M+ Online Morning Market Buzz - 24 Jan 24

Dow Jones: 37,905.45 pts (-96.36pts, -0.25%)
⬆️ Resistance:  38900
⬇️ Support:  36400

FBM KLCI: 1,496.11 pts (+4.92pts, +0.33%)
⬆️ Resistance:  1540
⬇️ Support:  1450

HSI Index: 15,353.98 pts (+392.80pts, +2.63%)
⬆️ Resistance:  16100
⬇️ Support:  14500

Crude Palm Oil: RM3,953 (+RM5, +0.13%)
⬆️ Resistance:  4060
⬇️ Support:  3730

Brent Oil: $80.06 (-$0.28, -0.35%)
⬆️ Resistance:  82.20
⬇️ Support:  75.00

Gold: $2,029.28 (+$7.58, +0.38%)
⬆️ Resistance:  2090
⬇️ Support:  1970

Market update – 24 Jan 24
Mild Breather Is Expected

The FBM KLCI rebounded for the third day with the support seen in mostly Banking heavyweights. Meanwhile, on Wall Street, S&P500 and Nasdaq headed higher, but the Dow slipped amid a mixed bag of earnings. Also, traders will be awaiting results from the “Magnificent 7” to determine the direction of the US stock markets. Other key data that investors may monitor will include the (i) US GDP, (ii) core PCE Index and (iii) US PMI. Currently, the dollar index and the US 10-year Treasury yield are slightly positive. On the commodity markets, Brent oil traded within a narrow range despite the ongoing tension in the Middle East and we expect a positive bias view as extreme weather conditions in the US may limit the oil supplies. 

Sectors focus: With the mixed bag of earnings from Wall Street, profit taking activities may emerge after a 3-day rally on the local exchange. However, we expect the trading focus to remain within the ongoing catalysts like (i) KL-SG HSR, (ii) easing requirements of MM2h as well as the focus in the Johor-region investments. Also, the rising tension in the Red Sea could lift the shipping rates and contribute to potential trading opportunities within the Transportation & Logistics sector. 

Stocks to watch: 

Construction: KERJAYA, TRC, WCT
Building Material: PWRWELL
Consumer: FFB
Property: LBS
O&G: ICON
Plantation: KMLOONG
Utility: TENAGA
Finance: CIMB

Source: M+ Online

M+ Online Technical Trading Stocks - 24 Jan 24

Stock Name: TRC (5054)
Entry: Buy above RM0.425
Target: RM0.450 (5.9%), RM0.465 (9.4%)
Stop: RM0.410 (-3.5%)
Shariah: Yes
Technical: Monitor for breakout

Stock Name: PWRWELL (0217)
Entry: Buy above RM0.245
Target: RM0.270 (10.2%), RM0.280 (14.3%)
Stop: RM0.235 (-4.1%)
Shariah: Yes
Technical: Monitor for breakout

Source: Bloomberg, M+ Online

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