KLSE Traders Update and Ideas

Daily Market Update - 23 Mar 2023 (YTLPOWR, TROP)

Publish date: Thu, 23 Mar 2023, 08:59 AM
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This blog provides market updates and trading ideas that I gather from around the web.

M+ Online Morning Market Buzz - 23 Mar 23 
Dow Jones: 32,030.11 pts (-530.49pts, -1.63%) 
⬆️ Resistance:  33500 
⬇️ Support:  31000 
FBM KLCI: 1,412.04 pts (+5.49pts, +0.39%) 
⬆️ Resistance:  1450 
⬇️ Support:  1370 
HSI Index: 19,591.43 pts (+332.67pts, +1.73%) 
⬆️ Resistance:  20200 
⬇️ Support:  18500 
Crude Palm Oil: RM3,672 (+RM8, +0.22%) 
⬆️ Resistance:  4080 
⬇️ Support:  3570 
Brent Oil: $76.69 (+$1.37, +1.82%) 
⬆️ Resistance:  78.70 
⬇️ Support:  68.80 
Gold: $1,970.11 (+$30.04, +1.55%) 
⬆️ Resistance:  2050 
⬇️ Support:  1870 
M+ Online Technical Trading Stocks - 23 Mar 23 
Stock Name: YTLPOWR (6742) 
Entry: Buy above RM0.885 
Target: RM0.95 (7.3%), RM1.00 (13.0%) 
Stop: RM0.845 (-4.5%) 
Shariah: No 
Technical: Resistance breakout 
Stock Name: TROP (5401) 
Entry: Buy above RM1.44 
Target: RM1.52 (5.6%), RM1.600 (11.1%) 
Stop: RM1.36 (-5.6%) 
Shariah: Yes 
Technical: Monitor for breakout 
Source: Bloomberg, M+ Online

Market update: The FBM KLCI ended on another upbeat note in tandem with the regional markets which have followed the performance on the overnight Wall Street; foreign funds turned net buyers for the second session. However, as Wall Street tumbled overnight, we expect the negative sentiment will spill over to the regional benchmark indices and local bourse, given the rate hike by the Fed and the “blanket insurance” statement on depositors from Janet Yellen. Commodities wise, the Brent crude oil price moved higher towards USD77, while the CPO traded above RM3,670. Gold prices hovered above USD1,970. 
Sector focus: We expect to see another broad-based selldown, especially in the technology sector following the slump in Wall Street overnight. Investors may brace for more volatility and are likely to choose to expose further in the defensive nature sectors such as consumer, telco and utilities.

Stocks to watch: 
Energy and power related: SAMAIDEN, YTLPOWR

Source: M+ Online



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