KLSE Traders Update and Ideas

Daily Market Update - 30 Jan 2024

Publish date: Tue, 30 Jan 2024, 08:45 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 - 30 Jan 24

Dow Jones: 38,333.45 pts (+224.02pts, +0.59%)
⬆️ Resistance: 39200
⬇️ Support: 37100

FBM KLCI: 1,515.39 pts (+9.11pts, +0.60%)
⬆️ Resistance: 1550
⬇️ Support: 1470

HSI Index: 16,077.24 pts (+125.01pts, +0.78%)
⬆️ Resistance: 16600
⬇️ Support: 14700

Crude Palm Oil: RM3,922 (-RM26, -0.66%)
⬆️ Resistance: 4120
⬇️ Support: 3820

Brent Oil: $82.40 (-$1.15, -1.38%)
⬆️ Resistance: 86.50
⬇️ Support: 77.20

Gold: $2,033.23 (+$14.71, +0.73%)
⬆️ Resistance: 2080
⬇️ Support: 1980

Market update – 30 Jan 24
Positive Sentiment May Take A Pause

The FBM KLCI closed above the 1,500 psychological level with high conviction price action, continuing its winning streak for the sixth session led by the banking heavyweights. Also, the US stock markets marched stronger for the session ahead of the FOMC meeting as well as earnings releases from the Technology giants this week. However, as the Hong Kong court orders liquidation of China’s Evergrande Group, we believe it may cause the overall sentiment to turn negative at least for the near term, translating to potential profit taking mode on the local front. Meanwhile, on the commodity markets, Brent oil maintained above the USD80/bbl amid the ongoing tension in the Middle East region, but the upside was capped due to the liquidation order of Evergrande.

Sectors focus: Profit taking activities may emerge within the recent strong rally sectors such as the Construction and Property sectors following Evergrande episode. However, with YTL winning another contract in Singapore, that should provide support towards the Utilities sector. We expect the buying interest to build up within the Plantation sector with firmer CPO prices recently. Also, the O&G sector is likely to be on the radar as the Brent oil price is above USD80/bbl.

Stocks to watch:

Technology: FRONTKN, INARI
Plantation: INNO, TAANN
Building Material: WELLCAL
Transportation & Logistics: WPRTS

Source: M+ Online



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