M+ Online Morning Market Buzz - 19 Apr 24

Dow Jones: 37,775.38 pts (+22.07pts, +0.06%)
⬆️ Resistance: 39200
⬇️ Support: 36900

FBM KLCI: 1,544.76 pts (+4.34pts, +0.28%)
⬆️ Resistance: 1590
⬇️ Support: 1510

HSI Index: 16,385.87 pts (+134.03pts, +0.82%)
⬆️ Resistance: 17400
⬇️ Support: 15900

Crude Palm Oil: RM3,984 (-RM5, -0.13%)
⬆️ Resistance: 4380
⬇️ Support: 3900

Brent Oil: $87.11 (-$0.18, -0.21%)
⬆️ Resistance: 94.10
⬇️ Support: 84.40

Gold: $2,379.04 (+$0.13, +0.01%)
⬆️ Resistance: 2490
⬇️ Support: 2280

Market update – 19 Apr 24
Positive Momentum To Persist On Local Exchange

The FBM KLCI extended its rebound for the second consecutive day as bargain hunting activities emerged in tandem with the movements of the broader market. Meanwhile, sentiment on Wall Street turned more negative throughout the session with mixed economic data being released; (i) jobless claims were below consensus expectations, (ii) factory data beat estimates, and (iii) home sales were weaker than expectations. On the commodity front, Brent oil price traded along USD86-87/bbl, while the CPO price fell below RM4000 amid expectations of rising output and slowing demand after the Eid al-Fitr festive season. For the gold price, it is still hovering above USD2350.

Sectors focus: We expect bargain hunting activities to persist on the local front with the traders shifting their focus towards defensive sectors like Utilities, REITs and Consumer, while investors may focus on companies with solid dividend yields. Also, we like stocks in the gold sector as the underlying gold prices remain in the uptrend tone. Other sectors that traders may focus on will be the Solar, Building Material, O&G and Packaging sectors.

Stocks to watch:

Financial: AEONCR
Gold: POHKONG
Packaging: PPHB
Solar: PEKAT
Automotive: MBMR
Technology: NATGATE
Plantation: KMLOONG
O&G: PETRONM
Consumer: QL
Building Material: UNITRAD
Utilities: YTLPOWR

Source: M+ Online

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