M+ Online Morning Market Buzz - 11 Jan 24

Dow Jones: 37,695.73 pts (+170.57pts, +0.45%)
⬆️ Resistance: 38500
⬇️ Support: 36600

FBM KLCI: 1,486.86 pts (-11.97pts, -0.80%)
⬆️ Resistance: 1540
⬇️ Support: 1440

HSI Index: 16,097.28 pts (-92.74pts, -0.57%)
⬆️ Resistance: 17100
⬇️ Support: 15800

Crude Palm Oil: RM3,782 (+RM25, +0.67%)
⬆️ Resistance: 3890
⬇️ Support: 3560

Brent Oil: $77.59 (-$0.81, -1.04%)
⬆️ Resistance: 81.00
⬇️ Support: 73.80

Gold: $2,024.41 (+$2.13, +0.10%)
⬆️ Resistance: 2110
⬇️ Support: 1980

Market update – 11 Jan 24
Buying Support Could Return After A Mild Pause

As expected, the FBMKLCI took a pause after the rally, snapping the 6-day winning streak as profit taking activities emerged within selected Banking and Utilities heavyweights. Meanwhile, the US stock markets closed higher for the session in anticipation of the CPI (later tonight) and PPI (Friday) data that will be released this week. Over to the crypto segment, the SEC has approved 11 spot Bitcoin exchange-traded funds (ETF) and it has contributed to the positive sentiment for the crypto markets. For Brent oil, the price continues to hover around the USD76/bbl mark as the rising US inventories offset the concerns over in the Middle East.

Sectors focus: On the sectorial wise, we expect the buying interest within the Technology sector could sustain with the recovery on Wall Street. We believe overall, the Johor-theme, potential revival in the mega infra projects could provide support towards the Construction and Property sectors after taking a mild breather. We also favour the Building Material as a proxy towards the previous mentioned sectors, while the Consumer segment is likely to head for a decent recovery. In the US, we expect crypto related stocks should bode well with the approval of Bitcoin spot ETFs by the SEC.

Stocks to watch:

Building Material: KNUSFOR, MIKROMB, PWRWELL
Automotive: APM, MBMR
Consumer: FFB
Plantation: JTIASA
Furniture: LIIHEN
O&G: DAYANG
Other: SMRT

Source: M+ Online

M+ Online Technical Trading Stocks - 11 Jan 24

Stock Name: KNUSFOR (5035)
Entry: Buy above RM0.880
Target: RM0.920 (4.5%), RM0.945 (7.4%)
Stop: RM0.865 (-1.7%)
Shariah: Yes
Technical: Monitor for breakout

Stock Name: LIIHEN (7089)
Entry: Buy above RM0.950
Target: RM1.000 (5.3%), RM1.030 (8.4%)
Stop: RM0.935 (-1.6%)
Shariah: Yes
Technical: Impending flag-formation breakout

Source: Bloomberg, M+ Online

Disclaimer

The content published is solely for information and personal use only. It should not be construed to be, any advice, recommendation, offer or invitation to buy or sell any securities, futures contracts or any other instrument. Readers should seek independent advice from their own professional advisers (including legal, tax, financial and accounting) as to the risks and merits before entering into any transaction pursuant to or in reliance on any information here.

The content published above shall only be for your sole and personal non-professional use. No guarantee is given on the accuracy or completeness of the information published here. No warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of any person or group of persons acting on such information.