M+ Online Morning Market Buzz - 11 Dec 23

Dow Jones: 36,247.87 pts (+130.49pts, +0.36%)
⬆️ Resistance: 37100
⬇️ Support: 35300

FBM KLCI: 1,441.97 pts (-0.88pts, -0.06%)
⬆️ Resistance: 1490
⬇️ Support: 1420

HSI Index: 16,334.37 pts (-11.52pts, -0.07%)
⬆️ Resistance: 17300
⬇️ Support: 15900

Crude Palm Oil: RM3,740 (+RM38, +1.03%)
⬆️ Resistance: 3940
⬇️ Support: 3570

Brent Oil: $75.84 (-$0.22, -0.29%)
⬆️ Resistance: 81.40
⬇️ Support: 72.20

Gold: $2,004.67 (-$23.80, -1.18%)
⬆️ Resistance: 2180
⬇️ Support: 1960

Market update – 11 Dec 23
Buying Interest to Emerge

The FBM KLCI extended the decline for the 5th session with the profit taking activities persisted on heavyweights. However, Wall Street rose as jobs data came in above consensus expectations, where non-farm payroll added 199k jobs in November vs. estimates of 180k. Although it pushes back the potential rate cut from March to May 2024, the jobs data has shifted the narrative towards a soft landing, which is helping the overall market sentiment. This week, we still expect buying interest to emerge on the local front, especially after the Jensen Huang visit to Malaysia. On the commodity markets, the Brent oil prices rebounded for the second session after a 5-day losing streak amid demand concerns. 

Sector focus: With the positive sentiment from the Jensen Huang visit to Malaysia, this will rekindle the buying interest within the YTL-related counters, boosting also the other sectors such as Renewable Energy, Water, Property, Construction and Building Materials. Meanwhile, we believe there might be some spike in buying support within the O&G stocks amid a rebound in Brent oil prices. 

Stocks to watch:

Consumer: APOLLO
Technology: ITMAX, MYEG
Construction: WCEHB
Property: LBS
Building material: MIKROMB
Automotive: PECCA
Healthcare: TMCLIFE
O&G: PANTECH
Others: KUB

Source: M+ Online

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