M+ Online Morning Market Buzz - 24 Apr 24

Dow Jones: 38,503.69 pts (+263.71pts, +0.69%)
⬆️ Resistance:  39400
⬇️ Support:  36900

FBM KLCI: 1,561.64 pts (+2.05pts, +0.13%)
⬆️ Resistance:  1600
⬇️ Support:  1510

HSI Index: 16,828.93 pts (+317.24pts, +1.92%)
⬆️ Resistance:  17200
⬇️ Support:  15800

Crude Palm Oil: RM3,971 (+RM21, +0.53%)
⬆️ Resistance:  4180
⬇️ Support:  3810

Brent Oil: $88.42 (+$1.42, +1.63%)
⬆️ Resistance:  92.60
⬇️ Support:  84.10

Gold: $2,322.02 (+$0.05, +0.00%)
⬆️ Resistance:  2470
⬇️ Support:  2250

Market update – 24 Apr 24
Positive Sentiment To Persist

The FBM KLCI ended higher for the fifth session, supported by banking heavyweights and broke above the 1,560 level for the key index. Similarly, positive sentiment was observed in the US stock markets as geopolitical tension faded in the Middle East and traders shifted their attention to the more positive corporate earnings season. Post market, Tesla gapped up despite results that came in weaker-than-expectation as Elon Musk aims to start producing affordable new EV by 2025. With the rebound in Wall Street, buying interest may spillover towards stocks on the local front. On the commodity markets, Brent oil rebounded above USD88, while gold price maintained around USD2320. Besides, the CPO rebounded for the second session and traded nearer to the RM4000 level.

Sectors focus: Following the KL20 summit, buying interest were noticed and we expect the momentum could sustain at least for the near term within the Technology sectors with the aim that Malaysia will become the chip powerhouse in the SEA region, while the attention may spill over towards Construction, Property, Utilities and Building Materials segment. Meanwhile, traders may look into aviation and hospitality themes as MAHB passenger traffic continued to recover in 1Q24.

Stocks to watch: 

Technology: DUFU, NATGATE, SCOMNET
Consumer: ABLEGLOB, SDS
Construction: MRCB, SUNCON
Industrial: TECHBND
Plantation: TDM
Glove: TOPGLOV

Source: M+ Online

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