M+ Online Morning Market Buzz - 9 Nov 23

Dow Jones: 34,112.27 pts (-40.33pts, -0.12%)
⬆️ Resistance: 35000
⬇️ Support: 32800

FBM KLCI: 1,457.60 pts (-5.77pts, -0.39%)
⬆️ Resistance: 1500
⬇️ Support: 1410

HSI Index: 17,568.46 pts (-101.70pts, -0.58%)
⬆️ Resistance: 18400
⬇️ Support: 16900

Crude Palm Oil: RM3,761 (-RM7, -0.19%)
⬆️ Resistance: 3890
⬇️ Support: 3610

Brent Oil: $81.61 (-$1.87, -2.29%)
⬆️ Resistance: 89.60
⬇️ Support: 77.70

Gold: $1,950.20 (-$19.25, -0.98%)
⬆️ Resistance: 2050
⬇️ Support: 1910

Market update – 9 Nov 23

The FBM KLCI ended lower for another session as profit taking activities extended within the banking heavyweights. We noticed the trading interest on Wall Street has slowed down as well after the US stock markets rose for about 8-9 days straight. The US 10-year Treasury yield continues to ease further, while the investors will be watching closely on Fed’s chair statement for more clues on the interest rate direction. Thus, with this slowdown in trading activities, further profit taking activities may emerge within the local equities. We expect traders to focus on the upcoming reporting season for trading opportunities. On the commodity markets, the Brent oil prices slumped further by more than 2% on higher US inventories and weak demand.

Sector focus: Given the soft Brent oil prices, we expect O&G stocks may take a beating, especially within the E&P segment. Meanwhile, we expect selected Technology stocks may perform well tracking the moves on Nasdaq. Heading into the full-blown reporting season, we favour the Construction, Property, Building Material, Utilities and Consumer sectors.

Stocks to watch:

Technology: ITMAX, MYEG
Consumer: OFI, PARKSON
Property: AWC, KSL, MAHSING
Construction: IJM
O&G: WASCO
Others: HEXZA

Source: M+ Online

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