M+ Online Morning Market Buzz - 9 Feb 24

Dow Jones: 38,726.33 pts (+48.97pts, +0.13%)
⬆️ Resistance:  39600
⬇️ Support:  37500

FBM KLCI: 1,512.36 pts (-0.75pts, -0.05%)
⬆️ Resistance:  1560
⬇️ Support:  1480

HSI Index: 15,878.07 pts (-203.82pts, -1.27%)
⬆️ Resistance:  16800
⬇️ Support:  15100

Crude Palm Oil: RM3,909 (+RM35, +0.90%)
⬆️ Resistance:  4000
⬇️ Support:  3680

Brent Oil: $79.21 (+$2.55, +3.22%)
⬆️ Resistance:  83.60
⬇️ Support:  75.10

Gold: $2,034.52 (-$0.84, -0.04%)
⬆️ Resistance:  2100
⬇️ Support:  1980

Market update – 9 Feb 24
Mildly Positive Trading Activities Expected

The FBM KLCI closed flat after traded positively towards an intraday high position around the 1,521 level led by selling pressure in Genting. Meanwhile, the US stock markets surged for another session as the S&P500 hit 5,000 point milestone as roughly in-line, while the unemployment claims came in slightly below expectations. We believe the market is focusing on the solid earnings season which boosted the overall sentiment recently offsetting the delay in the expected interest rate cuts by the Fed. Given this scenario, Wall Street may be supported in the elevated environment at least for the near term. On the commodity markets, Brent oil price traded firmly above USD80/bbl amid signs of ongoing tension in the Middle East as Israel rejected a cease-fire offer from Hamas. 

Sectors focus: Closer to home, we expect buying support to be seen within the Technology sector in tandem with Wall Street. Also, we expect the Construction and Utilities sectors to extend its upward move with the buying support yesterday despite the slowdown in trading activities ahead of Chinese New Year break. We opine that the trading catalyst may revolve around the (i) potential revival of KL-SG HSR and (ii) data centre investment in Malaysia for the near term.

Stocks to watch: 

Technology: FPI, INARI
Consumer: OFI, PWF
Utilities: RANHILL
Plantation: INNO
Automotive: BAUTO
Construction: WCEHB
Property: SIMEPROP
Building Material: MNHLDG

Source: M+ Online

M+ Online Technical Trading Stocks - 9 Feb 24

Stock Name: FPI (9172)
Entry: Buy above RM3.000
Target: RM3.100 (3.3%), RM3.200 (6.7%)
Stop: RM2.960 (-1.3%)
Shariah: Yes
Technical: Monitor for breakout

Stock Name: RANHILL (5272)
Entry: Buy above RM1.130
Target: RM1.180 (4.4%), RM1.230 (8.8%)
Stop: RM1.100 (-2.7%)
Shariah: Yes
Technical: Monitor for breakout

Source: Bloomberg, M+ Online

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