M+ Online Morning Market Buzz - 17 Jan 24

Dow Jones: 37,361.12 pts (-231.86pts, -0.62%)
⬆️ Resistance: 38600
⬇️ Support: 36500

FBM KLCI: 1,493.87 pts (-7.24pts, -0.48%)
⬆️ Resistance: 1540
⬇️ Support: 1460

HSI Index: 15,865.92 pts (-350.41pts, -2.16%)
⬆️ Resistance: 16800
⬇️ Support: 15600

Crude Palm Oil: RM3,858 (-RM4, -0.10%)
⬆️ Resistance: 3970
⬇️ Support: 3650

Brent Oil: $78.15 (-$0.22, -0.28%)
⬆️ Resistance: 82.40
⬇️ Support: 74.90

Gold: $2,028.44 (+$7.49, +0.36%)
⬆️ Resistance: 2110
⬇️ Support: 1980

Market update – 17 Jan 24
Turned Volatile Along 1,500

The FBM KLCI traded in a volatile manner around the 1,500 psychological level as the overall market sentiment was spooked by a few of the counters that limit-down throughout the session. Meanwhile, the US stock markets ended mostly lower on the back of rising US Treasury yield following the comments from one of the Fed’s officials who commented that the Fed should not rush towards cutting the interest rates. Closer to home, we believe the trading tone would stay fairly negative as we expect some of the companies that have traded significantly lower could bring more margin calls, thus affecting the overall market sentiment. On the commodity markets, the Brent oil price continues to trade sideways within the range of USD76-79/bbl.

Sectors focus: Despite the high volatility environment in selected counters, we still expect the overall theme unchanged for 2024, where traders should continue to focus on the potential revival of the KL-SG HSR project, Johor-theme investments as well as the easing of MM2H requirements. We expect the fundamentally solid companies that are within the Construction, Property, Building Material and Renewable Energy to benefit under this scenario. Also, we advocate traders to focus on solid fundamental companies in order to withstand the current volatility.

Stocks to watch:

Consumer: ABLEGLOB, CAB, FFB, HUPSENG
Finance: AMBANK, BIMB
Construction: KERJAYA
Transportation & Logistics: WPRTS
Building Material: KNUSFOR
Property: MATRIX

Source: M+ Online

M+ Online Technical Trading Stocks - 17 Jan 24

Stock Name: AMBANK (1015)
Entry: Buy above RM4.250
Target: RM4.350 (2.4%), RM4.400 (3.5%)
Stop: RM4.200 (-1.2%)
Shariah: No
Technical: Uptrend Intact

Stock Name: FFB (5306)
Entry: Buy above RM1.400
Target: RM1.450 (3.6%), RM1.500 (7.1%)
Stop: RM1.370 (-2.1%)
Shariah: Yes
Technical: Breakout-pullback-continuation

Source: Bloomberg, M+ Online

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