M+ Online Morning Market Buzz - 15 Feb 24

Dow Jones: 38,424.27 pts (+151.52pts, +0.40%)
⬆️ Resistance: 39800
⬇️ Support: 37300

FBM KLCI: 1,529.33 pts (-2.04pts, -0.13%)
⬆️ Resistance: 1570
⬇️ Support: 1480

HSI Index: 15,879.38 pts (+132.80pts, +0.84%)
⬆️ Resistance: 16500
⬇️ Support: 15200

Crude Palm Oil: RM3,959 (+RM11, +0.28%)
⬆️ Resistance: 4040
⬇️ Support: 3770

Brent Oil: $82.77 (-$1.23, -1.49%)
⬆️ Resistance: 85.30
⬇️ Support: 77.50

Gold: $1,992.33 (-$26.90, -1.33%)
⬆️ Resistance: 2080
⬇️ Support: 1950

M+ Online Technical Trading Stocks - 15 Feb 24

Market update – 15 Feb 24
Positive Sentiment To Prevail

The FBM KLCI turned sideways after the recent consolidation breakout. We believe the overall market tone is still positive and likely to head higher after the earnings season. Meanwhile, Wall Street rebounded significantly after the sharp sell down, led mainly by the technology sector. Traders will be monitoring the retail sales and the US PPI data that will be released over the next two days. Although the inflation data may spike, the market will be focusing on the ongoing earnings season to look for trading opportunities. On the commodity market, the Brent oil price traded slightly lower as EIA reported the US inventories surged by 12 million barrels last week, above consensus estimates of 2.6 million.

Sectors focus: Key sectors that investors should be focusing on will be the (i) Construction, (ii) Property, (iii) Utilities and (iv) Renewable Energy given the trading themes revolving around the mega infrastructure projects as well as the data centre investments in Malaysia. Also, we like Consumer related, specifically the poultry sector in anticipation of stronger quarterly results amid normalising costs and higher demand. Besides, the Transportation & Logistics sector may benefit from the ongoing Middle East tensions.

Stocks to watch:

Construction: EPICON, ROHAS
Consumer: ABLEGLOB, PARKSON
Property: PARAMON
Finance: AMBANK
Utilities: RANHILL
Building Material: MNHLDG, YBS
Technology: KGB
Transportation & Logistics: MISC

Source: M+ Online

M+ Online Technical Trading Stocks - 15 Feb 24

Stock Name: PARKSON (5657)
Entry: Buy above RM0.290
Target: RM0.305 (5.2%), RM0.320 (10.3%)
Stop: RM0.280 (-3.4%)
Shariah: Yes
Technical: Monitor for breakout

Stock Name: RANHILL (5272)
Entry: Buy above RM1.130
Target: RM1.180 (4.4%), RM1.220 (8.0%)
Stop: RM1.100 (-2.7%)
Shariah: Yes
Technical: Impending flag-formation breakout

Source: Bloomberg, M+ Online

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