M+ Online Morning Market Buzz - 8 Apr 24

Dow Jones: 38,904.04 pts (+307.06pts, +0.80%)
⬆️ Resistance:  40700
⬇️ Support:  37800

FBM KLCI: 1,555.25 pts (+2.01pts, +0.13%)
⬆️ Resistance:  1590
⬇️ Support:  1510

HSI Index: 16,723.92 pts (-1.18pts, -0.01%)
⬆️ Resistance:  17400
⬇️ Support:  16200

Crude Palm Oil: RM4,343 (-RM57, -1.30%)
⬆️ Resistance:  4540
⬇️ Support:  4120

Brent Oil: $91.17 (+$0.52, +0.57%)
⬆️ Resistance:  93.80
⬇️ Support:  84.70

Gold: $2,329.75 (+$38.81, +1.69%)
⬆️ Resistance:  2380
⬇️ Support:  2190

Market update – 8 Apr 24
Upbeat Tone Likely To Maintain

The FBM KLCI ended the week on a firmer tone within its uptrend move. Similarly, the FBM Small Cap maintained its upward trajectory as April month is seasonality stronger. The US stock markets managed to rebound after a sharp decline on Thursday, despite strong jobs data, where US added 303k jobs vs consensus of 212k, where it might delay the Fed’s interest rates cuts decision going forward. The expectation of a June rate cut has declined with the probability dropping from 60.4% to 48.8% after jobs data on Friday. On the commodity front, Brent oil maintained around USD90 with OPEC+ cuts continuing, ongoing geopolitical tension in the Middle East, while the economic activities remain robust. Besides, the gold price is still traded above USD2,300 and CPO price is hovering above RM4,300 

Sectors focus: With the rebound on Wall Street, we believe our stock markets could maintain its upward tone for the session. The traders should focus on commodity-related sectors such as O&G, Plantation, and Gold with their respective commodity prices charging higher. Meanwhile, we believe the momentum within the Construction, Property and Building Material sectors may continue with the likelihood of more mega infrastructure projects to be announced this year. 

Stocks to watch: 

Plantation: CEPAT, TAANN, TSH
Technology: ATECH, FPI
Construction: FAJAR, GDB
Gold: BAHVEST, TOMEI
Building Material: ASTINO
Consumer: OFI

Source: M+ Online

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