M+ Online Morning Market Buzz - 4 Jan 24

Dow Jones: 37,430.19 pts (-284.85pts, -0.76%)
⬆️ Resistance:  38600
⬇️ Support:  36700

FBM KLCI: 1,462.37 pts (+9.27pts, +0.64%)
⬆️ Resistance:  1500
⬇️ Support:  1420

HSI Index: 16,646.41 pts (-142.14pts, -0.85%)
⬆️ Resistance:  17500
⬇️ Support:  16300

Crude Palm Oil: RM3,658 (+RM37, +1.02%)
⬆️ Resistance:  3850
⬇️ Support:  3540

Brent Oil: $78.25 (+$2.36, +3.11%)
⬆️ Resistance:  81.60
⬇️ Support:  73.30

Gold: $2,041.49 (-$17.47, -0.85%)
⬆️ Resistance:  2140
⬇️ Support:  2000

Market update – 4 Jan 24
Malaysia Market Charged Higher

The FBMKLCI managed to close higher as traders were bullish on the stock markets with buying interest flown into several index heavyweights, contributing to a healthy market breath. Meanwhile, Wall Street ended on a negative tone for the second consecutive day on the back of profit taking activities, despite the Fed’s meeting minutes showing progress that the inflation was under control and rate cuts may only happen in March this year. On the commodity markets, Brent oil price climbed more than 3% amid rising tensions in the Middle East as Libya's top oilfield production was halted following a protest. 

Sectors focus: Given the selldown on Wall Street, we expect the Technology sector will cap the upside for now. From the trading activities in the market, we noticed that the water-related stocks were traded strongly higher, it might be due to the (i) potential water tariff revision and (ii) the high usage of upcoming data centre boom. Meanwhile, we expect the (i) Johor-theme, (ii) potential revival of the KL-SG HSR, (iii) ongoing RTS link and (iii) easing of MM2H requirements to boost the attention for the Construction, Building Material, Property and Utilities sectors. 

Stocks to watch: 

Building Material: HUMEIND, MCEMENT
Consumer: TEOSENG
Construction: SUNCON
O&G: MUHIBAH
Financial: AMBANK, BIMB, MNRB
Transportation: FM

Source: M+ Online

M+ Online Technical Trading Stocks - 4 Jan 24

Stock Name: HUMEIND (5000)
Entry: Buy above RM2.340
Target: RM2.430 (3.8%), RM2.500 (6.8%)
Stop: RM2.280 (-2.6%)
Shariah: No
Technical: Flag-formation breakout

Stock Name: BIMB (5258)
Entry: Buy above RM2.240
Target: RM2.300 (2.7%), RM2.350 (4.9%)
Stop: RM2.200 (-1.8%)
Shariah: Yes
Technical: Consolidation breakout

Source: Bloomberg, M+ Online

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