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: 

Consumer: HUPSENG, SDS, TEOSENG
EMS: VS
Property: IWCITY
Construction: TRC
Building Material: SKBSHUT
O&G: DIALOG
Utility: MFCB
Shipping: HARBOUR

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.