M+ Online Morning Market Buzz - 15 Dec 23

Dow Jones: 37,248.35 pts (+158.11pts, +0.43%)
⬆️ Resistance: 38100
⬇️ Support: 35400

FBM KLCI: 1,456.26 pts (+8.22pts, +0.57%)
⬆️ Resistance: 1490
⬇️ Support: 1420

HSI Index: 16,402.19 pts (+173.44pts, +1.07%)
⬆️ Resistance: 17000
⬇️ Support: 15700

Crude Palm Oil: RM3,725 (+RM37, +1.00%)
⬆️ Resistance: 3870
⬇️ Support: 3590

Brent Oil: $74.26 (+$2.38, +3.20%)
⬆️ Resistance: 78.90
⬇️ Support: 70.90

Gold: $2,036.36 (+$8.62, +0.43%)
⬆️ Resistance: 2090
⬇️ Support: 1940

Market update – 15 Dec 23
Bullish Tone In The US

The FBM KLCI continues to rebound for the fourth session, lifted by QL, PETGAS and PMETAL as well as better sentiment in Hong Kong market. Again, Wall Street gained momentum, with the Dow closing at record close for the second session, while S&P500 and Nasdaq rose 0.26% and 0.19%, as retail sales grew by 0.3% in the month of November, coupled with the optimism that the Fed will stay in a dovish stance to lower down the interest rates at least by 3 times next year. Given the anticipation of the lower interest rate environment going forward, the market was more positive in the real estate segment. On the commodity markets, Brent oil prices extended the rebound above USD76/bbl as dollars fell after the dovish Fed’s statements.

Sector focus: With this bullish tone in the US markets, we expect buying interest to spillover towards stocks on the local front, especially the Technology sector. We also favour the Healthcare - amid improving outlook on glove ASP, Energy – IEA bumps up the 2024 demand outlook, Construction, Building Material & Property – potential revival of KL-SG HSR. Besides, we like the stability in the Banking and Telco sectors.

Stocks to watch:

Consumer: CCK
Technology & Telco: INARI, TM, UNISEM
Construction: KERJAYA, WCEHB
Property: OSK
O&G: MUHIBAH, WASCO
Financial: PBBANK

Source: M+ Online

M+ Online Technical Trading Stocks - 15 Dec 23

Stock Name: OSK (5053)
Entry: Buy above RM1.240
Target: RM1.290 (4.0%), RM1.320 (6.5%)
Stop: RM1.200 (-3.2%)
Shariah: No
Technical: Consolidation breakout

Stock Name: CCK (7035)
Entry: Buy above RM0.840
Target: RM0.875 (4.2%), RM0.905 (7.7%)
Stop: RM0.815 (-3.0%)
Shariah: Yes
Technical: Consolidation breakout

Source: Bloomberg, M+ Online

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