M+ Online Morning Market Buzz - 6 Mar 24

Dow Jones: 38,585.19 pts (-404.64pts, -1.04%)
⬆️ Resistance:  40000
⬇️ Support:  37700

FBM KLCI: 1,536.98 pts (-2.29pts, -0.15%)
⬆️ Resistance:  1590
⬇️ Support:  1490

HSI Index: 16,162.64 pts (-433.33pts, -2.61%)
⬆️ Resistance:  17200
⬇️ Support:  15800

Crude Palm Oil: RM3,986 (+RM13, +0.33%)
⬆️ Resistance:  4080
⬇️ Support:  3820

Brent Oil: $82.80 (-$0.71, -0.86%)
⬆️ Resistance:  86.10
⬇️ Support:  80.10

Gold: $2,128.04 (+$13.56, +0.64%)
⬆️ Resistance:  2190
⬇️ Support:  1990

Market update – 6 Mar 24
Market Sells Off Ahead of Powell’s Statements

The FBM KLCI reversed significantly from an intra-day low with the help from Genting-related and Banking heavyweights. Meanwhile, on Wall Street, major indices were dragged lower by most of Magnificent 7 companies except for Nvidia as AI-theme is still in focus. Besides the jobs data, traders will be monitoring closely on Jerome Powell’s speech later tonight. Closer to home, there might be a shift in sentiment following the weaker tone in the US stock markets, upside reward might be limited. On the commodity markets, Brent oil traded slightly lower at USD82/bbl level as demand concerns offset extension of voluntary production cuts by OPEC+ members, while the Gold price closed at record high above the USD2120 level in anticipation of potential interest rate cut going forward. 

Sectors focus: Still, we expect traders to focus on commodities segment such as the O&G, Gold and Plantation sectors as their underlying commodities prices were traded higher for the session. Under this cautious environment, we reckon traders to look for opportunities within companies with solid balance sheet and high dividend yield. Meanwhile, we like selected Banking, Construction and Property stocks.

Stocks to watch: 

O&G: VELESTO
Property: LBS
Plantation: TAANN
Finance: MBSB
Construction: EPICON
Consumer: PPHB, SDS
Technology: FRONTKN
Furniture: LIIHEN
Healthcare: TMCLIFE

Source: M+ Online

M+ Online Technical Trading Stocks - 6 Mar 24

Stock Name: LBS (5789)
Entry: Buy above RM0.705
Target: RM0.735 (4.3%), RM0.750 (6.4%)
Stop: RM0.685 (-2.8%)
Shariah: Yes
Technical: Monitor for breakout

Stock Name: MBSB (1171)
Entry: Buy above RM0.780
Target: RM0.810 (3.8%), RM0.830 (6.4%)
Stop: RM0.760 (-2.6%)
Shariah: Yes
Technical: Breakout-pullback-continuation

Source: Bloomberg, M+ Online

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