M+ Online Morning Market Buzz - 3 Nov 23

Dow Jones: 33,839.08 pts (+564.50pts, +1.70%)
⬆️ Resistance: 34600
⬇️ Support: 31700

FBM KLCI: 1,439.77 pts (+4.44pts, +0.31%)
⬆️ Resistance: 1480
⬇️ Support: 1410

HSI Index: 17,230.59 pts (+128.81pts, +0.75%)
⬆️ Resistance: 17900
⬇️ Support: 16700

Crude Palm Oil: RM3,784 (RM0, 0.00%)
⬆️ Resistance: 3890
⬇️ Support: 3590

Brent Oil: $86.85 (+$2.22, +2.62%)
⬆️ Resistance: 92.60
⬇️ Support: 82.90

Gold: $1,985.78 (+$3.25, +0.16%)
⬆️ Resistance: 2050
⬇️ Support: 1940

Source: Bloomberg, M+ Online

Market update – 3 Nov 23

Following the rate pause by the Fed after the FOMC meeting and BNM keeping the OPR at 3%, the FBM KLCI ended on a positive note. Also, the global markets were traded actively higher following the jump in Wall Street as the Dow rebounded more than 4% over the past 5 days, with the help of better-than-expected corporate earnings. We believe this buying interest could spillover towards stocks on the local front, especially on the Small Cap and lower liners. Despite the BNM maintained the OPR, the ringgit has strengthened against the USD for the session, trading at RM4.75/USD (recent lowest was RM4.7925/USD). On the commodity markets, the Brent oil prices rebounded near to 3% after the USD declined.

Sector focus: Given the better batch of corporate earnings in the US led by Apple Inc, we expect the Technology sector to get a boost in trading activities today. Meanwhile, we are still positive on the Utilities sector as follow-through buying support could be seen after the YTLPOWR-RANHILL deal. Besides, the spike in oil prices may provide trading opportunities within the O&G sector.

Stocks to watch:

Consumer: PWF, TEOSENG
Renewable: CYPARK
O&G: DAYANG, T7GLOBAL
Technology: INARI
Property: KSL, UEMS
Building material: ULICORP
Financial: PPJACK

Source: M+ Online

Disclaimer

The content published is solely for information and personal use only. It should not be construed to be, any advice, recommendation, offer or invitation to buy or sell any securities, futures contracts or any other instrument. Readers should seek independent advice from their own professional advisers (including legal, tax, financial and accounting) as to the risks and merits before entering into any transaction pursuant to or in reliance on any information here.

The content published above shall only be for your sole and personal non-professional use. No guarantee is given on the accuracy or completeness of the information published here. No warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of any person or group of persons acting on such information.