M+ Online Morning Market Buzz - 30 Apr 24

Dow Jones: 38,386.09 pts (+146.43pts, +0.38%)
⬆️ Resistance:  39400
⬇️ Support:  37000

FBM KLCI: 1,582.66 pts (+7.50pts, +0.48%)
⬆️ Resistance:  1620
⬇️ Support:  1530

HSI Index: 17,746.91 pts (+95.76pts, +0.54%)
⬆️ Resistance:  18400
⬇️ Support:  16300

Crude Palm Oil: RM3,915 (-RM27, -0.69%)
⬆️ Resistance:  4110
⬇️ Support:  3750

Brent Oil: $88.40 (-$1.10, -1.23%)
⬆️ Resistance:  91.70
⬇️ Support:  84.40

Gold: $2,335.66 (-$1.01, -0.04%)
⬆️ Resistance:  2400
⬇️ Support:  2250

Market update – 30 Apr 24
Sentiment Remains Bullish In The Near Term

The FBM KLCI extended its upward trend for the third session with the help of YTL-related heavyweights and the FBM Small Cap charged towards 52-week highs. Meanwhile, Wall Street gained momentum for another session as traders were focusing on Tesla after it had cleared a key hurdle for self-driving software in China. This week, the market will be focusing on key events such as (i) earnings releases from Amazon, Apple, Qualcomm and AMD, Mastercard, McDonald, Starbucks, Coca-Cola, (ii) FOMC meeting (concluding on Wednesday) and (iii) jobs data. On the commodity markets, Brent oil traded slightly below USD88 in view of easing geopolitical tension, while the CPO price is hovering around RM3800-3900 zone. 

Sectors focus: With most of the indices charging towards fresh 52-week highs, we believe the overall sentiment will remain positive with healthy buying interest across the board. We still anticipate the Technology sector to gain focus with the KL20 summit as it may shape Malaysia into a chip powerhouse in the SEA region. Besides, we like the Construction, Property, Utilities, Solar and Building Material segments on the back of a decent renewable energy roadmap under the NETR masterplan, and the revival in mega infrastructure projects may keep the economy on a high gear. 

Stocks to watch: 

O&G: DAYANG, DIALOG, PANTECH
Building Material: ASTINO, SUCCESS
Consumer: CCK, SUPERLN
Plantation: TAANN
Technology: NATGATE
Property: AWC

Source: M+ Online

M+ Online Technical Trading Stocks - 30 Apr 24

Stock Name: SUPERLN (7235)
Entry: Buy above RM1.130
Target: RM1.180 (4.4%), RM1.230 (8.8%)
Stop: RM1.100 (-2.7%)
Shariah: Yes
Technical: Impending flag-formation breakout

Stock Name: AWC (7579)
Entry: Buy above RM0.950
Target: RM1.000 (5.3%), RM1.030 (8.4%)
Stop: RM0.935 (-1.6%)
Shariah: Yes
Technical: Monitor for breakout

Source: Bloomberg, M+ Online

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