KLSE Traders Update and Ideas

Daily Market Update - 5 Feb 2024

Publish date: Mon, 05 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 - 5 Feb 24

Dow Jones: 38,654.42 pts (+134.58pts, +0.35%)
⬆️ Resistance: 39600
⬇️ Support: 37300

FBM KLCI: 1,516.58 pts (+3.60pts, +0.24%)
⬆️ Resistance: 1560
⬇️ Support: 1480

HSI Index: 15,533.56 pts (-32.65pts, -0.21%)
⬆️ Resistance: 16600
⬇️ Support: 15200

Crude Palm Oil: RM3,764 (-RM34, -0.90%)
⬆️ Resistance: 4070
⬇️ Support: 3680

Brent Oil: $77.33 (-$1.37, -1.74%)
⬆️ Resistance: 86.50
⬇️ Support: 75.40

Gold: $2,039.76 (+$15.47, +0.75%)
⬆️ Resistance: 2110
⬇️ Support: 1980

Market update – 5 Feb 24
Strong Buying Support Within The US Tech Giants

The FBM KLCI maintained its upward tone after a two-day consolidation and we expect buying support to continue this week. On Wall Street, the overall sentiment was boosted by stronger-than-expected earnings from META which announced its first quarterly dividend following robust ad sales in the holiday shopping period. Also, we like Apple Inc for the release of Vision Pro headgear which may provide the next phase of growth for the technology space going forward. This week, the market will monitor the (i) US ISM Services PMI and (ii) unemployment claims data on Thursday. On the commodity markets, Brent oil fell below USD80/bbl level amid stronger dollar after US added 353k jobs in January.

Sectors focus: With the bullish tone seen in the US stock markets, we expect buying interest to emerge within the Technology sector. Given the REIT and Transportation & Logistic sectors momentum was decent last week, there might be continued buying support this week; the former could be due to stable OPR at this juncture. Meanwhile, other trading catalysts such as the (i) potential revival of KL-SG HSR as well as (ii) Johor-region investments could bode well for the Construction, Property, Utilities and Building Materials sectors.

Stocks to watch:

Technology: FPI
Gaming: GENM
Consumer: YOCB
Automotive: MBMR
Finance: KENANGA
Transportation & Logistics: SWIFT, TAS

Source: M+ Online

M+ Online Technical Focus - 5 Feb 24
SPRITZER: Sales Growth In-Line With Increasing Tourism Activities

Trading Catalyst
· SPRITZER earnings grew for 2 consecutive quarters with 3Q23 net profit came in at RM17.0m (+48.5% YoY).
· Stronger demand is expected for bottled water from greater domestic traveling and international tourist arrivals.
· Margin may expand under normalising PET resin prices.
· Technically, SRPITZER has experienced a breakout above RM2.17 and last closed at RM2.23. Monitor for a breakout, targeting RM2.40-2.45, with a LT target at RM2.50. Support is located around RM2.14-2.15, while cut loss is at RM2.10.

Technical View

(i) SPRITZER (S: RM2.14-2.15, R: RM2.40-2.45, LT TP: RM2.50, CL: RM2.10)

S: Support, R: Resistance, LT TP: Long term target price, CL: Cut loss

Source: Bloomberg, M+ Online



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