M+ Online Morning Market Buzz - 10 Jan 24

Dow Jones: 37,525.16 pts (-157.85pts, -0.42%)
⬆️ Resistance:  38500
⬇️ Support:  36600

FBM KLCI: 1,498.83 pts (+3.13pts, +0.21%)
⬆️ Resistance:  1540
⬇️ Support:  1430

HSI Index: 16,190.02 pts (-34.43pts, -0.21%)
⬆️ Resistance:  17100
⬇️ Support:  15900

Crude Palm Oil: RM3,738 (+RM6, +0.16%)
⬆️ Resistance:  3820
⬇️ Support:  3540

Brent Oil: $76.12 (+$1.37, +1.80%)
⬆️ Resistance:  81.00
⬇️ Support:  73.30

Gold: $2,030.20 (-$17.38, -0.85%)
⬆️ Resistance:  2110
⬇️ Support:  1980

Market update – 10 Jan 24
Time For Some Profit Taking

The FBMKLCI closed higher for the fifth session as buying interest were strong within the selected Utilities, Telco and Banking heavyweights with foreign funds inflow stood at over the past 5 sessions. However, the US stock markets traded mixed where the Dow and S&P500 dipped but Nasdaq managed to eke out small gains ahead of the CPI and PPI data that will be released later this week. Also, with the US Treasury yield continues to hover above the 4% mark and expectations of the Fed to begin rates cuts as soon as March has been slowly declining. On the commodity market, Brent oil price fluctuated around the USD76-78 zone as concerns over the Middle East and the Red Sea have contributed to the support of the commodity prices.  

Sectors focus: Given the profit taking activities have emerged yesterday, we expect further consolidation to be seen within the Construction, Properties and Building Material segments after a strong rally over the past 5 sessions. Meanwhile, the laggards that buying interest may pick up could be the Plantation, Transportation and Logistics, as well as Telecommunications. Nevertheless, we still expect the Johor-theme and the potential revival of KL-SG HSR catalysts to provide overall buying support in the stock markets going forward. 

Stocks to watch: 

Consumer: CAB, PWF, TEOSENG
Property: SCIENTX, UOADEV
Furniture: LIIHEN
O&G: DELEUM
Building Material: KNUSFOR
Technology: INFOM
Shipping: M&G
Healthcare: KPJ

Source: M+ Online

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