KLSE Traders Update and Ideas

Daily Market Update - 2 Sept 2016 (OCNCASH, COMFORT)

mplus313
Publish date: Fri, 02 Sep 2016, 09:04 AM
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This blog provides market updates and trading ideas that I gather from around the web.

Dow Jones: 18,419.30 pts (+18.42pts, +0.10%)
U.S. stocks rebounded after hitting an intra-day low of 18,295.48 pts on the Dow and ended flat as traders were cautious ahead of the August nonfarm payrolls report on Friday.

FBM KLCI: 1,670.55 pts (-7.51pts, -0.45%)
After the selldown phase on the FBM KLCI yesterday, the key index may be due for a short term rebound towards the 1,680 level over the near term amid bargain hunting activities.

Crude Palm Oil: RM2,520 (-RM6, -0.24%)
Crude palm oil extended its correction as traders were expecting production to be higher in the upcoming months. Next support will be set around RM2,500.

WTI Crude Oil: $43.16 (-$1.54, -3.48%)
Crude oil dived sharply for another session on the back of oversupply concerns. Crude oil's upside will be capped around US$45.

Gold: $1,313.89 (+$4.97, +0.38%)
Gold rebounded near the US$1,300 level as investors are focusing on the U.S. jobs report that will be releasing on Friday.

Economic Releases:
US - US Employees on Nonfarm Payroll - 2Sep16, 8:30PM
US - US Manufacturers New Orders Total - 2Sep16, 10:00PM

Bursa Malaysia Trade Statistics - 1Sep16
Institutions:  Net BUY 183.1 mln (52.2%)
Retail:  Net BUY 17.6 mln (15.0%)
Foreign:  Net SELL 200.7 mln (32.8%)

Potential Momentum Stocks - 2Sep16 
Stock Name: OCNCASH (0049)
Entry: Buy around RM0.37
Target: RM0.42 (13.5%), RM0.435 (17.6%)
Stop: RM0.35 (-5.4%)
Shariah: Yes
Technical: Potential trendline breakout

Stock Name: COMFORT (2127)
Entry: Buy above RM0.73
Target: RM0.785 (7.5%), RM0.83 (13.7%)
Stop: RM0.705 (-3.4%)
Shariah: Yes
Technical: Price above EMA120

Source: Bloomberg, M+ Online

 

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