M+ Online Morning Market Buzz - 11 May 23

Dow Jones: 33,531.33 pts (-30.48pts, -0.09%)
⬆️ Resistance:  34500
⬇️ Support:  32300

FBM KLCI: 1,425.68 pts (-6.95pts, -0.49%)
⬆️ Resistance:  1470
⬇️ Support:  1400

HSI Index: 19,762.20 pts (-105.38pts, -0.53%)
⬆️ Resistance:  20800
⬇️ Support:  19400

Crude Palm Oil: RM3,728 (+RM19, +0.51%)
⬆️ Resistance:  3920
⬇️ Support:  3430

Brent Oil: $76.41 (-$1.03, -1.33%)
⬆️ Resistance:  79.20
⬇️ Support:  69.90

Gold: $2,030.09 (-$4.47, -0.22%)
⬆️ Resistance:  2110
⬇️ Support:  1960

M+ Online Technical Trading Stocks - 11 May 23

Stock Name: PTRANS (0186)
Entry: Buy above RM1.06
Target: RM1.15 (8.5%), RM1.20 (13.2%)
Stop: RM1.00 (-5.7%)
Shariah: Yes
Technical: Monitor for breakout

Stock Name: PPJACK (0242)
Entry: Buy above RM0.61
Target: RM0.635 (4.1%), RM0.65 (6.6%)
Stop: RM0.595 (-2.5%)
Shariah: No
Technical: Monitor for breakout

Source: Bloomberg, M+ Online

Market update: The FBM KLCI slid further, tracking the subdued trading tone across the regional bourses as China’s disappointing trade data weighed on the sentiment, while investors were trading cautiously prior to the US inflation data. With the latest CPI data showing signs of easing inflationary pressure, investors are likely to turn more optimistic on the technology sector and the Fed is likely to pause on rate hikes next month. Commodities wise, the Brent crude oil traded above USD76 per barrel, while the CPO price hovered above RM3,700. Gold price continued to stay above USD2,000. 

Sector focus: The technology sector may shine along with overnight rallies on Nasdaq, following the slightly lower-than-expected inflation readings in the US. Besides, investors may favour the renewable energy (RE) sector with export business following the government’s lifting of the 18-month ban on RE export.

Stocks to watch:
Plantation: SIMEPLT, HARNLEN, BPLANT, JTIASA
Property:  EWINT, ECOWLD
REIT: AMEREIT, IGBREIT, SUNREIT 
Consumer: PWROOT, LAYHONG
Others: WCEHB, CYPARK, PTRANS, SMRT, SIGN, RGTECH, PPJACK

Source: M+ Online

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