Dow Jones: 38,627.99 pts (-145.13pts, -0.37%)
⬆️ Resistance: 39700
⬇️ Support: 37300
FBM KLCI: 1,538.61 pts (+5.06pts, +0.33%)
⬆️ Resistance: 1580
⬇️ Support: 1490
HSI Index: 16,155.61 pts (-184.35pts, -1.13%)
⬆️ Resistance: 16800
⬇️ Support: 15200
Crude Palm Oil: RM3,886 (+RM21, +0.54%)
⬆️ Resistance: 4050
⬇️ Support: 3730
Brent Oil: $83.47 (-$0.05, -0.06%)
⬆️ Resistance: 85.40
⬇️ Support: 79.20
Gold: $2,016.66 (+$9.19, +0.46%)
⬆️ Resistance: 2080
⬇️ Support: 1950
Market update – 20 Feb 24
Key Focus On The Earnings Season
The FBM KLCI added strength with the buying support observed within Genting and Banking heavyweights. Meanwhile, the US stock markets were closed for the President’s Day public holiday. This week, the market will be monitoring the (i) FOMC meeting minutes, (ii) unemployment claims and (iii) the US PMI data on Thursday. On the local front, we expect continuation of buying interest on the broader market ahead of the earnings season. On the commodity market, the Brent oil price traded firmer above the USD83/bbl mark as concerns over the tensions in the Middle East persisted, while the FCPO prices stayed above RM3,800 for the third session.
Sectors focus: With corporate earnings season around the corner, we believe traders will be looking for opportunities within the fundamentally solid companies. We noticed Consumer stocks may perform well with the normalising costs throughout last year and increasing demand during the final quarter of 2023. Meanwhile, we believe the Plantation sector could trend firmly higher with the momentum building up recently, in tandem with the FCPO prices. Besides, the Technology sector may turn attractive with the ongoing bidding for NIISe 2.0 project.
Stocks to watch:
Consumer: CAB, SDS
Building Material: PWRWELL, YBS
Construction: GBGAQRS, MRCB
Property: IOIPG, SIMEPROP
O&G: PANTECH
Transportation: HARBOUR
Source: M+ Online
