M+ Online Morning Market Buzz - 8 May 23 
 
Dow Jones: 33,674.38 pts (+546.64pts, +1.65%) 
⬆ Resistance:  35000 
⬇ Support:  32300 
 
FBM KLCI: 1,431.04 pts (+5.05pts, +0.35%) 
⬆ Resistance:  1460 
⬇ Support:  1390 
 
HSI Index: 20,049.31 pts (+100.58pts, +0.50%) 
⬆ Resistance:  20700 
⬇ Support:  19200 
 
Crude Palm Oil: RM3,601 (+RM176, +5.14%) 
⬆ Resistance:  3700 
⬇ Support:  3280 
 
Brent Oil: $75.30 (+$2.80, +3.86%) 
⬆ Resistance:  81.90 
⬇ Support:  69.90 
 
Gold: $2,016.79 (-$33.49, -1.63%) 
⬆ Resistance:  2110 
⬇ Support:  1940 
 
M+ Online Technical Focus - 8 May 23 
CAB Cakaran Bhd: Diversification into premium segment 
 
Trading Catalyst 
• Regarded as one of the largest food producers in Malaysia, operating an integrated poultry processing, retail for poultry and marine products and fast food chains comprising ten Kyros Kebab outlets across Klang Valley. 
• To diversify into premium chicken segment through the launch of omega and organic chicken products that offers higher margins. 
• Joint venture with Indonesia conglomerate; Salim Group to invest USD70.0m-USD80.0m to build 50-60 poultry farms over the next 5 years at Java, Indonesia. 
• Technically, traders may anticipate for a potential short-term consolidation breakout above RM0.71 to target the next resistances at RM0.745-0.77 with long term target set at RM0.825. 
 
Technical View 
 
(i) CAB (S: RM0.68, R: RM0.745-0.77, LT TP: RM0.825, CL: RM0.675) 
 
S: Support, R: Resistance, LT TP: Long term target price, CL: Cut loss 
 
Economic Releases For The Week (8/5/2023-12/5/2023): 
 
8/5/2023 
JP - Japan's Jibun Bank Services PMI, 8:30AM 
JP - Japan's Jibun Bank Composite PMI, 8:30AM 
 
9/5/2023 
MY - Malaysia's Industrial Production, 12.00PM 
 
10/5/2023 
MY - Malaysia's Retail Sales, 12:00PM 
US - United States' Inflation Rate, 8:30PM 
 
11/5/2023 
CN - China's Inflation Rate, 9:30AM 
CN - China's Producer Price Index, 9:30AM 
MY - Malaysia's Unemployment Rate, 12:00PM 
UK - United Kingdom's 1Q23 GDP Growth Rate (Preliminary), 2:00PM 
UK - United Kingdom's Industrial Production, 2:00PM 
UK - United Kingdom's Manufacturing Production, 2:00PM 
UK - United Kingdom's Bank of England's Interest Rate Decision, 7:00PM 
US - United States' Producer Price Index, 8:30PM 
 
12/5/2023 
MY - Malaysia's 1Q23 GDP Growth Rate, 12:00PM 
US - United States' Michigan Consumer Sentiment (Preliminary), 10.00PM 
 
Source: Bloomberg, M+ Online

Market update: The FBM KLCI closed higher on Friday despite the mixed sentiment on regional markets. We reckon that the huge and widespread rebounds on Wall Street last week could boost investors’ confidence in both the regional and local bourses. Meanwhile, some key economic indicators which will be released this week include the US inflation rate, Malaysia’s unemployment rate, and Malaysia’s 1Q23 GDP growth rate. Commodities wise, the Brent crude oil price rallied above USD75, while the CPO price hovered above RM3,600; Gold price pulled back but stayed above USD2,000.  

Sector focus: The significant surge in Wall Street Nasdaq over the weekend may lead to buying momentum in the technology counters. Besides, investors may find buying opportunities in gold related counters given the resilient gold prices. Meanwhile, the electric vehicle sector may be under the limelight as the Prime Minister highlights on Malaysia’s intention to attract more Chinese companies to spur domestic automotive sector in aligned with ESG goals.

Stocks to watch:
Financial Services: MAYBANK, MBSB, RCECAP
Construction & Building Materials: VLB, WCEHB, IJM, AJIYA
Telecommunications & Media: REDTONE, OPCOM
Consumer: CAB, PWF
Others: HARBOUR, SAMAIDEN, UCHITEC, OWG, PENTA, SMRT, MALAKOF

Source: M+ Online

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