M+ Online Morning Market Buzz - 29 Apr 24

Dow Jones: 38,085.80 pts (+153.86pts, -0.98%)
⬆ Resistance: 39400
⬇ Support: 37000

FBM KLCI: 1,569.25 pts (+5.91pts, +0.38%)
⬆ Resistance: 1610
⬇ Support: 1520

HSI Index: 17,651.15 pts (+366.61pts, +2.12%)
⬆ Resistance: 18200
⬇ Support: 16100

Crude Palm Oil: RM3,896 (+RM22, +0.88%)
⬆ Resistance: 4110
⬇ Support: 3750

Brent Oil: $89.01 (-$0.61, +0.17%)
⬆ Resistance: 91.70
⬇ Support: 84.10

Gold: $2,332.46 (-$1.54, +0.74%)
⬆ Resistance: 2440
⬇ Support: 2250

Market update – 29 Apr 24
Broader Market Remains Positive

After a 1-day pullback, the FBM KLCI regained its upward move and closed at a fresh 52-week high, while the FBM Small Cap is overall bullish as well. Similarly, the uptrend move on Wall Street has returned after Microsoft and Google registered better-than-expected results, while the core PCE data were within consensus estimates. This week, traders will be focusing on earnings from Amazon, Apple, Qualcomm and AMD, which are related to the Technology sector, while Mastercard, McDonald, Starbucks, Coca-Cola will be monitored under the Consumer sector. On the commodity markets, Brent oil remained rangebound along USD87-88, while gold price traded above USD2330 and the CPO is hovering below RM3,900.

Sectors focus: Generally, all the sub-indices have recorded 52-week highs this year, except for the Technology and Telco sector. Hence, we believe they might be playing catch up in view of the positive broader market, coupled with the KL20 summit catalyst, where Malaysia will be focusing on the Technology ecosystem going forward. Also, we like the Construction, Property, Utilities, Solar and Building Material segments on the back of higher demand for renewable energy under NETR, while we expect decent recovery in the mega infra projects this year.

Stocks to watch:

Technology: ATECH, CLOUDPT, DUFU, INFOTEC, SAM
Consumer: PWF, SDS
Building Material: PWRWELL, SALCON
Property: SIMEPROP

Source: M+ Online

M+ Online Technical Trading Stocks - 29 Apr 24

Stock Name: SDS (0212)
Entry: Buy above RM0.820
Target: RM0.850 (3.7%), RM0.865 (5.5%)
Stop: RM0.800 (-2.4%)
Shariah: Yes
Technical: Impending flag-formation breakout

Stock Name: DUFU (7233)
Entry: Buy above RM2.110
Target: RM2.200 (4.3%), RM2.250 (6.6%)
Stop: RM2.050 (-2.8%)
Shariah: Yes
Technical: Breakout-pullback-continuation

Source: Bloomberg, M+ Online

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