Buying Momentum To Persist

The FBM KLCI ended higher for the third straight session with solid buying interest
across most of the heavyweights. Over in the US, Wall Street closed in the negative
territory as Technology stocks were beaten down led by NVDA and AMD as investors
turn cautious ahead of their earnings, while the defensive sectors such as Consumer
Staples and Utilities gained traction. Closer to home, we believe the buying
momentum should persist amid the ongoing earnings season as we anticipate
better performance from the corporates in 4Q23. On the commodity market, the
Brent oil price fell more than 1% on the back of worries about global demand,
offsetting price support from the Middle East tensions.

Sectors focus: Into the corporate earnings season, we believe traders will be looking
for trading opportunities within the fundamentally solid companies. We noticed
Consumer especially the poultry counter and O&G companies released solid results,
thus trading interest will be revolving around these sectors for today. Meanwhile, we
like the Technology sector on the back of the NIISe 2.0 project, coupled with the
Plantation sector on the back of firmer FCPO prices.

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