M+ Online Morning Market Buzz - 21 Feb 24

Dow Jones: 38,563.80 pts (-64.19pts, -0.17%)
⬆️ Resistance: 39700
⬇️ Support: 37500

FBM KLCI: 1,555.59 pts (+16.98pts, +1.10%)
⬆️ Resistance: 1590
⬇️ Support: 1500

HSI Index: 16,247.51 pts (+91.90pts, +0.57%)
⬆️ Resistance: 16800
⬇️ Support: 15200

Crude Palm Oil: RM3,878 (+RM18, +0.47%)
⬆️ Resistance: 4050
⬇️ Support: 3730

Brent Oil: $83.56 (-$0.97, -1.16%)
⬆️ Resistance: 85.40
⬇️ Support: 79.20

Gold: $2,024.41 (+$3.62, +0.18%)
⬆️ Resistance: 2080
⬇️ Support: 1950

Market update – 21 Feb 24
Buying Momentum To Persist

The FBM KLCI ended higher for the third straight session with solid buying interest across most of the heavyweights. Over in the US, Wall Street closed in the negative territory as Technology stocks were beaten down led by NVDA and AMD as investors turn cautious ahead of their earnings, while the defensive sectors such as Consumer Staples and Utilities gained traction. Closer to home, we believe the buying momentum should persist amid the ongoing earnings season as we anticipate better performance from the corporates in 4Q23. On the commodity market, the Brent oil price fell more than 1% on the back of worries about global demand, offsetting price support from the Middle East tensions.

Sectors focus: Into the corporate earnings season, we believe traders will be looking for trading opportunities within the fundamentally solid companies. We noticed Consumer especially the poultry counter and O&G companies released solid results, thus trading interest will be revolving around these sectors for today. Meanwhile, we like the Technology sector on the back of the NIISe 2.0 project, coupled with the Plantation sector on the back of firmer FCPO prices.

Stocks to watch:

Consumer: CAB, PARKSON, SPRITZER
Building Material: MNHLDG, YBS
Construction: ECONBHD, GBGAQRS, MRCB
Transportation: WPRTS
Gaming: GENM

Source: M+ Online

M+ Online Technical Trading Stocks - 21 Feb 24

Stock Name: CAB (7174)
Entry: Buy above RM0.745
Target: RM0.780 (4.7%), RM0.805 (8.1%)
Stop: RM0.720 (-3.4%)
Shariah: Yes
Technical: Monitor for breakout

Stock Name: GBGAQRS (5226)
Entry: Buy above RM0.370
Target: RM0.400 (8.1%), RM0.410 (10.8%)
Stop: RM0.360 (-2.7%)
Shariah: Yes
Technical: Monitor for breakout

Source: Bloomberg, M+ Online

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