KLSE Traders Update and Ideas

Daily Market Update - 31 May 2017 (LIIHEN, MUDAJYA)

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Publish date: Wed, 31 May 2017, 08:48 AM
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This blog provides market updates and trading ideas that I gather from around the web.

Dow Jones: 21,029.47 pts (-50.81pts, -0.24%)
Wall Street finished lower on Tuesday, as investors digested a string of economic data, although losses were capped by the strong rally in technology stocks. Near-term support will be located around the 21,000.

FBM KLCI: 1,765.34 pts (+0.45pts, +0.03%)
The FBM KLCI finished almost unchanged as investors remain on the sidelines, amid geopolitical concerns in Greece and Italy, and slower-than-expected recovery in the U.S. economy. The key-index is likely to stay rangebound in-between 1759 to 1783. 

Crude Palm Oil: RM2,504 (-RM12, -0.48%)
Crude palm oil continued to fall as investors took profit amid rising production, coupled with expectations of softer demand for crude palm oil. Support is envisaged around RM2,450.

WTI Crude Oil: $49.66 (-$0.14, -0.28%)
Crude oil continued to see selling pressure as rising Libyan stockpiles further exacerbate the oversupply problem in the market. Oil prices might trend in-between US$47 to US$50.

Gold: $1,263.09 (-$5.01, -0.39%)
Gold prices ended down by 0.4% on profit-taking activities, after hitting a one-month high on Monday, amid geopolitical uncertainties in the European countries. Support will be pegged around US$1,261.

Economic Releases:
CN - China Manufacturing Purchasing Manager Index - 31 May 17, 9.00AM
EU - Euro Area Inflation Rate - 31 May 17, 5.00PM
EU - Euro Area Unemployment Rate, 31 May 17, 5.00PM

Bursa Malaysia Trade Statistics - 30 May 17
Institutions:  Net BUY 38.7 mln (61.2%)
Retail:  Net SELL 20.4 mln (21.1%)
Foreign:  Net SELL 18.3 mln (17.7%)

Potential Momentum Stocks - 31 May 17 
Stock Name: LIIHEN (7089)
Entry: Buy above RM3.26
Target: RM3.33 (2.1%), RM3.42 (4.9%)
Stop: RM3.17 (-2.8%)
Shariah: Yes
Technical: Breakout momentum trade

Stock Name: MUDAJYA (5085)
Entry: Buy above RM1.52
Target: RM1.610 (5.9%), RM1.67 (9.9%)
Stop: RM1.48 (-2.6%)
Shariah: Yes
Technical: Breakout momentum trade

Source: Bloomberg, M+ Online

 

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