KLSE Traders Update and Ideas

Daily Market Update - 2 Feb 2024 (MCEMENT, RANHILL)

Publish date: Fri, 02 Feb 2024, 08:48 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 - 2 Feb 24

Dow Jones: 38,519.84 pts (+369.54pts, +0.97%)
⬆️ Resistance: 39400
⬇️ Support: 37300

FBM KLCI: 1,512.98 pts (+0.23pts, +0.02%)
⬆️ Resistance: 1560
⬇️ Support: 1480

HSI Index: 15,566.21 pts (+81.14pts, +0.52%)
⬆️ Resistance: 16600
⬇️ Support: 15200

Crude Palm Oil: RM3,798 (-RM44, -1.15%)
⬆️ Resistance: 4120
⬇️ Support: 3720

Brent Oil: $80.55 (-$1.78, -2.21%)
⬆️ Resistance: 86.50
⬇️ Support: 77.00

Gold: $2,054.99 (+$15.47, +0.76%)
⬆️ Resistance: 2110
⬇️ Support: 1980

Market update – 2 Feb 24
Buying Support May Return Within Bursa

The FBM KLCI and FBM Small Cap pulled back for another session as profit taking activities kicked in prior to the Federal Territory holiday break. Meanwhile, the US stock markets had a volatile move after the Fed concluded the FOMC, keeping the interest rates unchanged, affirming that the interest rate is at its peak, but commented that a March rate cut is unlikely. Hence, the market is pricing in rate cuts that may happen in 2H24 and will monitor closely on the corporate earnings and employment report later today. On the commodity markets, Brent oil fell below USD80/bbl level as the market could be pricing in a ceasefire between Israel and Hamas war.

Sectors focus: Given the overall positive tone from the US stock markets, we believe the buying support may return within the Technology sector. We think the market should focus on the upcoming February earnings season, coupled with the trading themes such as the (i) potential revival of KL-SG HSR, (ii) easing requirements of the MM2H and (iii) Johor-theme. Meanwhile, the O&G sector may take a breather with the decline in crude oil prices. Also, the recent LSS5 announcement would bode well for solar companies.

Stocks to watch:

Building Material: MCEMENT, WELLCAL
Water-related: RANHILL
Construction: GAMUDA, SUNCON
Healthcare: KAREX
Finance: KENANGA

Source: M+ Online

M+ Online Technical Trading Stocks - 2 Feb 24

Stock Name: MCEMENT (3794)
Entry: Buy above RM4.740
Target: RM4.850 (2.3%), RM4.950 (4.4%)
Stop: RM4.700 (-0.8%)
Shariah: Yes
Technical: Monitor for breakout

Stock Name: RANHILL (5272)
Entry: Buy above RM1.130
Target: RM1.200 (6.2%), RM1.250 (10.6%)
Stop: RM1.080 (-4.4%)
Shariah: Yes
Technical: Monitor for breakout

Source: Bloomberg, M+ Online



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