M+ Online Morning Market Buzz - 4 Oct 23

Dow Jones: 33,002.38 pts (-430.97pts, -1.29%)
⬆️ Resistance:  34600
⬇️ Support:  32300

FBM KLCI: 1,420.01 pts (+1.25pts, +0.09%)
⬆️ Resistance:  1480
⬇️ Support:  1390

HSI Index: 17,331.22 pts (-478.44pts, -2.69%)
⬆️ Resistance:  18300
⬇️ Support:  16900

Crude Palm Oil: RM3,692 (-RM16, -0.43%)
⬆️ Resistance:  3930
⬇️ Support:  3610

Brent Oil: $90.92 (+$0.21, +0.23%)
⬆️ Resistance:  99.70
⬇️ Support:  87.80

Gold: $1,823.02 (-$5.01, -0.27%)
⬆️ Resistance:  1950
⬇️ Support:  1780

Market update – 4 Oct 23 

The FBM KLCI ended marginally higher for the session, but the traders may continue to stay cautious throughout this week. With the Wall Street and regional benchmark indices taken a beating yesterday, we expect selling pressure to emerge on the local front. Also, as we are heading into the Budget 2024 period, investors may position themselves ahead of this event. Meanwhile, the elevated inflationary pressure, rising US Treasury yields as well as expectations of another possible interest rate hike move by the Federal Reserves, downward pressure on stock markets may continue. Commodities wise, the Brent crude oil hovered around USD90/bbl level amid rising dollar, while the CPO prices traded below RM3,700/MT level.

Sector focus: Given the Wall Street ended on a negative tone, we expect selling interest to emerge within the Technology sector. Also, the Energy sector could remain pressured amid declining Brent oil prices. Nevertheless, traders could position themselves into the Building MateriaI and Construction sectors ahead of Budget 2024.

Stocks to watch:

Building material: ANNJOO, HIAPTEK, PWRWELL, SCGBHD
Financial: MBSB, TUNEPRO
Consumer: KTC
Construction: EPICON
Technology: ITMAX, UNISEM

Source: M+ Online

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