M+ Online Morning Market Buzz - 8 Dec 23

Dow Jones: 36,117.38 pts (+62.95pts, +0.17%)
⬆️ Resistance: 37100
⬇️ Support: 35200

FBM KLCI: 1,442.85 pts (-2.97pts, -0.21%)
⬆️ Resistance: 1490
⬇️ Support: 1420

HSI Index: 16,345.89 pts (-117.37pts, -0.71%)
⬆️ Resistance: 17400
⬇️ Support: 15900

Crude Palm Oil: RM3,750 (+RM48, +1.30%)
⬆️ Resistance: 4000
⬇️ Support: 3570

Brent Oil: $74.30 (+$0.13, +0.17%)
⬆️ Resistance: 83.20
⬇️ Support: 72.20

Gold: $2,028.47 (+$6.19, +0.31%)
⬆️ Resistance: 2180
⬇️ Support: 1970

Market update – 8ec23
Likely To Be Due For Bargain Hunting Activities

The FBM KLCI continued to decline for the fourth session as profit taking activities persisted. Meanwhile, the US stock markets ended on a positive note with the help of Alphabet after announcing Gemini, a new AI model which is expected to compete against OpenAI, and AMD jumped more than 9% after launching a new generation of AI chips. However, the non-farm payroll will be very crucial for the market to sustain another upward move, as the narrative can switch easily from overheating to recession fears if the non-farm payroll declines significantly. On the local front, we expect bargain hunting activities to emerge following the 4-day losing streak. On the commodity markets, the Brent oil prices continue to trade around USD74/bbl as it lacks fresh catalyst to spur the positive trade.

Sector focus: In view of another new wave of AI-driven catalysts, coupled with Nvidia’s boss Jensen Huang visiting Malaysia today, we expect the buying support to return within the Technology sector. Also, the YTL-related stocks could be seen benefiting under this scenario as they are linked to data-centre as well. Meanwhile, we opine that O&G counters may remain weak amid the softer Brent oil prices.

Stocks to watch:

Consumer: APOLLO, OFI
Technology: ATECH, ITMAX
Property: OSK
Building material: SCGBHD, WELLCAL
Automotive: APM
O&G: MUHIBAH

Source: M+ Online

M+ Online Technical Trading Stocks - 8 Dec 23

Stock Name: ATECH (5302)
Entry: Buy above RM2.800
Target: RM2.900 (3.6%), RM3.000 (7.1%)
Stop: RM2.750 (-1.8%)
Shariah: Yes
Technical: Consolidation breakout

Stock Name: ITMAX (5309)
Entry: Buy above RM1.800
Target: RM1.880 (4.4%), RM1.900 (5.6%)
Stop: RM1.750 (-2.8%)
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.