M+ Morning Market Buzz - 27 Jun 24

Dow Jones: 39,127.80 pts (+15.64pts, +0.04%)
⬆️ Resistance:  40400
⬇️ Support:  38100

FBM KLCI: 1,590.95 pts (+5.57pts, +0.35%)
⬆️ Resistance:  1640
⬇️ Support:  1560

HSI Index: 18,089.93 pts (+17.03pts, +0.09%)
⬆️ Resistance:  18900
⬇️ Support:  17500

Crude Palm Oil: RM3,879 (RM0, 0.00%)
⬆️ Resistance:  4050
⬇️ Support:  3760

Brent Oil: $85.25 (+$0.24, +0.28%)
⬆️ Resistance:  88.00
⬇️ Support:  82.80

Gold: $2,298.23 ($0.00, 0.00%)
⬆️ Resistance:  2420
⬇️ Support:  2250

M+ Market update – 27 Jun 24
Extending The Buying Support

The FBM KLCI closed higher with the help of YTL-related heavyweights, snapping a 7-day losing streak, and saw a rebound in FBM70 and FBM Small Cap. Meanwhile, the US stock markets rose for the second day after the Federal Reserve commented that the biggest banks operating in the US will be able to withstand a severe recession scenario while maintaining their ability to lend to consumers and corporations. This week, traders will still be monitoring the PCE data to understand more clues on the interest rate directions going forward. On the commodity markets, Brent oil rebounded off the support zone and traded above USD84/bbl, while gold price fell significantly below USD2330. For CPO, it continues to trade within the range bound mode below RM3900. 

Sectors focus: As the US technology giants rebounded for the second session, we expect the bargain hunting activities to extend on our Technology stocks, led by the rising demand from the data center, AI, and cloud services catalysts. Going forward, we like defensive characteristic consumer stocks as well as the shipping industry, which is likely to expect incremental growth as the shipping supply chain could be under strain again with longer waits for containers and shipping.

Stocks to watch: 

Technology: ADB, AGMO, ITMAX
Shipping: M&G, SYGROUP
Renewable Energy: PEKAT, SUNVIEW
Construction: IJM
Consumer: HUPSENG
Building Material: PMETAL

Source: M+

M+ Technical Trading Stocks - 27 Jun 24

Stock Name: AGMO (0258)
Entry: Buy above RM0.660
Target: RM0.690 (4.5%), RM0.720 (9.1%)
Stop: RM0.645 (-2.3%)
Shariah: Yes
Technical: Breakout-pullback-continuation

Stock Name: SUNVIEW (0262)
Entry: Buy above RM0.760
Target: RM0.800 (5.3%), RM0.825 (8.6%)
Stop: RM0.745 (-2.0%)
Shariah: Yes
Technical: Breakout-pullback-continuation

Source: Bloomberg, M+

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