M+ Online Morning Market Buzz - 20 Mar 24

Dow Jones: 39,110.76 pts (+320.33pts, +0.83%)
⬆️ Resistance:  40000
⬇️ Support:  37900

FBM KLCI: 1,544.96 pts (-8.68pts, -0.56%)
⬆️ Resistance:  1590
⬇️ Support:  1510

HSI Index: 16,529.48 pts (-207.64pts, -1.24%)
⬆️ Resistance:  17600
⬇️ Support:  16200

Crude Palm Oil: RM4,201 (+RM17, +0.40%)
⬆️ Resistance:  4420
⬇️ Support:  4050

Brent Oil: $87.38 (+$0.49, +0.56%)
⬆️ Resistance:  89.50
⬇️ Support:  80.40

Gold: $2,157.59 (+$1.12, +0.05%)
⬆️ Resistance:  2230
⬇️ Support:  2110

Market update – 20 Mar 24
 FOMC Meeting Will Be The Key Focus

The FBM KLCI closed lower for the session with the profit taking activities seen within selected Banking heavyweights. In the US, we noticed trading activities had slowed down ahead of the conclusion of the FOMC meeting as the market is looking forward to the Fed’s statement in order to understand the timing of the interest rate cut. Similarly, we opine that the overall market conditions on the local front will turn softer with profit taking activities emerging after recent rebound on small caps. On the commodity markets, Brent oil has traded positively for the fifth session, breaching above the USD87/bbl mark. For the FCPO, it has pulled back, but trading above the RM4,200 level. 
 
Sectors focus: Given the recent upward trend on Brent oil above the USD87 level, we believe the traders will be focusing on the O&G sector at least for the near term in view of higher capex from Petronas this year as well. Besides, we noticed consumer stocks were having an increase in trading activities following Apollo’s strong dividend payout, this may provide upside opportunities within the sector. Also, we favour the Telco, Finance, Property, Solar as well as Packaging industries. 

Stocks to watch: 

O&G GASMSIA, PENERGY
Finance: MBSB
Telco: OCK
Packaging: PPHB
Utility: BTECH
Property: LBS
Solar: SAMAIDEN
Consumer: ABLEGLOB, HUPSENG

Source: M+ Online

M+ Online Technical Trading Stocks - 20 Mar 24

Stock Name: PPHB (8273)
Entry: Buy above RM0.790
Target: RM0.820 (3.8%), RM0.850 (7.6%)
Stop: RM0.770 (-2.5%)
Shariah: Yes
Technical: Symmetrical triangle formation breakout

Stock Name: GASMSIA (5209)
Entry: Buy above RM3.360
Target: RM3.500 (4.2%), RM3.550 (5.7%)
Stop: RM3.300 (-1.8%)
Shariah: Yes
Technical: Monitor for breakout

Source: Bloomberg, M+ Online

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