M+ Online Morning Market Buzz - 26 Apr 24

Dow Jones: 38,085.80 pts (-375.12pts, -0.98%)
⬆️ Resistance:  39400
⬇️ Support:  37000

FBM KLCI: 1,569.25 pts (-2.23pts, -0.14%)
⬆️ Resistance:  1610
⬇️ Support:  1520

HSI Index: 17,284.54 pts (+83.27pts, +0.48%)
⬆️ Resistance:  17800
⬇️ Support:  15800

Crude Palm Oil: RM3,874 (-RM24, -0.62%)
⬆️ Resistance:  4130
⬇️ Support:  3750

Brent Oil: $89.01 (+$0.99, +1.12%)
⬆️ Resistance:  92.60
⬇️ Support:  84.10

Gold: $2,332.46 (+$0.08, +0.00%)
⬆️ Resistance:  2470
⬇️ Support:  2250

Market update – 26 Apr 24
Time For Profit Taking Activities

The FBM KLCI snapped a 6-day winning streak as mild profit taking activities were noticed in Industrial heavyweights, which affected the sentiment of the broader market. Over in the US, selling pressure picked up led by META, coupled with softer-than-expected 1Q US GDP data, that came in at 1.6%, below consensus. We expect the profit taking activities may extend on the local front and could capped the upside opportunity at least for the near term. Nevertheless, we remain positive following the KL20 summit, coupled with the announcement on EPF account 3, where it might provide a boost towards the consumption activities going forward. On the commodity markets, Brent oil traded sideways along USD88, while gold price had a slight rebound above USD2330 and the CPO traded below RM3,900. 

Sectors focus: Still, the KL20 summit is a fresh catalyst for investors to position themselves within the Technology sector, as it may craft Malaysia into a chip powerhouse for the SEA region. Besides, we favour the Construction, Property, Utilities, Solar and Building Material segments on the back of the revival of the mega infrastructure projects and newsflow picked up on Forest City, as well as the stronger demand for renewable energy under NETR. 

Stocks to watch: 

Utilities: RANHILL, YTLPOWR
Furniture: LIIHEN
Solar: PEKAT
Building Material: PWRWELL
Consumer: SDS
O&G: DAYANG, GASMSIA
REITs: IGBREIT
Property: KSL, SUNWAY

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.