The FBM KLCI ended flat for the session as traders traded cautiously in line with the
weak regional market sentiment. However, Wall Street continued to charge higher
despite the mixed statements from several Fed’s officials, with the help of consumer
confidence index. Investors will continue to monitor the upcoming core PCE and ISM
Manufacturing PMI data later this week. We expect some buying interest to spillover
to stocks on the local front, following the surge on Wall Street. On the commodity
markets, the Brent oil prices ended positively above the USD81/bbl in view of further
production cuts to be seen in the OPEC+ meeting on 30th Nov. Besides, the gold
extended the gains above the USD2k level.
Sector focus: Traders may focus on the Technology sector with the strong rebound
on Wall Street. On the release of financial results, we expect the Consumer and
Poultry sectors could rally another round on the back of growing earnings from
Leong Hup International, Farm Fresh Berhad and LTKM. Besides, we still favour the
Building Material, Utilities, Property and Construction sectors in this earnings
season.