M+ Morning Market Buzz - 24 Jul 24

Dow Jones: 40,358.09 pts (-57.35pts, -0.14%)
⬆️ Resistance:  42300
⬇️ Support:  39400

FBM KLCI: 1,629.68 pts (+7.61pts, +0.47%)
⬆️ Resistance:  1680
⬇️ Support:  1590

HSI Index: 17,469.36 pts (-166.52pts, -0.94%)
⬆️ Resistance:  18300
⬇️ Support:  17000

Crude Palm Oil: RM3,969 (+RM14, +0.35%)
⬆️ Resistance:  4100
⬇️ Support:  3830

Brent Oil: $81.01 (-$1.39, -1.69%)
⬆️ Resistance:  87.60
⬇️ Support:  78.90

Gold: $2,409.64 (-$0.65, -0.03%)
⬆️ Resistance:  2540
⬇️ Support:  2340

M+ Market update – 24 Jul 24
Uptrend Move Remains Intact

Overall, the local stock markets managed to rebound amid bargain hunting activities after a sharp decline on Monday. Still, traders are focusing on construction and property-related stocks. Over in the US, the three major indices declined mildly and dipped further post-Alphabet and Tesla results; the latter fell as earnings missed consensus estimates. Traders will be watching economic data like Flash Manufacturing and Services PMI and new home sales that will be released later tonight. In the commodity markets, Brent oil slid for the third session in a row on the back of renewed ceasefire negotiations in the Israel-Hamas conflict despite US oil inventories continuing to decline, while the gold price maintained above USD 2400. The CPO price managed to trade nearer to RM 4000.

Sectors Focus: In view of softer Wall Street overnight performance, we expect mild profit-taking activities to emerge on our local front. However, it will be a decent accumulation opportunity within the stocks related to data center catalysts, and stocks within the Construction, Building Materials, Property, and Utilities sectors will be scooped up in the near term. Also, we believe selected Technology stocks will be attractive ahead of the earnings in August. Besides, we have observed some pickup in trading activities within the Sarawak theme, which may be on watch by traders.
 
Stocks to watch: 

Construction: *ECONBHD*, *SSB8*
O&G: DAYANG, PANTECH
Technology: *KOBAY*, SKPRES
Telco: *REDTONE*
Building Material: *MGB*
Consumer: PTRB

Source: M+

M+ Technical Trading Stocks - 24 Jul 24

Stock Name: SSB8 (0045)
Entry: Buy above RM0.695
Target: RM0.725 (4.3%), RM0.750 (7.9%)
Stop: RM0.685 (-1.4%)
Shariah: Yes
Technical: Flag-formation breakout

Stock Name: MGB (7595)
Entry: Buy above RM0.875
Target: RM0.905 (3.4%), RM0.925 (5.7%)
Stop: RM0.855 (-2.3%)
Shariah: Yes
Technical: Flag-formation breakout

Source: Bloomberg, M+

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