M+ Online Morning Market Buzz - 23 Apr 24

Dow Jones: 38,239.98 pts (+253.58pts, +0.67%)
⬆️ Resistance:  39300
⬇️ Support:  36900

FBM KLCI: 1,559.59 pts (+12.02pts, +0.78%)
⬆️ Resistance:  1600
⬇️ Support:  1510

HSI Index: 16,511.69 pts (+287.55pts, +1.77%)
⬆️ Resistance:  17000
⬇️ Support:  15800

Crude Palm Oil: RM3,944 (+RM32, +0.81%)
⬆️ Resistance:  4260
⬇️ Support:  3810

Brent Oil: $87.00 (-$0.29, -0.33%)
⬆️ Resistance:  92.70
⬇️ Support:  84.10

Gold: $2,327.30 (+$2.71, +0.12%)
⬆️ Resistance:  2470
⬇️ Support:  2280

Market update – 23 Apr 24
Rebound Move Seen Ahead Of Tech Earnings

The FBM KLCI continued to charge higher for the fourth session supported by the banking stocks and positive sentiment across the board. Meanwhile, Wall Street rebounded, snapping its recent losing streak as bargain hunting activities emerged ahead of several corporate earnings releases from Tesla, Microsoft, Apple, and Meta starting from today onwards. Should there be positive surprises from the earnings, we believe the market may stabilized and rebound further. Closer to home, we believe the positive momentum could persist following the KL20 summit where more investment into the Technology sector is anticipated. On the commodity markets, Brent oil steadied around USD87, while the gold price has fallen more than 2.7% overnight as Middle East tension subsided. The FCPO managed to rebound from more than 2 weeks of selling streak, currently trading slightly below RM4000.

Sectors focus: With the rebound in Nasdaq overnight, coupled with the KL20 summit where Malaysia aims to become the chip powerhouse in the SEA region, traders may shift their focus back in the Technology sector. Also, we expect that may provide momentum on the Construction, Property, Utilities and Building Material segments going forward. 

Stocks to watch: 

Property: E&O, LBS, NAIM
Technology: LGMS, SCOMNET
Consumer: LEESK
Building Material: LBALUM
Construction: MRCB, SUNCON
Utilities: YTLPOWR

Source: M+ Online

Disclaimer

The content published is solely for information and personal use only. It should not be construed to be, any advice, recommendation, offer or invitation to buy or sell any securities, futures contracts or any other instrument. Readers should seek independent advice from their own professional advisers (including legal, tax, financial and accounting) as to the risks and merits before entering into any transaction pursuant to or in reliance on any information here.

The content published above shall only be for your sole and personal non-professional use. No guarantee is given on the accuracy or completeness of the information published here. No warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of any person or group of persons acting on such information.