M+ Online Morning Market Buzz - 13 Mar 24

Dow Jones: 39,005.49 pts (+235.83pts, +0.61%)
⬆️ Resistance:  39900
⬇️ Support:  37800

FBM KLCI: 1,554.56 pts (+9.85pts, +0.64%)
⬆️ Resistance:  1590
⬇️ Support:  1500

HSI Index: 17,093.50 pts (+505.93pts, +3.05%)
⬆️ Resistance:  17500
⬇️ Support:  15900

Crude Palm Oil: RM4,129 (+RM39, +0.94%)
⬆️ Resistance:  4260
⬇️ Support:  3900

Brent Oil: $81.92 (-$0.29, -0.35%)
⬆️ Resistance:  85.80
⬇️ Support:  79.50

Gold: $2,158.34 (+$1.48, +0.07%)
⬆️ Resistance:  2240
⬇️ Support:  2090

Market update – 13 Mar 24
Technology Sector Rally Still Persist

The FBM KLCI ended more positively above the 1,550 level after a 4-day winning streak with the help of Utilities heavyweight such as TENAGA. Meanwhile, the US stock markets ended more positively with S&P500 hitting record highs despite core CPI and CPI data came in slightly above expectations. Still, the market could be looking at June for the Fed to reduce the interest rates. With the positive rebound on Wall Street, the buying interest may spillover towards stocks on the local front.  On the commodity markets, Brent oil is ranging along USD81-83/bbl, while the Gold price pulled back below USD2160 after the spike in CPI. For the FCPO, it continues to trade on a positive note rising above RM4,150.
 
Sectors focus: We opine that the Technology stocks on the local front could turn positive with the help from the positive sentiment on Wall Street. Meanwhile, we like the commodities sectors such as the Plantation and O&G sectors given the firmer trading tone on FCPO and Brent oil price. Besides, we favour selected Consumer, Building Material, Shipping, Property and Utilities stocks. 

Stocks to watch: 

Technology: ATECH, MPI, UNISEM
Consumer: SDS, SUPERLN
Plantation: CEPAT, TAANN
O&G: GASMSIA
Building Material: SCGBHD
Shipping: WPRTS
Property: E&O
Utilities: BTECH

Source: M+ Online

M+ Online Technical Trading Stocks - 13 Mar 24

Stock Name: UNISEM (5005)
Entry: Buy above RM3.500
Target: RM3.600 (2.9%), RM3.700 (5.7%)
Stop: RM3.450 (-1.4%)
Shariah: Yes
Technical: Bullish engulfing candle

Stock Name: SUPERLN (7235)
Entry: Buy above RM0.860
Target: RM0.900 (4.7%), RM0.930 (8.1%)
Stop: RM0.840 (-2.3%)
Shariah: Yes
Technical: Monitor for breakout

Source: Bloomberg, M+ Online

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