M+ Online Morning Market Buzz - 14 Mar 24

Dow Jones: 39,043.32 pts (+37.83pts, +0.10%)
⬆️ Resistance:  40000
⬇️ Support:  37800

FBM KLCI: 1,538.13 pts (-16.43pts, -1.06%)
⬆️ Resistance:  1590
⬇️ Support:  1510

HSI Index: 17,082.11 pts (-11.39pts, -0.07%)
⬆️ Resistance:  17600
⬇️ Support:  15900

Crude Palm Oil: RM4,195 (+RM17, +0.41%)
⬆️ Resistance:  4290
⬇️ Support:  3970

Brent Oil: $84.03 (+$2.11, +2.58%)
⬆️ Resistance:  86.00
⬇️ Support:  79.50

Gold: $2,174.41 (+$1.01, +0.05%)
⬆️ Resistance:  2240
⬇️ Support:  2110

Market update – 14 Mar 24
Traders Stayed Cautious Ahead Of PPI Data

The FBM KLCI ended softer after several index heavyweights exercised for dividends, while selected Telco heavyweights closed in the negative territory. Meanwhile, the US stock markets traded mixed prior to the release of PPI data later tonight as the inflation number will be crucial for the Fed in determining the interest outlook going forward. However, we expect the general tone on the local front may remain positive amid bargain hunting activities in the small cap stocks. On the commodity markets, Brent oil experienced a breakout above USD84 supported by a drop in U.S. crude inventories and potential supply disruptions after Ukrainian attacks on Russian refineries. Meanwhile, the Gold price pulled back but rebound above the USD2150 zone. For the FCPO, the momentum continued as the price breaches above RM4200. 

Sectors focus: Given the weakness in the Technology sector in the US, we believe the upside for Technology stocks could be minimal on the local front. Meanwhile, we believe traders could focus on the commodities sector like O&G and Plantation sector, with the firmer performance on the underlying commodities overnight. Besides, we favour selected Consumer, Property, Construction and Banking stocks. 

Stocks to watch: 

Property: LBS, SIMEPROP
Construction: EPICON
Banking: MBSB
Solar: SAMAIDEN
Plantation: TSH
Building material: SCGBHD
Consumer: SUPERLN
Technology: MPI, UNISEM

Source: M+ Online

M+ Online Technical Trading Stocks - 14 Mar 24

Stock Name: LBS (5789)
Entry: Buy above RM0.720
Target: RM0.750 (4.2%), RM0.780 (8.3%)
Stop: RM0.700 (-2.8%)
Shariah: Yes
Technical: Consolidation breakout

Stock Name: EPICON (4847)
Entry: Buy above RM0.430
Target: RM0.455 (5.8%), RM0.480 (11.6%)
Stop: RM0.415 (-3.5%)
Shariah: Yes
Technical: Impending flag-formation breakout

Source: Bloomberg, M+ Online

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