M+ Morning Market Buzz - 13 Jun 24

Dow Jones: 38,712.21 pts (-35.21pts, -0.09%)
⬆️ Resistance:  40000
⬇️ Support:  37700

FBM KLCI: 1,608.95 pts (-2.54pts, -0.16%)
⬆️ Resistance:  1660
⬇️ Support:  1580

HSI Index: 17,937.84 pts (-238.50pts, -1.31%)
⬆️ Resistance:  19100
⬇️ Support:  17500

Crude Palm Oil: RM3,963 (-RM4, -0.10%)
⬆️ Resistance:  4110
⬇️ Support:  3810

Brent Oil: $82.60 (+$0.68, +0.83%)
⬆️ Resistance:  85.10
⬇️ Support:  76.90

Gold: $2,324.98 (-$3.94, -0.18%)
⬆️ Resistance:  2440
⬇️ Support:  2250

M+ Market update – 13 Jun 24
Nasdaq And S&P500 At Record Highs

Again, the FBM KLCI closed in the negative territory, but FBM 70 charged higher, while FBM Small Cap saw some profit taking activities. Over in the US, Wall Street closed relatively positive with S&P500 and Nasdaq registered its record highs supported by cooler-than-expected CPI and core CPI numbers. Even though the Fed kept the interest rate unchanged and is looking at 1 rate cut in 2024, the market is expecting more rate cuts this year due to declining inflationary numbers. On the commodity markets, Brent oil is traded back into the USD81-84 zone, which is healthy for oil producers, while the gold price is forming a bear flag formation after the FOMC meeting. The CPO price continues to stay within a tight range between RM3900-4000.

Sector focus: Despite FBM Small Cap pulling back, and noticed several downward swings in the power distribution segments, we remain positive on the Technology sector namely the HDD, cloud, cybersecurity segments driven by the solid investments for data centers in Malaysia by several MNCs. Meanwhile, we believe traders will remain positive on Johor region Property players with the potential of land sale deals going forward, while other sectors that may benefit from this catalyst will be the Construction, Building Material, Utilities, and RE sectors.  

Stocks to watch: 

Technology: CUSCAPI, D&O, LGMS, N2N, NATGATE, OPPSTAR, SKPRES
Consumer: ABLEGLOB, SUPERLN
O&G: PANTECH
Property: KPPROP

Source: M+

M+ Technical Trading Stocks - 13 Jun 24

Stock Name: CUSCAPI (0051)
Entry: Buy above RM0.320
Target: RM0.335 (4.7%), RM0.350 (9.4%)
Stop: RM0.310 (-3.1%)
Shariah: Yes
Technical: Flag-formation breakout

Stock Name: OPPSTAR (0275)
Entry: Buy above RM1.500
Target: RM1.580 (5.3%), RM1.600 (6.7%)
Stop: RM1.450 (-3.3%)
Shariah: Yes
Technical: Monitor for breakout

Source: Bloomberg, M+

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