M+ Online Morning Market Buzz - 13 Feb 24

Dow Jones: 38,797.38 pts (+125.69pts, +0.33%)
⬆️ Resistance:  39800
⬇️ Support:  37600

FBM KLCI: 1,512.28 pts (-0.08pts, -0.01%)
⬆️ Resistance:  1560
⬇️ Support:  1480

HSI Index: 15,746.58 pts (-131.49pts, -0.83%)
⬆️ Resistance:  16800
⬇️ Support:  15300

Crude Palm Oil: RM3,884 (+RM10, +0.26%)
⬆️ Resistance:  4030
⬇️ Support:  3710

Brent Oil: $82.19 (-$0.12, -0.15%)
⬆️ Resistance:  84.10
⬇️ Support:  76.10

Gold: $2,020.05 (-$10.26, -0.50%)
⬆️ Resistance:  2090
⬇️ Support:  1980
 

Market update – 13 Feb 24
Buying Support To Return After CNY Break

The FBM KLCI traded in a rangebound mode throughout the past two weeks as sentiment was mixed prior to the Chinese New Year break. Meanwhile, the US stock markets ended on a mixed note with the Dow charged towards a fresh high, but both S&P500 and Nasdaq declined ahead of the 2 US inflation reports this week, which could affect the Fed’s policy outcome and the pace of the cut in the Fed funds rate going forward. Other than CPI and PPI inflation data, the market will be focusing on the US retail sales and US unemployment claims. On the commodity markets, Brent oil price maintained above USD80/bbl as another ship attack in the Red Sea was reported, signalling prevailing risk in the region.

Sectors focus: Overall, we expect the buying support to return after the long break within the Construction, Property and Utilities sector supported by the trading catalysts namely (i) potential revival of the KL-SG HSR mega project, (ii) data centre investment in this region over the near term. Also, the market will be focusing on earnings where Consumer may provide upside in earnings potential amid cost normalisation, while the Energy sector may be lifted by healthy Brent oil price.

Stocks to watch: 

Property: *MAHSING*, PARAMON, *SIMEPROP*
O&G: PANTECH, *TAS*
Automotive: *MBMR*
Technology: *FPI*
Consumer: OFI
Utilities: RANHILL
Plantation: TAANN

Source: M+ Online

M+ Online Technical Trading Stocks - 13 Feb 24

Stock Name: TAS (5149)
Entry: Buy above RM0.615
Target: RM0.640 (4.1%), RM0.670 (8.9%)
Stop: RM0.600 (-2.4%)
Shariah: Yes
Technical: Flag-formation breakout

Stock Name: MBMR (5983)
Entry: Buy above RM4.540
Target: RM4.700 (3.5%), RM4.750 (4.6%)
Stop: RM4.450 (-2.0%)
Shariah: Yes
Technical: Flag-formation breakout

Source: Bloomberg, M+ Online

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