KLSE Traders Update and Ideas

Daily Market Update - 29 Jan 2024 (FPI, SPSETIA)

Publish date: Mon, 29 Jan 2024, 09:16 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 - 29 Jan 24

Dow Jones: 38,109.43 pts (+60.30pts, +0.16%)
⬆️ Resistance:  39000
⬇️ Support:  37100

FBM KLCI: 1,506.28 pts (+2.18pts, +0.14%)
⬆️ Resistance:  1540
⬇️ Support:  1460

HSI Index: 15,952.23 pts (-259.73pts, -1.60%)
⬆️ Resistance:  16600
⬇️ Support:  14500

Crude Palm Oil: RM4,017 (+RM23, +0.58%)
⬆️ Resistance:  4120
⬇️ Support:  3820

Brent Oil: $83.55 (+$1.12, +1.36%)
⬆️ Resistance:  85.50
⬇️ Support:  76.30

Gold: $2,018.52 (+$6.95, +0.34%)
⬆️ Resistance:  2080
⬇️ Support:  1980

Market update – 29 Jan 24
Positive Tone On Bursa Exchange To Persist

The FBM KLCI charged higher for the fifth session, hovering above the 1,500 psychological level; still supported by the Utilities heavyweights. Meanwhile, the US stock markets ended the week on a mixed note as the S&P500 snapped the 5-day winning streak after Intel’s softer revenue forecast. This week, the market should be watching closely on several events such as (i) China manufacturing PMI, (ii) FOMC meeting, (iii) jobs data in the US. Overall, we still expect the buying support to sustain within the Malaysia stock markets. On the commodity markets, Brent oil continues to climb higher, currently hovering above USD83/bbl mark amid potential China stimulus packages, coupled with the ongoing tension in the Middle East region. 

Sectors focus: With the jump in the crude oil prices following the rising tension in the Middle East region, we expect the O&G sector to perform well going forward. Also, shipping rates may spike and the Transportation & Logistics sector is likely to see an upside move. Meanwhile, the continuation of buying momentum within the YTL-related companies last week may continue as it should be supported by the KL-SG HSR and data centre theme for now. Besides, we do expect the Construction, Building Material, Property sectors to gain in tandem from these catalysts.
Stocks to watch: 

Technology: *FPI*, FRONTKN
Property: LBS, *SPSETIA*
Automotive: *MBMR*
Consumer: *CAB*
Finance: AMBANK
Healthcare: HARTA

Source: M+ Online

M+ Online Technical Trading Stocks - 29 Jan 24

Stock Name: FPI (9172)
Entry: Buy above RM2.950
Target: RM3.050 (3.4%), RM3.100 (5.1%)
Stop: RM2.900 (-1.7%)
Shariah: Yes
Technical: Consolidation breakout

Stock Name: SPSETIA (8664)
Entry: Buy above RM0.920
Target: RM0.950 (3.3%), RM0.980 (6.5%)
Stop: RM0.900 (-2.2%)
Shariah: Yes



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