M+ Online Morning Market Buzz - 27 Mar 24

Dow Jones: 39,282.33 pts (-31.31pts, -0.08%)
⬆️ Resistance:  40700
⬇️ Support:  38300

FBM KLCI: 1,538.42 pts (+0.88pts, +0.06%)
⬆️ Resistance:  1580
⬇️ Support:  1510

HSI Index: 16,618.32 pts (+144.68pts, +0.88%)
⬆️ Resistance:  17400
⬇️ Support:  16100

Crude Palm Oil: RM4,236 (-RM14, -0.33%)
⬆️ Resistance:  4410
⬇️ Support:  4090

Brent Oil: $86.25 (-$0.50, -0.58%)
⬆️ Resistance:  89.10
⬇️ Support:  83.40

Gold: $2,178.80 (-$0.43, -0.02%)
⬆️ Resistance:  2270
⬇️ Support:  2110
 

Market update – 27 Mar 24
52-Week High In FBM Small Cap

The FBM KLCI traded flat but the FBM Small Cap surged 0.47% to another 52-week high. In the US, the Dow Jones and S&P500 closed lower for the third session as profit taking extended following the release of Consumer Confidence Index by the Conference Board; the index came in at 104.7 vs. consensus of 106.9. Meanwhile, we believe the market may look into the Baltimore bridge accident, as it might cause some spike in inflationary pressure following the halt in coal shipments. Closer to home, we think the focus will be on the Small Cap segment as it surged to 52-week high. On the commodity markets, Brent oil pulled back below USD86/bbl despite another attack on Russian oil refineries. 
 
Sectors focus: Although the US ended on a weaker tone, we expect buying support to extend on the local front, with the attention shifting towards Construction, Property, and Building Materials on the back of anticipation of more infrastructure projects to be dished out, while Healthcare sector could be heading higher in view of stronger demand in healthcare tourism. Also, traders could focus on shipping related stocks after the Baltimore bridge accident. 

Stocks to watch: 

Technology: FPI, *MPI*, *UNISEM*
Construction: HSSEB, *TRC*
Property: IWCITY, *UEMS* 
Shipping: *WPRTS*
Plantation: TDM
O&G: GASMSIA

Source: M+ Online

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