M+ Online Morning Market Buzz - 8 Nov 23

Dow Jones: 34,152.60 pts (+56.74pts, +0.17%)
⬆️ Resistance: 34900
⬇️ Support: 32400

FBM KLCI: 1,463.37 pts (-1.30pts, -0.09%)
⬆️ Resistance: 1500
⬇️ Support: 1410

HSI Index: 17,670.16 pts (-296.43pts, -1.65%)
⬆️ Resistance: 18400
⬇️ Support: 16700

Crude Palm Oil: RM3,720 (RM0, 0.00%)
⬆️ Resistance: 3890
⬇️ Support: 3590

Brent Oil: $85.18 (-$3.76, -4.41%)
⬆️ Resistance: 89.60
⬇️ Support: 79.80

Gold: $1,969.45 (-$8.69, -0.44%)
⬆️ Resistance: 2050
⬇️ Support: 1920

Market update – 8 Nov 23

The FBM KLCI took a mild breather, snapping a 3-day rally, as profit taking emerged within selected index heavyweights. Meanwhile, Wall Street extended its winning streak led by technology giants and Nasdaq was up more than 8% from the recent low. The US 10-year Treasury yield was easing following comments from several Fed’s officials, suggesting that the central bank might be near the end of the tightening cycle. Given the earnings releases from the US corporates are still in a good shape, investors could have brushed the earnings recession narrative aside. On the commodity markets, the Brent oil prices tanked more than 4% amid softer demand concerns despite the ongoing conflict in the Middle East.

Sector focus: Still, we expect buying interest to spillover towards stocks on the local front, specifically in the technology Sector. We are still optimistic with the trading tone ahead of the reporting season, favouring the Construction, Property, Building Material, Utilities and Consumer sectors. In the O&G sector, we expect the Exploration & Production segment to trend weaker following the negative movements in the Brent oil prices.

Stocks to watch:

Technology: INARI, MI, SFPTECH
Utilities: YTL, YTLPOWR
O&G: WASCO
Financial: RCECAP
Building material: MCEMENT
Property: ECOWLD, KSL

Source: M+ Online

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