KLSE Traders Update and Ideas

Daily Market Update - 31 Jan 2024

Publish date: Wed, 31 Jan 2024, 08:49 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 - 31 Jan 24

Dow Jones: 38,467.31 pts (+133.86pts, +0.35%)
⬆️ Resistance: 39300
⬇️ Support: 37100

FBM KLCI: 1,512.75 pts (-2.64pts, -0.17%)
⬆️ Resistance: 1560
⬇️ Support: 1470

HSI Index: 15,703.45 pts (-373.79pts, -2.32%)
⬆️ Resistance: 16600
⬇️ Support: 15200

Crude Palm Oil: RM3,848 (+RM6, +0.16%)
⬆️ Resistance: 4120
⬇️ Support: 3760

Brent Oil: $82.40 (+$0.35, +0.42%)
⬆️ Resistance: 86.50
⬇️ Support: 77.50

Gold: $2,037.01 (+$3.78, +0.19%)
⬆️ Resistance: 2090
⬇️ Support: 1980

Market update – 31 Jan 24
Mixed Trading Expected On The Local Front

The FBM KLCI snapped a 6-day winning streak as profit taking activities emerged despite YTL-related heavyweights gaining further momentum. Meanwhile, the US stock markets ended on a mixed note with the Dow charged towards fresh all-time-highs, while S&P500 and Nasdaq fell as the market stayed cautious on the Technology shares prior to the conclusion of the FOMC meeting. Hence, we expect continuation of profit taking activities on the local front with the Evergrande incident. On the commodity markets, Brent oil traded firmer above USD82/bbl after the solid US jobs data, suggesting that the US economic activities continue to grow, coupled with the ongoing Middle East tension.

Sectors focus: We expect the overall market may consolidate with the FBM Small Cap turning lower at this juncture. Nevertheless, we still like the Construction, Property, Building Material sectors for the trading theme within the (i) KL-SG HSR, (ii) easing requirements of the MM2H and (iii) Johor-related investments. Meanwhile, we believe the O&G sector may sustain its momentum as Brent oil price hovers above USD82/bbl. Besides, with the LSS5 announcement recently, there will be a spike of trading interest within solar EPCC players.

Stocks to watch:

Technology: FPI, INARI
Consumer: SDS
Furniture: HOMERIZ
Solar-related: SAMAIDEN
Building Material: SCGBHD
Construction: GBGAQRS
Water-related: KPS
Finance: ABMB
Automotive: BAUTO

Source: M+ Online



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