M+ Online Morning Market Buzz - 22 Feb 24

Dow Jones: 38,612.24 pts (+48.44pts, +0.13%)
⬆️ Resistance: 39700
⬇️ Support: 37600

FBM KLCI: 1,552.40 pts (-3.19pts, -0.21%)
⬆️ Resistance: 1590
⬇️ Support: 1500

HSI Index: 16,503.10 pts (+255.59pts, +1.57%)
⬆️ Resistance: 17100
⬇️ Support: 15500

Crude Palm Oil: RM3,857 (-RM6, -0.16%)
⬆️ Resistance: 4050
⬇️ Support: 3730

Brent Oil: $82.34 (+$0.79, +0.96%)
⬆️ Resistance: 85.40
⬇️ Support: 79.20

Gold: $2,025.99 (+$1.58, +0.08%)
⬆️ Resistance: 2080
⬇️ Support: 1960

Market update – 22 Feb 24
Positive Sentiment To Return

The FBM KLCI slid marginally after a 3-day winning streak as profit taking emerged, while the US stock markets closed mixed prior to the release of Nvidia’s results, while pricing in the Fed’s minutes, where most of the Fed’s officials worried on moving too quickly to cut rates and inflation might spike again with the ongoing geopolitical tension. While the elevated interest rates environment may persist, Nvidia’s post-market results managed to beat expectations and will be able to support the overall sentiment at least for the near term. On the local front, we reckon the market sentiment will stay positive amid the better-than-expected corporate earnings season. On the commodity market, the Brent oil price headed higher on the back of ongoing tension in the Middle East region.

Sectors focus: We believe the market may be focusing on Property, Construction and Building Material as well as O&G sectors following corporate earnings releases from Sunway-related, Avaland, and Perdana. Meanwhile, we still expect the Technology to improve further from this point in tandem with the spike in Nvidia after hours following the release of corporate earnings.

Stocks to watch:

Consumer: 3A, OFI, SDS, SPRITZER
O&G: DELEUM, OVH
Building Material: PA
Technology: PIE
Gaming: GENTING
Financial: MNRB

Source: M+ Online

Disclaimer

The content published is solely for information and personal use only. It should not be construed to be, any advice, recommendation, offer or invitation to buy or sell any securities, futures contracts or any other instrument. Readers should seek independent advice from their own professional advisers (including legal, tax, financial and accounting) as to the risks and merits before entering into any transaction pursuant to or in reliance on any information here.

The content published above shall only be for your sole and personal non-professional use. No guarantee is given on the accuracy or completeness of the information published here. No warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of any person or group of persons acting on such information.