M+ Online Morning Market Buzz - 18 May 23

Dow Jones: 33,420.77 pts (+408.63pts, +1.24%)
⬆️ Resistance:  34,500
⬇️ Support:  32,400

FBM KLCI: 1,424.34 pts (+0.84pts, +0.06%)
⬆️ Resistance:  1,470
⬇️ Support:  1,390

HSI Index: 19,560.57 pts (-471.68pts, -2.09%)
⬆️ Resistance:  20,800
⬇️ Support:  19,200

Crude Palm Oil: RM3,412 (-RM22, -0.64%)
⬆️ Resistance:  3,880
⬇️ Support:  3,310

Brent Oil: $76.96 (+$2.05, +2.74%)
⬆️ Resistance:  79.20
⬇️ Support:  72.10

Gold: $1,981.84 (-$7.33, -0.37%)
⬆️ Resistance:  2090
⬇️ Support:  1940

M+ Online Technical Trading Stocks - 18 May 23

Stock Name: JTIASA (4383)
Entry: Buy above RM0.70
Target: RM0.75 (7.1%), RM0.80 (14.3%)
Stop: RM0.665 (-5.0%)
Shariah: Yes
Technical: Flag-formation breakout

Stock Name: TOPGLOV (7113)
Entry: Buy above RM1.08
Target: RM1.15 (6.5%), RM1.18 (9.3%)
Stop: RM1.04 (-3.7%)
Shariah: Yes
Technical: Flag-formation breakout

Source: Bloomberg, M+ Online

Market update: The FBM KLCI gained marginally higher for the session, led by Petronas Dagangan and Nestle. Although the deal for the US debt ceiling is not reached, the market could be speculating a positive outcome before this weekend to be seen on the ongoing debt ceiling negotiations, hence this has contributed to the strong performance on Wall Street and the market has seen reducing exposure on gold. However, on our local front, the state election, coupled with the ongoing earnings season could cap the upside potential at least for the near term. Commodities wise, the Brent crude oil price surged above USD75, while the CPO is below RM3,500 and the gold price fell below USD2,000. 

Sector focus: With the positive performance from Wall Street, we believe traders may look into riskier sectors in the near term. We expect the healthcare related stocks to take the lead on the back of recovering earnings, while investors may look into poultry stocks for investing opportunities after Teoseng’s stellar results.

Stocks to watch:
Plantation: SIMEPLT, BPLANT, TAANN, JTIASA
Utilities: YTLPOWR, MALAKOF, PBA
Healthcare: SUPERMX, TOPGLOV, OPTIMAX 
Technology: LGMS, INFOTEC, VSTECS 
Others: E&O, GCB, SIGN, NCT, CCK

Source: M+ Online

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