M+ Online Morning Market Buzz - 11 Oct 23

Dow Jones: 33,739.30 pts (+134.65pts, +0.40%)
⬆️ Resistance: 34600
⬇️ Support: 32200

FBM KLCI: 1,435.17 pts (+17.91pts, +1.26%)
⬆️ Resistance: 1470
⬇️ Support: 1390

HSI Index: 17,664.73 pts (+147.33pts, +0.84%)
⬆️ Resistance: 18300
⬇️ Support: 16800

Crude Palm Oil: RM3,560 (-RM5, -0.14%)
⬆️ Resistance: 3820
⬇️ Support: 3450

Brent Oil: $87.65 (-$0.50, -0.57%)
⬆️ Resistance: 93.10
⬇️ Support: 81.80

Gold: $1,860.40 (-$1.01, -0.05%)
⬆️ Resistance: 1910
⬇️ Support: 1780

Market update – 11 Oct 23

The FBM KLCI closed higher for the session, following a more dovish comment from the Fed as well as China preparing a new round of measures to support the economy. The traders were brushing off the ongoing geopolitical tension and focusing on the upcoming inflation data in the US. It is likely that the buying interest should persist on the local front ahead of the upcoming Budget 2024 as we expect the positive local catalyst to support the overall market’s conditions at least for the near to midterm. Commodities wise, the Brent crude oil took a breather but still traded above USD87/bbl level amid ongoing geopolitical concerns, while the CPO closed below RM3,600/MT level after palm oil inventory increased 9.6% MoM to 2.31m tonnes.

Sector focus: Safe-haven assets such as gold-related stocks and energy related stocks may be favourable amid the ongoing geopolitical tension environment. Meanwhile, buying interest may be seen within the construction, property, building material as well as the utilities sectors ahead of the Budget 2024. We like the renewable energy sector as government may push out certain initiatives under the NETR blueprint.

Stocks to watch:

Technology: MI, ATECH
Property: ECOWLD
Construction: IJM, MRCB
Automotive: BAUTO
Consumer: LHI
O&G: DAYANG, NAIM
Others: ANCOMNY

Source: M+ Online

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