M+ Online Morning Market Buzz - 8 Mar 24

Dow Jones: 38,791.35 pts (+130.30pts, +0.34%)
⬆️ Resistance: 40000
⬇️ Support: 37700

FBM KLCI: 1,535.83 pts (+4.32pts, +0.28%)
⬆️ Resistance: 1590
⬇️ Support: 1490

HSI Index: 16,229.78 pts (-208.31pts, -1.27%)
⬆️ Resistance: 17000
⬇️ Support: 15800

Crude Palm Oil: RM4,071 (+RM11, +0.27%)
⬆️ Resistance: 4180
⬇️ Support: 3840

Brent Oil: $82.96 (+$0.46, +0.55%)
⬆️ Resistance: 86.10
⬇️ Support: 80.10

Gold: $2,159.98 (-$1.03, -0.05%)
⬆️ Resistance: 2210
⬇️ Support: 2000

Market update – 8 Mar 24
Technology Frenzy May Not Be Over

The FBM KLCI rebounded marginally as selected Telco and Banking stocks provided the support on the key index. In the US, traders could be pricing in the Fed and ECB statements and potentially looking at rate cuts happening this year, thus buying support were noticed within the Technology sector with the help of the ongoing AI-frenzy. For the FBM Small Cap, we expect further rebound to be seen after the recent consolidation phase. On the commodity markets, Brent oil steadied above the USD83/bbl mark with the falling Dollar index after the Fed’s testimony, while the Gold price continues to stay elevated around its all-time-high zone. Besides, the FCPO traded higher around RM4050-4100 level.

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 as the underlying commodities prices traded strongly, pricing in the potential interest rate cuts by the Fed this year. Besides, we believe the buying interest may spillover towards the Technology sector on the local front, while we noticed some buying momentum picking up within the Construction sector.

Stocks to watch:

Technology: ATECH, FPI, MPI, UNISEM
Construction: EPICON, WCEHB
Utilities: BTECH
O&G: GASMSIA
Gold-proxy: TOMEI
Furniture: LIIHEN

Source: M+ Online

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