M+ Online Morning Market Buzz - 28 Mar 23

Dow Jones: 32,432.08 pts (+194.55pts, +0.60%)
⬆️ Resistance:  33500

⬇️ Support:  31200

FBM KLCI: 1,396.60 pts (-3.10pts, -0.22%)
⬆️ Resistance:  1450

⬇️ Support:  1370

HSI Index: 19,567.69 pts (-347.99pts, -1.75%)
⬆️ Resistance:  20600

⬇️ Support:  18700

Crude Palm Oil: RM3,615 (+RM39, +1.09%)
⬆️ Resistance:  3940

⬇️ Support:  3430

Brent Oil: $78.12 (+$3.13, +4.17%)
⬆️ Resistance:  80.00

⬇️ Support:  71.30

Gold: $1,956.67 (-$21.54, -1.09%)
⬆️ Resistance:  2050

⬇️ Support:  1900

M+ Online Technical Trading Stocks - 28 Mar 23

Stock Name: ELSOFT (0090)
Entry: Buy above RM0.605
Target: RM0.635 (5.0%), RM0.655 (8.3%)
Stop: RM0.575 (-5.0%)
Shariah: Yes

Technical: Resistance breakout

Stock Name: PWROOT (7237)
Entry: Buy above RM2.11
Target: RM2.24 (6.2%), RM2.31 (9.5%)
Stop: RM2.01 (-4.7%)
Shariah: Yes

Technical: Monitor for breakout

Market update: The FBM KLCI drifted lower amid renewed worries on the banking crisis in the US and Europe. However, given that the rally on Dow Jones overnight, contributed by the First Citizens Bancshares-SVB acquisition deal, which has lifted the sentiment on the banking stocks, the Asian stock markets and the local bourse are likely to move higher for the session. Commodities wise, the Brent crude oil price surged above USD78 per barrel mark, while the CPO price hovered above RM3,600. Gold price saw a mild pullback but stayed above USD1,950. 
 

Sector focus: Investors may pile into the beaten-down energy stocks amid firmer crude oil prices. The plantation stocks may gain momentum along with the stabilised CPO price along RM3,600. Besides, we think investors may favour REIT, consumer stapled, and utilities stocks for its defensive characteristic under this volatile environment. 

Stocks to watch: 
Property: EWEIN, EWINT, IWCITY, SIMEPROP
O&G: PERDANA, T7GLOBAL
Technology: ELSOFT, VSTECS
Construction: MUHIBAH, NADIBHD

Others: BAUTO, GESHEN, KPJ, SAMAIDEN, YENHER

Source: M+ Online

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