M+ Online Morning Market Buzz - 29 Feb 24

Dow Jones: 38,949.02 pts (-23.39pts, -0.06%)
⬆ Resistance: 39200
⬇ Support: 38700

FBM KLCI: 1,545.59 pts (-13.21pts, -0.85%)
⬆ Resistance: 1560
⬇ Support: 1530

HSI Index: 16,536.85 pts (-253.95pts, -1.51%)
⬆ Resistance: 16800
⬇ Support: 16300

Crude Palm Oil: RM3,907 (+RM18, +0.46%)
⬆ Resistance: 3950
⬇ Support: 3850

Brent Oil: $83.68 (+$0.03, +0.04%)
⬆ Resistance: 84.00
⬇ Support: 83.00

Gold: $2,034.55 (+$0.61, +0.03%)
⬆ Resistance: 2050
⬇ Support: 2020

Market update – 29 Feb 24
Traders Stayed Cautious Ahead Of Inflation Data

The FBM KLCI pulled back after hitting resistance along 1,559 and profit taking mode emerged prior to the MSCI rebalancing activities, that will be effective 1st March. Meanwhile, the US stock markets ended softer, as traders stayed cautious ahead of the Core PCE data that will be released tonight; consensus for core PCE stood at 0.4% MoM and it may sway the expectation for the Fed’s first rate cut going forward. On the commodity market, the Brent oil price pulled back further as the US oil inventories rose more than expected last week, while Gold price secured above the USD2,030 zone yesterday. In the cryptocurrency space, Bitcoin surged above US60k psychological level and nearer towards the ATH zone of USD69k.

Sectors focus: With the negative momentum kicking in, further profit taking activities may emerge on the broader market with higher volatility seen within the MSCI rebalancing stocks such as YTL and YTLPOWR. Solid results that traders may take note today will include the Poultry sector as CCK and CAB see stronger growth in profits, while UNIQUE, under the fire-fighting segment may continue with its upward momentum. Besides, KGB continued its earnings momentum for this quarter.

Stocks to watch:

Technology: AWANTEC, MPI, PIE, VSTECS
O&G: DELEUM, GASMSI*, WASCO
Construction: HSSEB
Others: NGGB
Banking: AMBANK

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.