M+ Online Morning Market Buzz - 9 May 23

Dow Jones: 33,618.69 pts (-55.69pts, -0.17%)
⬆️ Resistance:  34700

⬇️ Support:  32300

FBM KLCI: 1,433.74 pts (+2.70pts, +0.19%)
⬆️ Resistance:  1470

⬇️ Support:  1390

HSI Index: 20,297.03 pts (+247.72pts, +1.24%)
⬆️ Resistance:  20800

⬇️ Support:  19200

Crude Palm Oil: RM3,719 (-RM43, -1.14%)
⬆️ Resistance:  3870

⬇️ Support:  3280

Brent Oil: $77.01 (+$1.71, +2.27%)
⬆️ Resistance:  81.40

⬇️ Support:  69.90

Gold: $2,021.16 (+$4.37, +0.22%)
⬆️ Resistance:  2110

⬇️ Support:  1940

M+ Online Technical Trading Stocks - 9 May 23

Stock Name: ARMADA (5210)
Entry: Buy above RM0.670
Target: RM0.71 (6.0%), RM0.73 (9.0%)
Stop: RM0.63 (-6.0%)
Shariah: No

Technical: Breakout-pullback-continuation

Stock Name: MICROLN (0126)
Entry: Buy above RM0.93
Target: RM1.00 (7.5%), RM1.06 (14.0%)
Stop: RM0.90 (-3.2%)
Shariah: Yes

Technical: Monitor for breakout

Source: Bloomberg, M+ Online

Market update: The FBM KLCI started the week on a mildly positive note as the key index took cue from the positive performances on Wall Street last Friday. We believe the upside may sustain as the US Fed commented on a steady interest rate, which means it is likely to that the Fed is hinting for a pause on the interest rate at least for the near term. However, we expect the upside could be capped ahead of the inflation report in the US. Commodities wise, Brent crude oil marched higher, trading above USD77, while CPO is priced above RM3,700 amid hot weather conditions. Gold price stayed above USD2,000. 

Sector focus: Following the Prime Minister’s calls for EPF portfolio to comprise 70% domestic investments by end-2023, the larger cap companies may benefit from larger fund inflows. Besides, follow-through buying interest might be seen across energy and plantation counters given the firmer crude oil prices and crude palm oil prices.

Stocks to watch:
Energy: ARMADA, PENERGY, CARIMIN, VELESTO
Utilities: GASMSIA, YTLPOWR, RANHILL
Technology: SFPTECH, MICROLN
Building Materials: MSC, CMSB

Others: EWEIN, SIGN, MNHLDG, SAMAIDEN, ECOMATE, MEDIA

Source: M+ Online

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