M+ Online Morning Market Buzz - 28 Feb 24

Dow Jones: 38,972.41 pts (-96.82pts, -0.25%)
⬆ Resistance: 39200
⬇ Support: 38750

FBM KLCI: 1,558.80 pts (+11.20pts, +0.72%)
⬆ Resistance: 1570
⬇ Support: 1540

HSI Index: 16,790.80 pts (+156.06pts, +0.94%)
⬆ Resistance: 16900
⬇ Support: 16650

Crude Palm Oil: RM3,922 (+RM3, +0.08%)
⬆ Resistance: 3950
⬇ Support: 3850

Brent Oil: $83.65 (+$1.12, +1.36%)
⬆ Resistance: 84.50
⬇ Support: 83.00

Gold: $2,030.48 (-$0.81, -0.04%)
⬆ Resistance: 2050
⬇ Support: 2020

Market update – 28 Feb 24
US Mixed Ahead Of PCE Data

The FBM KLCI added strength after a 4-day consolidation with the help of Utilities heavyweights. Likely, the overall sentiment will remain positive, digesting the improvements in latest quarterly results. On Wall Street, sentiment was mixed as US Consumer Confidence retreated in Feb. Meanwhile, the traders will be focusing on the upcoming Core PCE, unemployment claims and the US Manufacturing PMI as these factors may dictate the Fed’s tone going forward. On the commodity market, the Brent oil price slid after Joe Biden’s statement on a potential ceasefire agreement between Israel and Hamas is in the works, but still ranging within USD81-83/bbl, while the Gold prices have recovered gradually above the USD2030 zone.

Sectors focus: A general trend of gradual recovery was noticed within the metal related stocks, such as PRESTAR, PA and SCGBHD, thus this may translate to higher trading activities within the Building Material segment. Meanwhile, the Packaging sector has seen improvements in BPPLAS and PPHB. Besides, selected Technology stocks like DUFU and UNISEM have seen recovery and we reckon traders to pay attention to the Technology sector.

Stocks to watch:

O&G: ARMADA, DANCO, NAIM
Technology: CTOS, FRONTKN
Consumer: HUPSENG, OFI
Construction: HSSEB
Gaming: GENM
Shipping & Logistics: WPRTS

Source: M+ Online

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