M+ Online Morning Market Buzz - 1 Dec 23

Dow Jones: 35,950.89 pts (+520.47pts, +1.47%)
⬆️ Resistance:  36700
⬇️ Support:  34600

FBM KLCI: 1,452.74 pts (+6.67pts, +0.46%)
⬆️ Resistance:  1490
⬇️ Support:  1420

HSI Index: 17,042.88 pts (+49.44pts, +0.29%)
⬆️ Resistance:  18200
⬇️ Support:  16600

Crude Palm Oil: RM3,910 (+RM15, +0.39%)
⬆️ Resistance:  4040
⬇️ Support:  3770

Brent Oil: $83.10 (-$0.27, -0.32%)
⬆️ Resistance:  86.50
⬇️ Support:  77.60

Gold: $2,036.41 (-$7.83, -0.38%)
⬆️ Resistance:  2100
⬇️ Support:  1960

Market update – 1 Dec 23
Wall Street buying interest may spillover

The FBM KLCI finally stalled a 3-day losing streak with a bullish engulfing bar as bargain-hunting activities have emerged. Also, Wall Street ended the month with a solid performance, where 3 of the benchmark indices gained more than 8% with the cooling inflation data; PCE came in within expectations, rising 0.2% MoM and 3.5% YoY. Given the strong boost on Wall Street, we believe the overall market conditions could perform better on the local front. On the commodity markets, the Brent oil prices traded higher towards USD84.5/bbl zone before closing around the USD80/bbl level as the production cuts from OPEC+ with another 1.2m barrel per day were below market’s expectations. 

Sector focus: We expect the technology sector to trade higher for the session, tracking the strong Wall Street performance. Meanwhile, from the final day of corporate earnings, we believe investors will re-assess the quarterly results and could position for window dressing activities. Sectorial wise, we think the O&G sector may head lower with the weaker Brent oil movements. Still, we like the Poultry sector with the solid performance this quarter.

Stocks to watch:

Technology: EG, INARI, UNISEM, UWC
Property: ECOWLD, LBS, SUNWAY
Utilities: YTLPOWR
Financial: RCECAP

M+ Online Technical Trading Stocks - 1 Dec 23

Stock Name: YTLPOWR (6742)
Entry: Buy above RM2.350
Target: RM2.450 (4.3%), RM2.500 (6.4%)
Stop: RM2.280 (-3.0%)
Shariah: No
Technical: Flag-formation breakout

Stock Name: ECOWLD (8206)
Entry: Buy above RM1.050
Target: RM1.100 (4.8%), RM1.120 (6.7%)
Stop: RM1.010 (-3.8%)
Shariah: Yes
Technical: Monitor for breakout

Source: Bloomberg, M+ Online

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