M+ Online Morning Market Buzz - 2 Jan 24

Dow Jones: 37,689.54 pts (-20.56pts, -0.05%)
⬆️ Resistance: 38600
⬇️ Support: 36700

FBM KLCI: 1,454.66 pts (-2.75pts, -0.19%)
⬆️ Resistance: 1500
⬇️ Support: 1430

HSI Index: 17,047.39 pts (+3.86pts, +0.02%)
⬆️ Resistance: 17500
⬇️ Support: 16200

Crude Palm Oil: RM3,721 (-RM18, -0.48%)
⬆️ Resistance: 3870
⬇️ Support: 3610

Brent Oil: $77.04 (-$0.11, -0.14%)
⬆️ Resistance: 83.40
⬇️ Support: 75.20

Gold: $2,062.98 (-$11.88, -0.57%)
⬆️ Resistance: 2140
⬇️ Support: 2020

Market update – 2 Jan 24
Awaiting Fresh Catalysts

The FBM KLCI ended slightly lower on the final day of 2023 amid profit taking activities. For the year, it has dropped 2.7%, extending the losses for the 3rd year in a row. However, the US stock markets ended with a bang as 3 of the major indices charged strongly for the year, despite weaker closing towards the final day of the day; the Dow is closing near all-time-high, while the S&P500 and Nasdaq are just shy of 1% and 8% from their respective all-time-high levels. Closer to home, PMX will be launching the PADU system, which will consist of individual profile and household details. This could provide a comprehensive view towards crafting the subsidies for the population. On the commodity markets, Brent oil traded around USD77/bbl mark, closing the year with a 10.4% drop as demand concerns outweighed the geopolitical tension risk.

Sector focus: With the US trading near the all-time-high zone, we expect buying interest to emerge on the local front within the Technology sector. Meanwhile, with the PADU system being launched, there might be follow up in the targeted subsidies going forward, which may affect the Consumer and Utilities sectors. Also, should there be any revival of the KL-SG HSR, it may provide an upside boost towards the Construction, Building Material, and Property sectors.

Stocks to watch:

O&G: MUHIBAH, PANTECH, WASCO
Others: SMRT
Construction: ECONBHD
Property: ECOWLD, MATRIX
Construction: KERJAYA
Utilities: RANHILL, SALCON

Source: M+ Online

M+ Online Technical Trading Stocks - 2 Jan 24

Stock Name: ECONBHD (5253)
Entry: Buy above RM0.305
Target: RM0.325 (6.6%), RM0.350 (14.8%)
Stop: RM0.295 (-3.3%)
Shariah: Yes
Technical: Consolidation breakout

Stock Name: SMRT (0117)
Entry: Buy above RM1.070
Target: RM1.120 (4.7%), RM1.150 (7.5%)
Stop: RM1.040 (-2.8%)
Shariah: Yes
Technical: Uptrend Intact

Source: Bloomberg, M+ Online

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