump’s Policies
 
The local bourse continued to close higher, buoyed by gains in the Banking and Utilities heavyweights. In the US, market was closed due to Martin Luther King Jr. public holiday, with investors focusing on President Trump’s inauguration speech and his series of executive actions. Meanwhile, other key economic highlights this week include (i) BoJ interest rate decision, (ii) initial jobless claims in the US and also (iii) crude oil inventories. In the commodities market, Brent crude oil broke below the USD81 mark, while gold price continued to hover around the USD2,700 level. Trump’s supportive stance towards cryptocurrency had also led Bitcoin to an all-time-high at USD109k. Meanwhile, CPO prices traded flat around the RM4,200 level.

Sector Focus: With Malaysia heading the ASEAN chair, we remain about the Renewable Energy and Tourism sectors. Although the Energy sector could see continued strength due to Russian oil sanctions and declining crude oil inventories data last week, the optimism may fade as Donald Trump planned to increase the US oil production, thus limiting the upside potential of crude oil price. Meanwhile, the ongoing tariffs on China’s products, which could weaken China’s economy, are likely to reduce global oil demand.

Stocks to watch: 

Technology: *EG*, GENETEC, *ITMAX*, MYEG, *RAMSSOL*
Renewable: *SLVEST*
Construction: *SENDAI*
O&G: KEYFIELD
Consumer: GCB

Source: M+

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