M+ Online Morning Market Buzz - 9 Jan 24

Dow Jones: 37,683.01 pts (+216.90pts, +0.58%)
⬆️ Resistance:  38600
⬇️ Support:  36600

FBM KLCI: 1,495.70 pts (+8.09pts, +0.54%)
⬆️ Resistance:  1530
⬇️ Support:  1420

HSI Index: 16,224.45 pts (-310.88pts, -1.88%)
⬆️ Resistance:  17500
⬇️ Support:  15900

Crude Palm Oil: RM3,649 (-RM44, -1.19%)
⬆️ Resistance:  3780
⬇️ Support:  3540

Brent Oil: $78.76 (-$2.49, -3.16%)
⬆️ Resistance:  81.00
⬇️ Support:  73.30

Gold: $2,028.07 (+$1.80, +0.09%)
⬆️ Resistance:  2130
⬇️ Support:  1980

Market update – 9 Jan 24
Rebound In The US May Spur The Tech Sector

The FBMKLCI traded higher for the 4th session with solid buying interest within the Utilities and Banking heavyweights. Meanwhile, Wall Street rebounded higher led by tech giants such as Amazon, Google, Apple and Nvdia after a brief decline in 10-year US Treasury yield. Apple had a solid uptick as it confirmed the sale of Apple Vision Pro by 2nd of February. This week, traders will still be monitoring the inflation data namely the CPI and PPI to understand the direction of the interest rates going forward. On the commodity market, Brent oil price plunged more than 3% on the back of price cuts by Saudi Arabia, offsetting the rising geopolitical tensions in the Middle East. 

Sectors focus: As the Utilities sector has been rallying strongly over the past few days, we expect profit taking activities to emerge. Meanwhile, the other sectors that have room to grow may include the Consumer, Transportation & Logistics, Technology sectors as well as the Industrial Products sector. We believe Building Material may benefit from the recent rally in Construction and Property sectors on the back of the KL-SG-HSR theme and the easing requirements of MM2H, while the heightened geopolitical tension in the Middle East could lift the shipping industry.

Stocks to watch: 

Consumer: CCK, FFB, PWF
Healthcare: KPJ, TMCLIFE
Transportation & Logistics: FM, SWIFT
Financial: ABMB
Construction: PESTECH
Property: GFM
Technology: GREATEC
O&G: PANTECH

Source: M+ Online

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