M+ Morning Market Buzz - 22 Jan 25

Dow Jones: 44,025.81 pts (+537.98pts, +1.24%)
⬆️ Resistance:  45000
⬇️ Support:  42100

FBM KLCI: 1,580.46 pts (+8.12pts, +0.52%)
⬆️ Resistance:  1620
⬇️ Support:  1520

HSI Index: 20,106.55 pts (+180.74pts, +0.91%)
⬆️ Resistance:  20700
⬇️ Support:  18800

Crude Palm Oil: RM4,260 (-RM39, -0.92%)
⬆️ Resistance:  4550
⬇️ Support:  4030

Brent Oil: $79.29 (-$0.86, -1.07%)
⬆️ Resistance:  84.30
⬇️ Support:  76.90

Gold: $2,744.81 (-$0.27, -0.05%)
⬆️ Resistance:  2810
⬇️ Support:  2620

M+ Market Update – 22 Jan 25
The Data Center Theme Has Regained Momentum
 
The local bourse closed higher as President Trump's decision to not impose tariffs on China on his first day in office boosted regional sentiment. In the US, markets edged higher, as the US-China relations were off to an unexpectedly warm start after Trump returned to the White House. Meanwhile, Malaysian investors will also continue monitoring the CPI data and BNM’s interest rate decision later today. In the commodities market, Brent crude oil broke below the USD80 mark, while gold price trended higher towards the USD2743 level. Bitcoin is trading around the USD105k level, marking a slight retracement from its all-time-high of USD109k, while CPO prices are still hovering around the RM4,200 level.

Sector Focus: With the upcoming CNY festive season and the start of Sumbangan Tunai Rahmah Phase 1 cash payments today, we expect a last-minute shopping spree to benefit the Consumer, Aviation and Tourism sectors. Momentum in the Construction and Building Materials sectors is likely to persist, driven by the JSSEZ formalisation, Penang LRT project, and ongoing data center investments. Lastly, bargain-hunting in the Technology sector may continue, as Malaysia remains largely unaffected by the US chip sanctions, at least for the near term.

Stocks to watch: 

Technology: *ADB*, *CLOUDPT*, EG, KGB
Utility: *MALAKOF*, *SCGBHD*, SLVEST
Construction: *SENDAI*
O&G: ARMADA

Source: M+

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