M+ Morning Market Buzz - 24 Jun 24

Dow Jones: 39,150.33 pts (+15.57pts, +0.04%)
⬆️ Resistance: 40100
⬇️ Support: 37700

FBM KLCI: 1,590.37 pts (-2.32pts, -0.15%)
⬆️ Resistance: 1650
⬇️ Support: 1560

HSI Index: 18,028.52 pts (-306.80pts, -1.67%)
⬆️ Resistance: 18900
⬇️ Support: 17400

Crude Palm Oil: RM3,900 (-RM59, -1.49%)
⬆️ Resistance: 4050
⬇️ Support: 3800

Brent Oil: $85.24 (-$0.29, -0.34%)
⬆️ Resistance: 88.00
⬇️ Support: 80.50

Gold: $2,321.98 (-$0.18, -0.01%)
⬆️ Resistance: 2420
⬇️ Support: 2270

M+ Market update – 24 Jun 24
Time For Bargain Hunting Activities

The Bursa exchange ended the week on a mixed note with the FTSE rebalancing activities taking place. However, we observed that FBM70 and FBM Small Cap managed to rebound. Similarly, on Wall Street, trading activities were mixed on the triple witching day and S&P500 and Nasdaq ended lower led by Nvidia. However, economic data such as the Flash manufacturing and services data as well as existing home sales came in better-than-expectation. After the rebalancing activities, we believe our stock markets will turn positive with the emergence of bargain hunting activities. On the commodity markets, Brent oil and gold have retraced below USD85 and USD 2330 after the USD rebounded on the back of better economic data, while CPO price closed at RM3900.

Sector focus: We believe the overall sentiment will turn positive with the help in the Technology sector on the back of rising demand from the data center, AI and cloud services catalysts. Meanwhile, we like the EMS players following a good set of results from VS and SKPRES last month. Besides, we expect healthy earnings to be recorded in the shipping and logistics sector following the fare hike since the Red Sea incident.

Stocks to watch:

Technology: CATCHA, CENSOF, ITMAX, KOBAY, NATGATE, RAMSSOL
Shipping: SYGROUP
Construction: IJM
Utilities: TENAGA
Finance: BURSA

Source: M+

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