KLSE Traders Update and Ideas

Daily Market Update - 14 May 2024

Publish date: Tue, 14 May 2024, 09:12 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 - 14 May 24

Dow Jones: 39,431.51 pts (-81.33pts, -0.21%)
⬆️ Resistance:  40500
⬇️ Support:  38100

FBM KLCI: 1,602.91 pts (+2.24pts, +0.14%)
⬆️ Resistance:  1650
⬇️ Support:  1570

HSI Index: 19,115.06 pts (+151.38pts, +0.80%)
⬆️ Resistance:  19600
⬇️ Support:  18000

Crude Palm Oil: RM3,868 (+RM25, +0.65%)
⬆️ Resistance:  4040
⬇️ Support:  3700

Brent Oil: $83.36 (+$0.57, +0.69%)
⬆️ Resistance:  86.30
⬇️ Support:  80.10

Gold: $2,336.32 (+$1.59, +0.07%)
⬆️ Resistance:  2430
⬇️ Support:  2260

Market update – 14 May 24
Positive Sentiment Could Stay On Bursa Exchange

The FBMKLCI has snapped a 3-day pullback, in tandem with the FBM70 and FBM Small Cap indices, marking fresh 52-week highs yesterday supported by the overall bullish environment. Meanwhile, the US stock markets traded mixed for the session awaiting the US inflation data (CPI, PPI) that will be released this week. Also, the jobs data and retail sales in the US will be crucial for the Fed to determine the interest rate directions going forward. On the commodity markets, Brent oil managed to trade within the support zone around USD82-84, while the gold price maintained above USD2330 zone. The FCPO observed a rebound above the trendline, ending near the RM3,900 level in view of potentially improved demand from China. 

Sectors focus: Despite the market turning sideways in the US, we expect the buying support to stay healthy on the local front. Also, the recent release of results from selected Technology companies that were above market’s expectations, coupled with the narratives of (i) increased demand from AI-driven activities as well as higher investments within the data centers should provide upside opportunities within the Technology sector. Besides, we favour stocks within the Construction, Property, Building Materials, Utilities and Consumers on the back of local driven catalysts such as NETR, NIMP and potential revival of KL-SG HSR. 

Stocks to watch: 

Property: IWCITY
Construction: TRC
Building Material: SKBSHUT
Utility: MFCB
Shipping: HARBOUR

Source: M+ Online



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