M+ Online Morning Market Buzz - 14 Mar 24
Dow Jones: 39,043.32 pts (+37.83pts, +0.10%)
⬆️ Resistance: 40000
⬇️ Support: 37800
FBM KLCI: 1,538.13 pts (-16.43pts, -1.06%)
⬆️ Resistance: 1590
⬇️ Support: 1510
HSI Index: 17,082.11 pts (-11.39pts, -0.07%)
⬆️ Resistance: 17600
⬇️ Support: 15900
Crude Palm Oil: RM4,195 (+RM17, +0.41%)
⬆️ Resistance: 4290
⬇️ Support: 3970
Brent Oil: $84.03 (+$2.11, +2.58%)
⬆️ Resistance: 86.00
⬇️ Support: 79.50
Gold: $2,174.41 (+$1.01, +0.05%)
⬆️ Resistance: 2240
⬇️ Support: 2110
Market update – 14 Mar 24
Traders Stayed Cautious Ahead Of PPI Data
The FBM KLCI ended softer after several index heavyweights exercised for dividends, while selected Telco heavyweights closed in the negative territory. Meanwhile, the US stock markets traded mixed prior to the release of PPI data later tonight as the inflation number will be crucial for the Fed in determining the interest outlook going forward. However, we expect the general tone on the local front may remain positive amid bargain hunting activities in the small cap stocks. On the commodity markets, Brent oil experienced a breakout above USD84 supported by a drop in U.S. crude inventories and potential supply disruptions after Ukrainian attacks on Russian refineries. Meanwhile, the Gold price pulled back but rebound above the USD2150 zone. For the FCPO, the momentum continued as the price breaches above RM4200.
Sectors focus: Given the weakness in the Technology sector in the US, we believe the upside for Technology stocks could be minimal on the local front. Meanwhile, we believe traders could focus on the commodities sector like O&G and Plantation sector, with the firmer performance on the underlying commodities overnight. Besides, we favour selected Consumer, Property, Construction and Banking stocks.
Stocks to watch:
Property: LBS, SIMEPROP
Construction: EPICON
Banking: MBSB
Solar: SAMAIDEN
Plantation: TSH
Building material: SCGBHD
Consumer: SUPERLN
Technology: MPI, UNISEM
Source: M+ Online
M+ Online Technical Trading Stocks - 14 Mar 24
Stock Name: LBS (5789)
Entry: Buy above RM0.720
Target: RM0.750 (4.2%), RM0.780 (8.3%)
Stop: RM0.700 (-2.8%)
Shariah: Yes
Technical: Consolidation breakout
Stock Name: EPICON (4847)
Entry: Buy above RM0.430
Target: RM0.455 (5.8%), RM0.480 (11.6%)
Stop: RM0.415 (-3.5%)
Shariah: Yes
Technical: Impending flag-formation breakout
Source: Bloomberg, M+ Online
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.
Chart | Stock Name | Last | Change | Volume |
---|