The FBM KLCI traded above 1,465 for a brief moment and ended higher for the sixth
session supported by buying interest within the banking stocks in the window
dressing month. Also, the US stock markets headed for another rally with the
expectation of 3 rate cuts from the Fed in 2024. However, economic data will be
crucial to determine the overall sentiment for the stock markets; the market is
anticipating the final 3Q23 US GDP, and consumer confidence index and core PCE
index this week. On the commodity markets, Brent oil prices extended the rebound
for another session, trading near the USD78/bbl zone after Red Sea attack.
Sector focus: With the strong tech rally in the US, coupled with Chinese firms look to
Malaysia for assembly of high-end chip, we expect the trading interest to continue
within the Technology sector at least for the near to mid-term. Meanwhile, we like
the overall Johor related theme with the ongoing infra developments, this could
boost the buying support within the Construction, Property, Building Material and
Start investing with a single click.