M+ Online Morning Market Buzz - 11 Mar 24

Dow Jones: 38,722.69 pts (-68.66pts, -0.18%)
⬆️ Resistance:  39900
⬇️ Support:  37700

FBM KLCI: 1,539.86 pts (+4.03pts, +0.26%)
⬆️ Resistance:  1580
⬇️ Support:  1490

HSI Index: 16,353.39 pts (+123.61pts, +0.76%)
⬆️ Resistance:  17000
⬇️ Support:  15800

Crude Palm Oil: RM4,094 (+RM23, +0.56%)
⬆️ Resistance:  4230
⬇️ Support:  3840

Brent Oil: $82.08 (-$0.88, -1.06%)
⬆️ Resistance:  85.80
⬇️ Support:  80.10

Gold: $2,178.95 (+$18.97, +0.88%)
⬆️ Resistance:  2240
⬇️ Support:  2040

Market update – 11 Mar 24
Hitting A Snag In The US As NVDA Pulled Back

The FBM KLCI extended its rebound with the help of Banking, Telco and Plantation heavyweights. Meanwhile, the US stock markets could have hit the resistance after price action reversed throughout the session with selling pressure noticed within Nvidia after the release of mixed jobs data for February. For this week, we may anticipate a softer tone of upside move on the FBM KLCI and FBM Small Cap following the weaker sentiment from the US. On the commodity markets, Brent oil fell below USD82, while the Gold price surged towards an all-time-high zone. For the FCPO, it is trading near the psychological level of RM4,100. 

Sectors focus: Although we expect the upside move to be limited in the near term, we believe buying interest may persist within the Banking and Plantation sector; the latter is likely to trade firmer with its underlying FCPO trading near RM4,100. Meanwhile, we believe the Gold-related stocks should perform well given the all-time-high in Gold prices. Besides, we favour the Technology sector on the local front, especially on UNISEM, MPI and FPI after their good set of results released during Feb reporting season. 

Stocks to watch: 

Property: E&O, LBS, SPSETIA
Technology: UNISEM
Shipping: WPRTS
Banking: MBSB
Gold-proxy: TOMEI
Plantation: TSH
Furniture: LIIHEN
Construction: FAJAR

Source: M+ Online

M+ Online Technical Trading Stocks - 11 Mar 24

Stock Name: TOMEI (7230)
Entry: Buy above RM1.340
Target: RM1.390 (3.7%), RM1.420 (6.0%)
Stop: RM1.300 (-3.0%)
Shariah: Yes
Technical: Monitor for breakout

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

Source: Bloomberg, M+ Online

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