M+ Online Morning Market Buzz - 29 Mar 24

Dow Jones: 39,807.37 pts (+47.29pts, +0.12%)
⬆️ Resistance:  40700
⬇️ Support:  38500

FBM KLCI: 1,530.60 pts (-7.82pts, -0.51%)
⬆️ Resistance:  1580
⬇️ Support:  1500

HSI Index: 16,541.42 pts (+148.58pts, +0.91%)
⬆️ Resistance:  17100
⬇️ Support:  16100

Crude Palm Oil: RM4,136 (-RM100, -2.36%)
⬆️ Resistance:  4370
⬇️ Support:  4050

Brent Oil: $87.00 (+$1.59, +1.86%)
⬆️ Resistance:  89.30
⬇️ Support:  83.50

Gold: $2,229.87 (+$35.08, +1.60%)
⬆️ Resistance:  2280
⬇️ Support:  2120

Market update – 29 Mar 24
Mild Breather Expected

The FBM KLCI traded lower as the market was slightly cautious and profit taking activities emerged prior to the public holiday. Meanwhile, we believe the US stock markets will be staying cautious ahead of Friday’s US personal consumption expenditures (PCE) data, which is closely watched in order to determine the Fed’s interest rate direction going forward. Tracking the mixed sentiment in the US, we believe the local exchange will trade in a rangebound mode today. On the commodity markets, Brent oil surged strongly amid the ongoing OPEC+ production cuts, geopolitical tensions in the Middle East and attacks on Russia's energy infrastructure, coupled with a falling US rig count. Besides, the gold price has surged above the USD2230 zone. 

Sectors focus: With the stronger commodities prices such as Brent oil and Gold prices, we believe the market could focus on the O&G and gold-related sectors. Besides, the Construction and Property sectors will be taking the lead in the near term with the revival of infrastructure projects, higher investments in data centres and recovery prospects in the property segment. Other sectors that may have short term trading ideas include Finance, Technology and Packaging.

Stocks to watch: 

Finance: *BIMB*
Technology: *PIE*
Plantation: *TAANN*
Gold: *TOMEI*
Construction: *HSSEB*
Packaging: PPHB
Property: AME, IWCITY
O&G: DAYANG, GASMSIA

Source: M+ Online

M+ Online Technical Trading Stocks - 29 Mar 24

Stock Name: BIMB (5258)
Entry: Buy above RM2.570
Target: RM2.660 (3.5%), RM2.700 (5.1%)
Stop: RM2.500 (-2.7%)
Shariah: Yes
Technical: Consolidation breakout

Stock Name: TOMEI (7230)
Entry: Buy above RM1.420
Target: RM1.480 (4.2%), RM1.520 (7.0%)
Stop: RM1.380 (-2.8%)
Shariah: Yes
Technical: Impending flag-formation breakout

Source: Bloomberg, M+ Online

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