M+ Morning Market Buzz - 23 Jan 25

Dow Jones: 44,156.73 pts (+130.92pts, +0.30%)
⬆️ Resistance:  45100
⬇️ Support:  42300

FBM KLCI: 1,587.80 pts (+7.34pts, +0.46%)
⬆️ Resistance:  1630
⬇️ Support:  1520

HSI Index: 19,778.77 pts (-327.78pts, -1.63%)
⬆️ Resistance:  20700
⬇️ Support:  19000

Crude Palm Oil: RM4,208 (-RM27, -0.64%)
⬆️ Resistance:  4370
⬇️ Support:  4030

Brent Oil: $79.00 (-$0.29, -0.37%)
⬆️ Resistance:  84.30
⬇️ Support:  76.90

Gold: $2,756.48 (-$0.65, -0.02%)
⬆️ Resistance:  2820
⬇️ Support:  2640

M+ Market Update – 23 Jan 25
Focus Remains on RE and Data Center Themes
 
The local bourse continued to close higher, supported by Malaysia’s CPI growth of 1.7% for December (below consensus estimate of 1.8%), coupled with BNM’s decision to keep the OPR unchanged. In the US, markets closed higher, driven by optimism about potential tax cuts and a relatively stable economic outlook under President Trump as well as Netflix’s blowout quarterly results. Investors will also access the initial jobless claims later today. In the commodities market, Brent crude oil stayed below the USD80 mark, while gold price traded flat along USD2750 level. Meanwhile, CPO prices have crossed below RM4,200 level.

Sector Focus: With PM Anwar reiterating that Malaysia is still committed to the Paris Agreement despite the US's exit from the climate pact, coupled with Malaysia serving as the ASEAN 2025 chair and various government RE initiatives, we remain optimistic about the Renewable Energy sector. Besides, the upcoming CNY festive season and the commencement of Sumbangan Tunai Rahmah cash payments will benefit the Consumer, Aviation, and Tourism sectors. On the data center theme, we expect a continuation of the rebound this week after last week’s sell-off.

Stocks to watch: 

Technology: ADB, *AWANTEC*, CLOUDPT, EG, *RAMSSOL*
Property: *VLB*
Construction: *INTA*
Utility: *PEKAT*

Source: M+

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