M+ Online Morning Market Buzz - 15 Jan 24

Dow Jones: 37,592.98 pts (-118.04pts, -0.31%)
⬆️ Resistance:  38600
⬇️ Support:  36600

FBM KLCI: 1,487.34 pts (+4.34pts, +0.29%)
⬆️ Resistance:  1540
⬇️ Support:  1460

HSI Index: 16,244.58 pts (-57.46pts, -0.35%)
⬆️ Resistance:  17000
⬇️ Support:  15800

Crude Palm Oil: RM3,856 (+RM62, +1.63%)
⬆️ Resistance:  3960
⬇️ Support:  3560

Brent Oil: $78.29 (+$0.88, +1.14%)
⬆️ Resistance:  82.40
⬇️ Support:  73.80

Gold: $2,049.06 (+$4.50, +0.22%)
⬆️ Resistance:  2110
⬇️ Support:  1980

Market update – 15 Jan 24
Buying Support To Persist

The FBM KLCI rebounded after a two-day pullback with the support seen in selected Banking and YTL-related heavyweights. Meanwhile, the US stock markets traded mixed with the mixed bag of bank earnings reports, while offsetting a cooler-than-expected PPI data which lifted the hopes for interest rate cuts by the Fed in Mar-24 to 72.2% from 58.2% a week ago, based on Bloomberg. Closer to home, we believe the overall sentiment could remain positive as there are 5 consortiums that are expected to present their proposal for the development of KL-SG HSR. On the commodity markets, the Brent oil price gained marginally higher amid rising tension in the Red Sea region.

Sectors focus: With 5 consortiums bidding for KL-SG HSR projects, we believe this might provide buying support towards the Construction and Building Material sectors. Meanwhile, we think the land and properties along the KL-SG HSR could benefit under this scenario, favouring the Property segment. Also, we opine that the Johor-region investment could increase further going forward with the signing of JB-SG SEZ agreement, providing upside towards the Renewable Energy and Water segments. 

Stocks to watch: 

Finance: ABMB, BIMB, BURSA
O&G: ICON, NAIM
Building Material: KNUSFOR
Technology: MI, UNISEM
Property: UOADEV
Other: KUB

Source: M+ Online

M+ Online Technical Trading Stocks - 15 Jan 24

Stock Name: KNUSFOR (5035)
Entry: Buy above RM0.920
Target: RM0.955 (3.8%), RM0.980 (6.5%)
Stop: RM0.895 (-2.7%)
Shariah: Yes
Technical: Consolidation breakout

Stock Name: MI (5286)
Entry: Buy above RM1.950
Target: RM2.050 (5.1%), RM2.150 (10.3%)
Stop: RM1.900 (-2.6%)
Shariah: Yes
Technical: Breakout-pullback-continuation

Source: Bloomberg, M+ Online

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