M+ Online Morning Market Buzz - 23 Feb 24

Dow Jones: 39,069.11 pts (+456.87pts, +1.18%)
⬆️ Resistance: 40000
⬇️ Support: 37600

FBM KLCI: 1,545.49 pts (-6.91pts, -0.45%)
⬆️ Resistance: 1590
⬇️ Support: 1500

HSI Index: 16,742.95 pts (+239.85pts, +1.45%)
⬆️ Resistance: 17100
⬇️ Support: 15700

Crude Palm Oil: RM3,851 (+RM12, +0.31%)
⬆️ Resistance: 4000
⬇️ Support: 3730

Brent Oil: $83.03 (+$0.38, +0.46%)
⬆️ Resistance: 85.70
⬇️ Support: 80.10

Gold: $2,024.39 (-$1.60, -0.08%)
⬆️ Resistance: 2080
⬇️ Support: 1960

Market update – 23 Feb 24
Technology Sector To Lead For The Near Term

The FBM KLCI pulled back for the second session consecutively prior to release of YTLs’ results. Over in the US, Wall Street charged higher as the sentiment turned bullish after the strong set of results from Nvidia; the Dow and S&P500 closes at record highs. Meanwhile, the flash US manufacturing PMI rose to 17-month high of 51.5 (consensus: 50.5), while the S&P flash US services PMI dipped to a 3-month low of 51.3 (consensus: 52.4); both in the expansion territory. On the commodity market, the Brent oil price still holding above USD83/bbl amid ongoing conflicts in the Middle East, coupled with the US inventories rising less-than-expected.

Sectors focus: With the positive sentiment observed in the US following Nvidia’s results, we believe the buying interest may extend following yesterday’s momentum in the Technology sector on the local front. Meanwhile, the FBM KLCI’s upside may be capped by the flattish YTLPOWR’s results. Other notable result includes PWRWELL, where the earnings have increase strongly due to some data center and solar-related projects. Besides, MSM saw a turnaround on a QoQ basis, but it might have been reflected in the share price, thus the market may perform a sell-on-news strategy.

Stocks to watch:

Technology: FRONTKN, INARI, JCY, NOTION
Utilities: RANHILL
Chemical: SAMCHEM
Others: SEAL, DANCO
Property: SUNWAY
Financial: BIMB

Source: M+ Online

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