M+ Online Morning Market Buzz - 13 Dec 23

Dow Jones: 36,577.94 pts (+173.01pts, +0.48%)
⬆️ Resistance: 37400
⬇️ Support: 35400

FBM KLCI: 1,447.12 pts (+0.73pts, +0.05%)
⬆️ Resistance: 1490
⬇️ Support: 1420

HSI Index: 16,374.50 pts (+173.01pts, +1.07%)
⬆️ Resistance: 17000
⬇️ Support: 15700

Crude Palm Oil: RM3,697 (-RM38, -1.02%)
⬆️ Resistance: 3870
⬇️ Support: 3570

Brent Oil: $76.03 (-$2.71, -3.56%)
⬆️ Resistance: 79.30
⬇️ Support: 71.50

Gold: $1,979.54 (-$22.72, -1.13%)
⬆️ Resistance: 2090
⬇️ Support: 1940

Market update – 13 Dec 23
US CPI Came In Within Expectation

The FBM KLCI extended its rebound marginally higher, ending with a 2-day winning streak supported by Telco and Construction sectors. Over in the US, Wall Street maintained its upward tone, closing at 2023 fresh highs after inflation data, the US CPI came in within expectations at 3.1% YoY (excluding food and energy costs rising at 4.0% YoY). Since the expectation on the CPI will be on a downward projection, the market could position for a less hawkish tone by the Fed and will be looking at a rate as early as May-24. With that, we expect buying support to persist on the US and local stock exchange. On the commodity markets, the Brent oil prices retraced after hitting resistance along USD76-77 amid demand concerns in China despite rising geopolitical tension after Iran-backed Yemeni militants attacked a tanker in the Red Sea.

Sector focus: With Wall Street headed for new 2023 new highs, and noticed Broadcom’s all time high position has lifted INARI and the buying interest should spillover towards the Technology sector. Meanwhile, with the Malaysia cabinet reshuffling event, there will be positive anticipation within the Telco and Construction sectors. Meanwhile, traders may avoid again on the O&G stocks with the volatile move in the Brent oil prices.

Stocks to watch:

Technology: INARI, ITMAX
Healthcare: KPJ
Consumer: PELIKAN
Construction: WCEHB
Property: AWC
O&G: MUHIBAH, PANTECH
Finance: BIMB

Source: M+ Online

M+ Online Technical Trading Stocks - 13 Dec 23

Stock Name: AWC (7579)
Entry: Buy above RM0.650
Target: RM0.680 (4.6%), RM0.695 (6.9%)
Stop: RM0.630 (-3.1%)
Shariah: Yes
Technical: Uptrend Intact

Stock Name: WCEHB (3565)
Entry: Buy above RM0.840
Target: RM0.880 (4.8%), RM0.900 (7.1%)
Stop: RM0.820 (-2.4%)
Shariah: No
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.