M+ Online Morning Market Buzz - 31 Mar 23

Dow Jones: 32,859.03 pts (+141.43pts, +0.43%)
⬆️ Resistance:  33600
⬇️ Support:  31200

FBM KLCI: 1,424.61 pts (+4.26pts, +0.30%)
⬆️ Resistance:  1460
⬇️ Support:  1370

HSI Index: 20,309.13 pts (+116.73pts, +0.58%)
⬆️ Resistance:  20900
⬇️ Support:  19200

Crude Palm Oil: RM3,768 (-RM20, -0.53%)
⬆️ Resistance:  3880
⬇️ Support:  3430

Brent Oil: $79.27 (+$0.99, +1.26%)
⬆️ Resistance:  81.30
⬇️ Support:  71.30

Gold: $1,980.37 (+$15.67, +0.80%)
⬆️ Resistance:  2050
⬇️ Support:  1910

M+ Online Technical Trading Stocks - 31 Mar 23

Stock Name: PENTA (7160)
Entry: Buy above RM4.85
Target: RM5.06 (4.3%), RM5.20 (7.2%)
Stop: RM4.67 (-3.7%)
Shariah: Yes
Technical: Monitor for breakout

Stock Name: CAB (7174)
Entry: Buy above RM0.715
Target: RM0.77 (7.7%), RM0.80 (11.9%)
Stop: RM0.68 (-4.9%)
Shariah: Yes
Technical: Flag-formation breakout

Market update: The FBM KLCI notched a three-day winning streak, taking cue from the positive environment across regional markets. On the global front, stocks were on track to book further gains amid the quarter-end rebalancing period with easing fears over the global banking crisis. We believe the local bourse will see further upside, supported by the China visit by our 10th Prime Minister, which may anticipate further investments to emerge going forward. Commodities wise, the Brent crude oil traded above USD79 per barrel, while the CPO price hovered above RM3,750; Gold price remained solid above USD1,980. 

Sector focus: The technology sector may be the top performing sector in view of the extended rallies on Wall Street. Meanwhile, investors may look for trading opportunities in the energy counters as crude oil price inched higher. For the quarter-end window dressing activities, we expect traders to focus on banking, properties as well as O&G heavyweights.

Stocks to watch:  
Power-related: RANHILL, YTLPOWR
Consumer: CAMRES, FIHB, MASTER
Poultry: CAB, LAYHONG, LHI
Technology: PIE, VSTECS
Telco: MAXIS, TIMECOM
Medical-related: DPHARMA, KPJ
Others: ARMADA, MCEMENT, PPJACK, TEXCYCL

Source: M+ Online

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