KLSE Traders Update and Ideas

Daily Market Update - 22 Feb 2024

Publish date: Thu, 22 Feb 2024, 08:50 AM
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This blog provides market updates and trading ideas that I gather from around the web.

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
Building Material: PA
Technology: PIE
Financial: MNRB

Source: M+ Online



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