M+ Online Morning Market Buzz - 7 Dec 23

Dow Jones: 36,054.43 pts (-70.13pts, -0.19%)
⬆️ Resistance: 37100
⬇️ Support: 34900

FBM KLCI: 1,445.82 pts (-3.64pts, -0.25%)
⬆️ Resistance: 1490
⬇️ Support: 1420

HSI Index: 16,463.26 pts (+135.40pts, +0.83%)
⬆️ Resistance: 17500
⬇️ Support: 16000

Crude Palm Oil: RM3,688 (-RM31, -0.83%)
⬆️ Resistance: 4000
⬇️ Support: 3610

Brent Oil: $74.30 (-$2.90, -3.76%)
⬆️ Resistance: 86.50
⬇️ Support: 72.70

Gold: $2,025.55 (+$6.19, +0.31%)
⬆️ Resistance: 2180
⬇️ Support: 1970

Market update – 7 Dec 23
Time for the Technology Stocks to Shine

The FBM KLCI ended another session lower despite the rebound move on Hang Seng Index yesterday. Meanwhile, the US stock markets headed for a pullback after a long stretch of rally led by the profit taking activities in mega caps and energy shares. The market’s narrative continues to point towards a firmer speculation that the Fed will be cutting the interest rates in 1Q24 as private payroll increased by 103k in November (below economists’ expectation of 130k). Nevertheless, we expect some buying interest may emerge on the local equities in view of Nvidia’s boss Jensen Huang to make his maiden visit to Malaysia. On the commodity markets, the Brent oil prices tanked another 3.65% to trade around USD74/bbl as larger-than-expected rise in US gasoline inventories extended worries on fuel demand.

Sector focus: As Nvidia’s boss Jensen Huang is visiting Malaysia this week, we believe the overall Technology sector will be trading in a more positive environment. There also could be data centre-related talks which may provide upside opportunities for the YTL-related counters. Meanwhile, we reckon traders to avoid O&G counters over the near term in view of weak Brent oil prices.

Stocks to watch:

Consumer: AJI, PWF
Technology: ITMAX, MYEG
Automotive: APM, PECCA
Finance: M&A
Construction: GFM
Property: LBS
O&G: MUHIBAH

Source: M+ Online

M+ Online Technical Trading Stocks - 7 Dec 23

Stock Name: PWF (7134)
Entry: Buy above RM0.785
Target: RM0.825 (5.1%), RM0.850 (8.3%)
Stop: RM0.755 (-3.8%)
Shariah: Yes
Technical: Impending flag-formation breakout

Stock Name: ITMAX (5309)
Entry: Buy above RM1.790
Target: RM1.850 (3.4%), RM1.900 (6.1%)
Stop: RM1.750 (-2.2%)
Shariah: Yes
Technical: Monitor for breakout

Source: Bloomberg, 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.