M+ Morning Market Buzz - 30 Jul 24

Dow Jones: 40,539.93 pts (-49.41pts, -0.12%)
⬆️ Resistance:  41600
⬇️ Support:  39100

FBM KLCI: 1,624.56 pts (+11.68pts, +0.72%)
⬆️ Resistance:  1670
⬇️ Support:  1580

HSI Index: 17,238.34 pts (+217.03pts, +1.28%)
⬆️ Resistance:  18100
⬇️ Support:  16600

Crude Palm Oil: RM3,908 (-RM7, -0.18%)
⬆️ Resistance:  4100
⬇️ Support:  3790

Brent Oil: $79.78 (-$1.35, -1.66%)
⬆️ Resistance:  84.50
⬇️ Support:  77.80

Gold: $2,384.19 (+$0.13, +0.01%)
⬆️ Resistance:  2490
⬇️ Support:  2310

M+ Market update – 30ul24
Data Center and Sarawak Themes To Lead

The sentiment on the local front was positive yesterday as buying interest emerged within sectors related to data centers; the FBM KLCI, FBM70 and FBM Small Cap rebounded. Meanwhile, the US stock markets ended on a muted tone, as investors stayed on the sidelines ahead of key earnings from Microsoft, AMD and Starbucks later tonight. Also, traders will be monitoring on the 2-day FOMC meeting which will dictate the direction of interest rates going forward. As of now, the consensus is expecting a rate cut in Sep-24. In the commodity markets, Brent oil extended its decline below USD80 as rising concerns over China demand, while the gold price ranged between USD2350-2400. The CPO is trending sideways around RM3900.

Sectors Focus: With mixed sentiment in the US, we believe buying interest may slow down on the local front, but trading activities may revolve around the data center theme, such as Properties, Construction, and Building Materials, as well as stocks related to Sarawak, where we have noticed firm momentum building up in these segments. Additionally, we like selected stocks within the Solar, Shipping, and Industrial Products segments.

Stocks to watch: 

Properties: *KSL*, MAHSING
Building Material: *ENGTEX*, SKBSHUT
Shipping: *ICON*, SEALINK
Industrial products: *SENFONG*
Technology: JCY, SMETRIC
Solar: PEKAT
O&G: *PERDANA*

Source: M+
 

M+ Technical Trading Stocks - 30 Jul 24

Stock Name: ICON (5255)
Entry: Buy above RM1.130
Target: RM1.180 (4.4%), RM1.250 (10.6%)
Stop: RM1.100 (-2.7%)
Shariah: Yes
Technical: Monitor for breakout

Stock Name: ENGTEX (5056)
Entry: Buy above RM1.180
Target: RM1.250 (5.9%), RM1.300 (10.2%)
Stop: RM1.150 (-2.5%)
Shariah: Yes
Technical: Flag-formation breakout

Source: Bloomberg, M+

Disclaimer

The content published is solely for information and personal use only. It should not be construed to be, any advice, recommendation, offer or invitation to buy or sell any securities, futures contracts or any other instrument. Readers should seek independent advice from their own professional advisers (including legal, tax, financial and accounting) as to the risks and merits before entering into any transaction pursuant to or in reliance on any information here.

The content published above shall only be for your sole and personal non-professional use. No guarantee is given on the accuracy or completeness of the information published here. No warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of any person or group of persons acting on such information.