KLSE Traders Update and Ideas

Daily Market Update - 23 Jan 2024

Publish date: Tue, 23 Jan 2024, 08:50 AM
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This blog provides market updates and trading ideas that I gather from around the web.

M+ Online Morning Market Buzz - 23 Jan 24

Dow Jones: 38,001.81 pts (+138.01pts, +0.36%)
⬆️ Resistance: 38900
⬇️ Support: 36400

FBM KLCI: 1,491.19 pts (+4.82pts, +0.32%)
⬆️ Resistance: 1540
⬇️ Support: 1450

HSI Index: 14,961.18 pts (-347.51pts, -2.27%)
⬆️ Resistance: 16600
⬇️ Support: 14500

Crude Palm Oil: RM3,941 (+RM37, +0.95%)
⬆️ Resistance: 4030
⬇️ Support: 3730

Brent Oil: $78.56 (+$1.33, +1.69%)
⬆️ Resistance: 82.20
⬇️ Support: 75.00

Gold: $2,021.70 (-$7.79, -0.38%)
⬆️ Resistance: 2100
⬇️ Support: 1970

Market update – 23 Jan 24
Buying Support To Persist

The FBM KLCI extended the rebound for the second session as buying support emerged within selected index heavyweights within the Banking and Utilities sector following the small-cap and lower liners selldown started 2 weeks ago. Meanwhile, the US stock markets headed for another round of rally as US 10-year Treasury yield dipped ahead of several important key economic data such as the (i) US GDP, (ii) core PCE Index and (iii) US PMI; the Dow closed above 38k for the first time. Given the positive rally on Wall Street, we believe the buying interest may persist on the local front. On the commodity markets, the Brent oil spiked near the USD80/bbl mark after a drone attack on a Russian port in the Baltic Sea.

Sectors focus: Following the Wall Street rally, we expect buying support to prevail on the local front, especially the Technology sector. Meanwhile, we noticed strong trading activities within the h the strong sustaining rally in the US, we expect buying interest to build up on the local exchange within the Construction, Property and Utilities sectors, which is within our expectation as it is in tandem with the ongoing catalysts of (i) the potential revival of KL-SG HSR, (ii) easing requirements of MM2H as well as (iii) the focus in the Johor-region investments. We believe the Telco sector will benefit from the rising demand on data centre as well.

Stocks to watch:

Automotive: BAUTO, PECCA
Consumer: HUPSENG
Building Material: PWRWELL
Finance: AMBANK

Source: M+ Online

M+ Online Technical Focus - 23 Jan 24
DELEUM Berhad:Tapping into the increasing O&G CapEx

Trading Catalyst
· In 3Q23 DELEUM’s net profit attributable to shareholders stands at RM12.2m from RM11.8m (+3.5% YoY).
· Management guided for stronger orderbook wins in FY24 from Petronas.
· Benefiting from the increase in the O&G global capital expenditure.
"· Technically, DELEUM has experienced a breakout above RM1.01 and closed at RM1.04. Monitor for a breakout, targeting RM1.14-1.15, with a LT target at RM1.20. Support is located around RM0.98-0.99, while cut loss is at RM0.97.
RM0.265. Monitor for a breakout, targeting RM0.285-0.29, with a LT target at
RM0.325. Support is located around RM0.245-0.25, while cut loss is at RM0.24. "

Technical View

(i) DELEUM (S: RM0.98-0.99, R: RM1.14-1.15, LT TP: RM1.20, CL: RM0.97)

S: Support, R: Resistance, LT TP: Long term target price, CL: Cut loss

Source: Bloomberg, M+ Online



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