M+ Online Morning Market Buzz - 3 May 24

Dow Jones: 38,225.66 pts (+322.37pts, +0.85%)
⬆️ Resistance:  39200
⬇️ Support:  37100

FBM KLCI: 1,580.30 pts (+4.33pts, +0.27%)
⬆️ Resistance:  1630
⬇️ Support:  1540

HSI Index: 18,207.13 pts (+444.10pts, +2.50%)
⬆️ Resistance:  18600
⬇️ Support:  17000

Crude Palm Oil: RM3,846 (-RM16, -0.42%)
⬆️ Resistance:  4030
⬇️ Support:  3730

Brent Oil: $83.67 (+$0.23, +0.28%)
⬆️ Resistance:  91.70
⬇️ Support:  81.40

Gold: $2,303.83 (+$0.53, +0.02%)
⬆️ Resistance:  2400
⬇️ Support:  2240

Market update – 3 May 24
Sentiment Turning Positive With Earnings Beat

Again, the FBM KLCI has rebounded, charging towards its 52-week high with the help of selected YTL-related and Consumer heavyweights. Over in the US, Wall Street gained momentum on the back of bargain hunting activities as the market perceived the Fed’s action to keep the interest rates unchanged and the less hawkish interest rate guidance. We believe the post-market jump in Apple and Qualcomm after their earnings beat will be able to provide decent buying support in the local exchange. Still, the market will be monitoring closely on the jobs data that will be released later tonight. On the commodity markets, Brent oil further retraced and traded below USD84, while the CPO continues to rangebound around RM3800-3900. 

Sectors focus: With the post-market bullish tone from Apple and Qualcomm, coupled with the Microsoft investments in Malaysia, these should provide decent support towards the Technology sector. Meanwhile, the FBM Small Cap has trended positively at its 52-week high, which may suggest more upside on the overall market conditions. We opine that the Construction, Property, Utilities, Solar and Building Material segments will trade relatively strong on the back of the domestic catalysts like (i) potential revival of mega infra projects and (ii) ongoing execution of the NETR and NIMP masterplans.  

Stocks to watch: 

Technology: CLOUDPT, DUFU, INFOTEC, JCY
Building Material: PWRWELL, SUCCESS
Consumer: MRDIY, QL
O&G: DAYANG, PANTECH

Source: M+ Online

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