M+ Online Morning Market Buzz - 14 Feb 24

Dow Jones: 38,272.75 pts (-524.63pts, -1.35%)
⬆️ Resistance:  39800
⬇️ Support:  37300

FBM KLCI: 1,531.37 pts (+19.09pts, +1.26%)
⬆️ Resistance:  1570
⬇️ Support:  1480

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

Crude Palm Oil: RM3,909 (+RM8, +0.21%)
⬆️ Resistance:  4030
⬇️ Support:  3740

Brent Oil: $82.00 (+$0.58, +0.71%)
⬆️ Resistance:  85.00
⬇️ Support:  77.00

Gold: $1,993.15 (-$26.90, -1.33%)
⬆️ Resistance:  2090
⬇️ Support:  1960

Market update – 14 Feb 24
KLCI Maintained Uptrend Tone

The FBM KLCI has moved out of the consolidation phase with strong buying interest within banking sector after the Chinese New Year break. However, Wall Street tumbled after the release of the US CPI data which was above consensus’ expectations. This has pushed back the market expectation of the interest rate cuts, translating to higher US Treasury yields and stronger Dollar. Next to watch out will be the upcoming (i) retail sales and (ii) US PPI data. Nevertheless, we expect the buying support may extend on the local front supported by several domestic catalysts at least for the near term. Meanwhile, the Brent oil price continues to trade above USD82/bbl with ongoing tension in the Middle East. 

Sectors focus: Local trading sentiment should stay positive with the trading catalysts revolving around the data centre theme as well as mega infrastructure projects and the soon-open-for-bidding LSS5. Key sectors to focus will be (i) Construction, (ii) Property, Utilities and Renewable Energy. Meanwhile, we think there might be a spike in shipping rates with the ongoing tension in the Red Sea region, hence benefiting Transportation & Logistics companies. In the upcoming earnings season, we like the Consumer and Energy sectors.

Stocks to watch: 

Building Material: HUMEIND, *PA*, *SUCCESS*
Healthcare: KAREX, *TMCLIFE*
Property: *PARAMON*, UEMS
Finance: *BIMB*
Technology: FPI
Plantation: TAANN

Source: M+ Online

M+ Online Technical Trading Stocks - 14 Feb 24

Stock Name: BIMB (5258)
Entry: Buy above RM2.270
Target: RM2.350 (3.5%), RM2.400 (5.7%)
Stop: RM2.220 (-2.2%)
Shariah: Yes
Technical: Consolidation breakout

Stock Name: PA (7225)
Entry: Buy above RM0.350
Target: RM0.370 (5.7%), RM0.385 (10.0%)
Stop: RM0.340 (-2.9%)
Shariah: Yes
Technical: Uptrend Intact

Source: Bloomberg, M+ Online

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