M+ Online Morning Market Buzz - 7 Mar 24

Dow Jones: 38,661.05 pts (+75.86pts, +0.20%)
⬆️ Resistance:  40000
⬇️ Support:  37700

FBM KLCI: 1,531.51 pts (-5.47pts, -0.36%)
⬆️ Resistance:  1590
⬇️ Support:  1490

HSI Index: 16,438.09 pts (+275.45pts, +1.70%)
⬆️ Resistance:  17100
⬇️ Support:  15800

Crude Palm Oil: RM4,081 (-RM10, -0.25%)
⬆️ Resistance:  4170
⬇️ Support:  3840

Brent Oil: $82.04 (+$0.86, +1.05%)
⬆️ Resistance:  86.10
⬇️ Support:  80.10

Gold: $2,148.18 (+$20.14, +0.95%)
⬆️ Resistance:  2200
⬇️ Support:  1990

Market update – 7 Mar 24
Slightly Positive From The Fed’s Statements

The FBM KLCI traded lower for another session with profit taking amongst selected heavyweights. In the US, Wall Street traded on a positive note as Jerome Powell commented that the interest rates are at its peak and will need to have some confidence that inflation is heading towards 2% before cutting, while the number of cuts may differ from earlier expectations of 3 times. On the commodity markets, Brent oil trended along USD82-83/bbl zone after EIA data showed a smaller-than-expected increase in US weekly crude stocks, while the Gold price charged towards a fresh intraday high of USD2152 level, in view of looser monetary policies. Besides, the FCPO surged above the significant trendline and closed at RM4071. 

Sectors focus: On the local front, we expect buying support to be seen within the commodities sectors like the O&G, Gold and Plantation sectors firmer underlying commodities prices in view of potential interest rate cuts going forward, albeit timing is not confirmed. Besides, we favour selected Technology stocks with solid balance sheets and high dividend yield counters, while the Consumer sector will be favourable under this cautious environment.

Stocks to watch: 

Technology: ATECH, FPI, UNISEM
Property: AWC, LBS
Building Material: SCGBHD
Construction: FAJAR
Consumer: HUPSENG
Plantation: INNO
Furniture: LIIHEN

Source: M+ Online

M+ Online Technical Trading Stocks - 7 Mar 24

Stock Name: FAJAR (7047)
Entry: Buy above RM0.335
Target: RM0.350 (4.5%), RM0.365 (9.0%)
Stop: RM0.325 (-3.0%)
Shariah: Yes
Technical: Breakout-pullback-continuation

Stock Name: UNISEM (5005)
Entry: Buy above RM3.380
Target: RM3.500 (3.6%), RM3.550 (5.0%)
Stop: RM3.300 (-2.4%)
Shariah: Yes
Technical: Monitor for trendline breakout

Source: Bloomberg, M+ Online

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