M+ Online Morning Market Buzz - 1 Mar 24

Dow Jones: 38,996.39 pts (+47.37pts, +0.12%)
⬆ Resistance:  39200
⬇ Support:  38800

FBM KLCI: 1,551.44 pts (+5.85pts, +0.38%)
⬆ Resistance:  1560
⬇ Support:  1540

HSI Index: 16,511.44 pts (-25.41pts, -0.15%)
⬆ Resistance:  16700
⬇ Support:  16300

Crude Palm Oil: RM3,970 (-RM17, -0.43%)
⬆ Resistance:  4000
⬇ Support:  3950

Brent Oil: $81.91 (-$0.06, -0.07%)
⬆ Resistance:  82.50
⬇ Support:  81.00

Gold: $2,044.30 (-$0.83, -0.04%)
⬆ Resistance:  2055
⬇ Support:  2030

Market update – 1 Mar 24
Positive Trend To Sustain After Core PCE Data

The FBM KLCI rebounded on the back of MSCI rebalancing activities and most of the banking heavyweights traded positively for the session. On Wall Street, the US stock markets ended on a firmer note as Core PCE data came in within expectation and fell 2.8% YoY, translating to a 4th month winning streak in the US stock markets. We believe the overall sentiment may stay positive as the Core PCE data may signal earlier than expected rate cut from the Fed. On the commodity market, the Brent oil price turned slightly lower but supported above the USD80/bbl level amid ongoing geopolitical tensions, while secured above the USD2,040 level yesterday. 

Sectors focus: Given the Core PCE data came in within expectation, the buying support may emerge within the local market. Overall, the Technology sector’s earnings have seen recovering and the downside risk could be limited, while buying interest could pick up going forward. We like the Packaging segment as both the PPHB and MASTER financial results were growing and likely to see further buying interest within the sector. Meanwhile, the poultry sector could see stronger trading interest as PWF released stellar RM25.6m 4Q23 earnings.

Stocks to watch: 

Technology: CTOS, FPI, MPI, UNISEM
Rubber: SENFONG
Construction: HSSEB
O&G: ICON
Industrial: SIME
Building Material: MCEMENT, PWRWELL

Source: M+ Online

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