M+ Online Morning Market Buzz - 4 Apr 24

Dow Jones: 39,127.14 pts (-43.10pts, -0.11%)
⬆️ Resistance: 40700
⬇️ Support: 38300

FBM KLCI: 1,537.01 pts (-10.98pts, -0.71%)
⬆️ Resistance: 1590
⬇️ Support: 1510

HSI Index: 16,725.10 pts (-206.42pts, -1.22%)
⬆️ Resistance: 17400
⬇️ Support: 16100

Crude Palm Oil: RM4,407 (RM0, 0.00%)
⬆️ Resistance: 4540
⬇️ Support: 4070

Brent Oil: $89.35 (+$0.43, +0.48%)
⬆️ Resistance: 91.80
⬇️ Support: 84.60

Gold: $2,300.00 (+$0.65, +0.03%)
⬆️ Resistance: 2350
⬇️ Support: 2150

Market update – 4 Apr 24
Banking On The Commodity Rally

The FBM KLCI snapped 3-day winning streak as profit taking activities emerged on Banking heavyweights, while the FBM Small Cap charged higher, marking its fresh 52-week high. Meanwhile, the US stock markets ended on a mixed note where the Dow fell 0.11%, but the S&P500 and Nasdaq rose 0.11% and 0.23%, respectively following a mixed bag of economic data; the ADP’s non-farm employment added 184k jobs (vs. estimate of 148k), while ISM services PMI came in at 51.4 (below consensus of 52.8). On the commodity front, Brent oil gained momentum, rising near the USD90 zone, while the FCPO closed above RM4,400. Besides, the gold price ended at another all-time-high above RM2,300.

Sectors focus: Despite the mixed sentiment abroad, we expect market to stabilise and trade on a positive note on the local front within the commodity-related sectors such as O&G, Plantation and Gold-related supported by their respective firm underlying commodity prices. Meanwhile, we like selected Construction, Building Material and Property stocks as well as selected Healthcare stocks.

Stocks to watch:

O&G: DAYANG, DIALOG, UZMA
Construction: IJM, KERJAYA
Plantation: TDM, TSH
Property: MAHSING
Building Material: MGB
Healthcare: KAREX

Source: M+ Online

M+ Online Technical Trading Stocks - 4 Apr 24

Stock Name: DIALOG (7277)
Entry: Buy above RM2.370
Target: RM2.450 (3.4%), RM2.500 (5.5%)
Stop: RM2.330 (-1.7%)
Shariah: Yes
Technical: Resistance breakout

Stock Name: TDM (2054)
Entry: Buy above RM0.285
Target: RM0.300 (5.3%), RM0.315 (10.5%)
Stop: RM0.270 (-5.3%)
Shariah: Yes
Technical: Monitor for breakout

Source: Bloomberg, M+ Online

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