Buying Interest to Emerge

The FBM KLCI extended the decline for the 5th session with the profit taking
activities persisted on heavyweights. However, Wall Street rose as jobs data came
in above consensus expectations, where non-farm payroll added 199k jobs in
November vs. estimates of 180k. Although it pushes back the potential rate cut from
March to May 2024, the jobs data has shifted the narrative towards a soft landing,
which is helping the overall market sentiment. This week, we still expect buying
interest to emerge on the local front, especially after Jensen Huang visited Malaysia.
On the commodity markets, the Brent oil prices rebounded for the second session
after a 5-day losing streak amid demand concerns.

Sector focus: With the positive sentiment from the Jensen Huang visit to Malaysia,
this will rekindle the buying interest within the YTL-related counters, boosting also
the other sectors such as Renewable Energy, Water, Property, Construction and
Building Materials. Meanwhile, we believe there might be some spike in buying
support within the O&G stocks amid a rebound in Brent oil prices.

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