M+ Online Morning Market Buzz - 19 Dec 23

Dow Jones: 37,306.02 pts (+0.86pts, +0.00%)
⬆️ Resistance: 38200
⬇️ Support: 35700

FBM KLCI: 1,465.28 pts (+2.83pts, +0.19%)
⬆️ Resistance: 1500
⬇️ Support: 1420

HSI Index: 16,629.23 pts (-162.96pts, -0.97%)
⬆️ Resistance: 17400
⬇️ Support: 15900

Crude Palm Oil: RM3,780 (+RM35, +0.93%)
⬆️ Resistance: 3870
⬇️ Support: 3590

Brent Oil: $76.55 (+$1.40, +1.83%)
⬆️ Resistance: 81.20
⬇️ Support: 70.90

Gold: $2,027.19 (-$16.74, -0.83%)
⬆️ Resistance: 2090
⬇️ Support: 1940

Market update – 19 Dec 23
Window Dressing Activities to Continue

The FBM KLCI traded above 1,465 for a brief moment and ended higher for the sixth session supported by buying interest within the banking stocks in the window dressing month. Also, the US stock markets headed for another rally with the expectation of 3 rate cuts from the Fed in 2024. However, economic data will be crucial to determine the overall sentiment for the stock markets; the market is anticipating the final 3Q23 US GDP, and consumer confidence index and core PCE index this week. On the commodity markets, Brent oil prices extended the rebound for another session, trading near the USD78/bbl zone after Red Sea attack.

Sector focus: With the strong tech rally in the US, coupled with Chinese firms look to Malaysia for assembly of high-end chip, we expect the trading interest to continue within the Technology sector at least for the near to mid-term. Meanwhile, we like the overall Johor related theme with the ongoing infra developments, this could boost the buying support within the Construction, Property, Building Material and Utilities sectors.

Stocks to watch:

Technology: INARI, MYEG, UNISEM
Construction: HSSEB, KERJAYA, WCEHB
Property: UOADEV
Utilities: PBA, SLVEST
Financial: AMBANK

Source: M+ Online

M+ Online Technical Trading Stocks - 19 Dec 23

Stock Name: INARI (0166)
Entry: Buy above RM2.980
Target: RM3.080 (3.4%), RM3.150 (5.7%)
Stop: RM2.920 (-2.0%)
Shariah: Yes
Technical: Breakout-pullback-continuation

Stock Name: WCEHB (3565)
Entry: Buy above RM0.860
Target: RM0.900 (4.7%), RM0.950 (10.5%)
Stop: RM0.830 (-3.5%)
Shariah: No
Technical: Consolidation breakout

Source: Bloomberg, M+ Online

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