M+ Online Morning Market Buzz - 29 Dec 23

Dow Jones: 37,710.10 pts (+53.58pts, +0.14%)
⬆️ Resistance:  38600
⬇️ Support:  36600

FBM KLCI: 1,457.41 pts (+3.19pts, +0.22%)
⬆️ Resistance:  1490
⬇️ Support:  1430

HSI Index: 17,043.53 pts (+418.69pts, +2.52%)
⬆️ Resistance:  17500
⬇️ Support:  16000

Crude Palm Oil: RM3,751 (+RM12, +0.32%)
⬆️ Resistance:  3870
⬇️ Support:  3620

Brent Oil: $79.65 (-$1.26, -1.58%)
⬆️ Resistance:  83.40
⬇️ Support:  76.70

Gold: $2,065.61 (+$9.68, +0.47%)
⬆️ Resistance:  2140
⬇️ Support:  2010

Market update – 29 Dec 23
Expecting A Final Boost In The Stock Markets

The FBM KLCI extended the rebound for the second session as ongoing window dressing activities lifted the KLCI with buying support seen within the banking and plantation heavyweights. Meanwhile, the US stock markets flirted along the all-time-high zone for the Dow and S&P500. The expectation of 3 interest rate cuts next year by the Fed will continue to support the overall market conditions in the US, eventually spilling over towards the stocks on the local front. Also, with the ongoing window dressing activities, should lift the FBM KLCI higher for the final day of the year. On the commodity markets, Brent oil traded below the USD78/bbl mark as the latest government data showed inventory levels at Cushing have expanded, indicating a growing supply surpasses demand, while shipping firms are now resuming the Red Sea route as the area is being safeguarded by US-led maritime task force.

Sector focus: Given the overall positive market conditions in the US, we expect the buying support could be seen within the Technology sector. From the buying flow yesterday, there are several sectors that were being traded higher, namely the Renewable Energy, Construction as well as selected Consumer stocks. Besides, we like the Building Material, Property as well as some buying interest were observed within the Plantation sector.

Finance: AMBANK
Construction: ECONBHD, KERJAYA
O&G: ICON
Plantation: TAANN
Technology: KGB
Healthcare: KPJ
Building material: MCEMENT 
Property: ECOWLD
Others: SUPERLN

Source: M+ Online

M+ Online Technical Trading Stocks - 29 Dec 23

Stock Name: TAANN (5012)
Entry: Buy above RM3.700
Target: RM3.800 (2.7%), RM3.900 (5.4%)
Stop: RM3.620 (-2.2%)
Shariah: Yes
Technical: Consolidation breakout

Stock Name: SUPERLN (7235)
Entry: Buy above RM0.880
Target: RM0.925 (5.1%), RM0.950 (8.0%)
Stop: RM0.860 (-2.3%)
Shariah: Yes
Technical: Flag-formation breakout

Source: Bloomberg, M+ Online

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