M+ Online Morning Market Buzz - 12 May 23

Dow Jones: 33,309.51 pts (-221.82pts, -0.66%)
⬆️ Resistance:  34500
⬇️ Support:  32300

FBM KLCI: 1,425.18 pts (-0.50pts, -0.04%)
⬆️ Resistance:  1470
⬇️ Support:  1400

HSI Index: 19,743.79 pts (-18.41pts, -0.09%)
⬆️ Resistance:  20800
⬇️ Support:  19400

Crude Palm Oil: RM3,629 (+RM26, +0.72%)
⬆️ Resistance:  3920
⬇️ Support:  3430

Brent Oil: $74.98 (-$1.43, -1.87%)
⬆️ Resistance:  79.20
⬇️ Support:  69.90

Gold: $2,015.05 (-$15.04, -0.74%)
⬆️ Resistance:  2110
⬇️ Support:  1960

M+ Online Technical Trading Stocks - 12 May 23

Stock Name: JTIASA (4383)
Entry: Buy above RM0.69
Target: RM0.73 (5.8%), RM0.75 (8.7%)
Stop: RM0.67 (-2.9%)
Shariah: Yes
Technical: Monitor for breakout

Stock Name: IGBREIT (5227)
Entry: Buy above RM1.770
Target: RM1.90 (7.3%), RM2.00 (13.0%)
Stop: RM1.69 (-4.5%)
Shariah: No
Technical: Monitor for breakout

Source: Bloomberg, M+ Online

Market update: The FBM KLCI marked the third-session decline as cautious sentiment prevailed prior to the release of Malaysia’s 1Q23 GDP data. On Wall Street, investors are shifting their focus towards the technology sector in the anticipation of the Fed keeping the interest rate unchanged next month. Currently, Nasdaq is relatively stronger than the Dow’s movement. Closer to home, investors may start to position in solid fundamental stocks prior to the earnings season. Commodities wise, the Brent crude oil declined below USD75 per barrel mark, while the CPO price hovered above RM3,600. Gold price remained solid above USD2,000. 

Sector focus: The technology sector may see further rebound following the uptrend movement on Nasdaq. Meanwhile, further profit taking activities may occur in the energy sector as crude oil price slid below the USD75 per barrel mark, while investors may favour gold counters given the solid gold price.

Stocks to watch:
Plantation: SIMEPLT, JTIASA, BPLANT, FGV
REIT: IGBREIT, SUNREIT, YTLREIT
Telecommunication & Media: OPCOM, REDTONE, CDB
Technology: PIE, MICROLN
Others: KPJ, SIGN, CHINHIN, OWG, VLB, RGB

Source: M+ Online

Disclaimer

The content published is solely for information and personal use only. It should not be construed to be, any advice, recommendation, offer or invitation to buy or sell any securities, futures contracts or any other instrument. Readers should seek independent advice from their own professional advisers (including legal, tax, financial and accounting) as to the risks and merits before entering into any transaction pursuant to or in reliance on any information here.

The content published above shall only be for your sole and personal non-professional use. No guarantee is given on the accuracy or completeness of the information published here. No warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of any person or group of persons acting on such information.