M+ Morning Market Buzz - 28 Jun 24

Dow Jones: 39,164.06 pts (+36.26pts, +0.09%)
⬆️ Resistance:  40400
⬇️ Support:  38200

FBM KLCI: 1,584.94 pts (-6.01pts, -0.38%)
⬆️ Resistance:  1640
⬇️ Support:  1560

HSI Index: 17,716.47 pts (-373.46pts, -2.06%)
⬆️ Resistance:  18700
⬇️ Support:  17400

Crude Palm Oil: RM3,890 (+RM5, +0.13%)
⬆️ Resistance:  4050
⬇️ Support:  3760

Brent Oil: $86.39 (+$1.14, +1.34%)
⬆️ Resistance:  88.30
⬇️ Support:  82.80

Gold: $2,327.73 (-$1.00, -0.04%)
⬆️ Resistance:  2420
⬇️ Support:  2250

M+ Market update – 28 Jun 24
Finding For Support In The Markets

Resumption of selling pressure has led to lower closing on the FBM KLCI, FBM70, and FBM Small Cap. Overall the market sentiment remains weak as investors could be awaiting fresh leads. Meanwhile, in the US, 3 of the major benchmark indices ended higher amid healthier economic data, (i) the US GDP came in at 1.4%, (ii) the US durable goods orders unexpectedly rose in May, but (iii) pending home sales saw a surprise decline in May as demand cooled. Still, traders will be watching the PCE data that will be released later tonight for further clarity on the Fed’s direction moving forward. On the commodity markets, Brent oil rebounded strongly as traders speculated on higher summer demand, while the gold price traded along USD2320-2330. For CPO, it traded below RM3,900. 

Sectors focus: Still, we believe there will be opportunities to position for mid-to-long run under the Technology sector driven by the data, AI, and cloud services catalysts. We like the HDD, EMS, and cybersecurity segments. Meanwhile, we believe the Construction and Building Materials segment are ripe for extension of their upward move respectively. Meanwhile, the Renewable Energy segment will be a long term sector under the National Energy Transition Roadmap. 

Stocks to watch: 

Renewable Energy: BMGREEN, PEKAT, SUNVIEW
Building Material: CMSB, PMETAL
Technology: ATECH, IFCAMSC
Shipping: M&G
Construction: BNASTRA
Consumer: HUPSENG

Source: M+

M+ Technical Trading Stocks - 28 Jun 24

Stock Name: BMGREEN (0168)
Entry: Buy above RM1.640
Target: RM1.700 (3.7%), RM1.730 (5.5%)
Stop: RM1.610 (-1.8%)
Shariah: Yes
Technical: Impending flag-formation breakout

Stock Name: IFCAMSC (0023)
Entry: Buy above RM0.785
Target: RM0.825 (5.1%), RM0.850 (8.3%)
Stop: RM0.760 (-3.2%)
Shariah: Yes
Technical: Breakout-pullback-continuation

Source: Bloomberg, M+

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