M+ Online Morning Market Buzz - 9 Apr 24

Dow Jones: 38,892.80 pts (-11.24pts, -0.03%)
⬆️ Resistance:  40300
⬇️ Support:  37800

FBM KLCI: 1,559.98 pts (+4.73pts, +0.30%)
⬆️ Resistance:  1600
⬇️ Support:  1510

HSI Index: 16,732.85 pts (+8.93pts, +0.05%)
⬆️ Resistance:  17400
⬇️ Support:  16200

Crude Palm Oil: RM4,295 (-RM15, -0.35%)
⬆️ Resistance:  4540
⬇️ Support:  4140

Brent Oil: $90.38 (-$0.79, -0.87%)
⬆️ Resistance:  93.80
⬇️ Support:  85.90

Gold: $2,339.03 (-$0.15, -0.01%)
⬆️ Resistance:  2410
⬇️ Support:  2210

Market update – 9 Apr 24
Softer Trading Activities Ahead Of Public Holiday

The FBM KLCI started another week on a solid tone supported by the buying interest within the Utilities heavyweight, while the FBM Small Cap hovered around its 52-week high zone. However, Wall Street closed mixed as the US Treasury yield hit 4 month high and the market is trading cautiously ahead of a few significant economic data such as (i) CPI (Tue), (ii) PPI (Thu), (iii) jobs data (Thu) as well as the FOMC meeting minutes (Wed). These data will likely to shape the interest rate direction going forward. On the commodity front, Brent oil price fluctuate along USD88-91, steadied near USD91 zone. Meanwhile, CPO price ended slightly below RM4,280, while gold price is hovering above USD2,300. 

Sectors focus: Given the mixed sentiment from Wall Street, trading activities will be softer at least for this week amid a shortened trading week. Nevertheless, we believe traders will focus on the Utilities as the data centre investments could drive electricity demand going forward. Meanwhile, we like the Construction, Building Material and Property sectors with the expectations of more mega infrastructure projects to be announced this year. Also, we favour commodity-related stocks under the Plantation, O&G and Gold segments. 

Stocks to watch: 

Consumer: FFB, OFI, PPHB
Plantation: CEPAT, THPLANT
Construction: IJM, MRCB
Technology: FRONTKN
Gold: BAHVEST
Glove: HARTA
Building Material: UNITRAD

Source: M+ Online

M+ Online Technical Trading Stocks - 9 Apr 24

Stock Name: FRONTKN (0128)
Entry: Buy above RM3.910
Target: RM4.050 (3.6%), RM4.100 (4.9%)
Stop: RM3.800 (-2.8%)
Shariah: Yes
Technical: Flag-formation breakout

Stock Name: BAHVEST (0098)
Entry: Buy above RM0.530
Target: RM0.555 (4.7%), RM0.600 (13.2%)
Stop: RM0.520 (-1.9%)
Shariah: Yes
Technical: Resistance breakout

Source: Bloomberg, M+ Online

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