M+ Online Morning Market Buzz - 2 Apr 24

Dow Jones: 39,566.85 pts (-240.52pts, -0.60%)
⬆️ Resistance:  40700
⬇️ Support:  38500

FBM KLCI: 1,544.02 pts (+7.95pts, +0.52%)
⬆️ Resistance:  1580
⬇️ Support:  1500

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

Crude Palm Oil: RM4,267 (-RM20, -0.47%)
⬆️ Resistance:  4370
⬇️ Support:  4050

Brent Oil: $87.42 (+$0.42, +0.48%)
⬆️ Resistance:  89.80
⬇️ Support:  83.50

Gold: $2,251.44 (+$1.42, +0.06%)
⬆️ Resistance:  2320
⬇️ Support:  2130

Market update – 2 Apr 24
Positive Start On Bursa Exchange For 2Q24

The FBM KLCI rebounded yesterday for the second consecutive day, while the FBM Small Cap charged towards another 52-week high. Meanwhile the US stock markets ended on a mixed note with Dow Jones and S&P500 were dragged lower amid worries over the timing of interest rate cuts by the Feds after a stronger-than-expected manufacturing that pushed Treasury yield higher. Moreover, the dollar index headed higher for another session, hovering around 105 zone. On the commodity markets, Brent oil traded positively above the USD87/bbl, factoring positive demand signals from China and tight supply, while the FCPO price is hovering along RM4250 zone. 

Sectors focus: We believe the market may focus on the small cap stocks at least for the near term, while upside of the KLCI may be limited for now. The traders may be focusing on data centre related proxy within the power distribution industry as we noticed heavy trading volume was noticed in this segment. Also, we like the Poultry sector with the recovery signals coming from China. Other sectors that we favour include Property, Building Material, O&G, and Plantation riding their underlying commodity strengths. 

Stocks to watch: 

O&G: DELEUM, NAIM
Building material: CABNET, SCGBHD
Consumer: PWF, TEOSENG
Plantation: CEPAT
Property: KSL
Solar: SLVEST

Source: M+ Online

M+ Online Technical Trading Stocks - 2 Apr 24

Stock Name: CABNET (0191)
Entry: Buy above RM0.300
Target: RM0.325 (8.3%), RM0.335 (11.7%)
Stop: RM0.285 (-5.0%)
Shariah: Yes
Technical: Flag-formation breakout

Stock Name: PWF (7134)
Entry: Buy above RM0.890
Target: RM0.925 (3.9%), RM0.950 (6.7%)
Stop: RM0.870 (-2.2%)
Shariah: Yes
Technical: Consolidation breakout

Source: Bloomberg, M+ Online

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