M+ Online Morning Market Buzz - 7 May 24

Dow Jones: 38,852.27 pts (+176.59pts, +0.46%)
⬆️ Resistance:  39700
⬇️ Support:  37100

FBM KLCI: 1,597.39 pts (+7.80pts, +0.49%)
⬆️ Resistance:  1640
⬇️ Support:  1550

HSI Index: 18,578.30 pts (+102.38pts, +0.55%)
⬆️ Resistance:  19000
⬇️ Support:  17400

Crude Palm Oil: RM3,862 (+RM36, +0.93%)
⬆️ Resistance:  4010
⬇️ Support:  3730

Brent Oil: $83.33 (+$0.37, +0.45%)
⬆️ Resistance:  90.60
⬇️ Support:  81.20

Gold: $2,323.97 (+$2.83, +0.12%)
⬆️ Resistance:  2390
⬇️ Support:  2240

Market update – 7 May 24
Sustained Buying From Foreign Investors

The FBMKLCI has surged strongly for another session as buying interest was noted within the Banking heavyweights and most of the stocks in the broader market have marked fresh 52-week highs.  Meanwhile, Wall Street ended on a more positive note after last week’s nonfarm payroll came in below expectations in April, while unemployment ticked higher; this data has suggested that the economy may have cooled and the Fed’s rate cut may still be on the table for now. On the commodity markets, Brent oil traded within the USD83-84 support zone, while the gold price is located above USD2320. Meanwhile, CPO price performed a rebound above RM3,800.

Sectors focus: Given the optimism on the local front, coupled with the positive rebound from Wall Street, we expect traders to focus on the Technology sector as more investments from big MNCs could be expected in the near term. Also, the Data Center investments may spur buying interest within the Power Distribution industry. Also, we like the Construction, Properties and Building Material with the ongoing mega infrastructure projects and the optimism over NETR and NIMP master plans.

Stocks to watch: 

Consumer: LAYHONG, LEESK, PWF
Technology: INFOTEC, LGMS, VSTECS
Property: IWCITY, MRCB, UEMS
Telco: REDTONE
Insurance: REXIT

Source: M+ Online

M+ Online Technical Trading Stocks - 7 May 24

Stock Name: INFOTEC (0253)
Entry: Buy above RM0.825
Target: RM0.850 (3.0%), RM0.880 (6.7%)
Stop: RM0.800 (-3.0%)
Shariah: No
Technical: Monitor for breakout

Stock Name: LEESK (8079)
Entry: Buy above RM0.955
Target: RM1.000 (4.7%), RM1.050 (9.9%)
Stop: RM0.940 (-1.6%)
Shariah: Yes
Technical: Monitor for breakout

Source: Bloomberg, M+ Online

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