M+ Online Morning Market Buzz - 26 Mar 24

Dow Jones: 39,313.64 pts (-162.26pts, -0.41%)
⬆️ Resistance:  40700
⬇️ Support:  38000

FBM KLCI: 1,537.54 pts (-4.85pts, -0.31%)
⬆️ Resistance:  1590
⬇️ Support:  1510

HSI Index: 16,473.64 pts (-25.83pts, -0.16%)
⬆️ Resistance:  17400
⬇️ Support:  16100

Crude Palm Oil: RM4,247 (+RM27, +0.64%)
⬆️ Resistance:  4410
⬇️ Support:  4090

Brent Oil: $86.75 (+$1.32, +1.55%)
⬆️ Resistance:  89.50
⬇️ Support:  83.40

Gold: $2,171.83 (+$0.44, +0.02%)
⬆️ Resistance:  2270
⬇️ Support:  2110

Market update – 26 Mar 24
Small Cap Segment To Pick Up Going Forward

The FBM KLCI ended lower as profit taking activities emerged within selected heavyweights, but focus was seen in Small Cap stocks as FBMSCAP rose 0.11%. In the US, profit taking appeared across the board offsetting gains in NVDA. We believe the market will continue to monitor the upcoming economic data such as the (i) US GDP, (ii) unemployment claims, (iii) pending home sales as well as (iv) core PCE price index. Despite the weaker sentiment abroad, we expect buying support to continue on the local front, especially in the small cap segment. On the commodity markets, Brent oil rebounded and closed above USD86/bbl, underpinned by ongoing supply cuts by the OPEC+ members and persisting geopolitical tension in the Middle East. 
 
Sectors focus: Still, we think buying interest may build within the Technology sector with the recovery in the earnings in the recent quarterly results. Meanwhile, we like the Construction as the potential revival of the KL-SG HSR coupled with the data center investments that is expected to increase going forward will provide support to the sector. Besides, we favour Consumer, Solar, Chemical, Finance and O&G; the latter is likely to stay firm amid the stronger underlying crude oil price. 

Stocks to watch: 

Technology: GREATEC, MPI, UNISEM
Construction: EPICON, HSSEB
Consumer: ABLEGLOB, SPRITZER
O&G: GASMSIA, MUHIBAH
Solar: SAMAIDEN
Chemical: LUXCHEM
Finance: MBSB

Source: M+ Online

M+ Online Technical Trading Stocks - 26 Mar 24

Stock Name: SAMAIDEN (0223)
Entry: Buy above RM1.390
Target: RM1.450 (4.3%), RM1.490 (7.2%)
Stop: RM1.350 (-2.9%)
Shariah: Yes
Technical: Resistance breakout

Stock Name: GREATEC (0208)
Entry: Buy above RM4.780
Target: RM5.000 (4.6%), RM5.250 (9.8%)
Stop: RM4.700 (-1.7%)
Shariah: Yes
Technical: Bottom rebound

Source: Bloomberg, M+ Online

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