M+ Online Morning Market Buzz - 19 May 23

Dow Jones: 33,535.91 pts (+115.14pts, +0.34%)
⬆️ Resistance:  34500
⬇️ Support:  32400

FBM KLCI: 1,428.04 pts (+3.70pts, +0.26%)
⬆️ Resistance:  1470
⬇️ Support:  1390

HSI Index: 19,727.25 pts (+166.68pts, +0.85%)
⬆️ Resistance:  20800
⬇️ Support:  19200

Crude Palm Oil: RM3,398 (RM6, +0.18%)
⬆️ Resistance:  3810
⬇️ Support:  3310

Brent Oil: $75.86 (-$1.10, -1.43%)
⬆️ Resistance:  79.20
⬇️ Support:  72.10

Gold: $1,957.55 (-$24.29, -1.23%)
⬆️ Resistance:  2090
⬇️ Support:  1920

M+ Online Technical Trading Stocks - 19 May 23

Stock Name: WASEONG (5142)
Entry: Buy above RM0.81
Target: RM0.90 (11.1%), RM0.95 (17.3%)
Stop: RM0.755 (-6.8%)
Shariah: Yes
Technical: Resistance breakout

Stock Name: WCEHB (3565)
Entry: Buy above RM0.505
Target: RM0.535 (5.9%), RM0.545 (7.9%)
Stop: RM0.475 (-5.9%)
Shariah: No
Technical: Monitor for breakout

Source: Bloomberg, M+ Online

Market update: The FBM KLCI logged gains in tandem with regional peers, buoyed by selected banking and consumer heavyweights. With global sentiment turning positive-biased despite the ongoing debt-ceiling talks, we believe that might boost investors’ risk appetite on the local front. Meanwhile, the earnings season will still be on the center stage. Commodities wise, the Brent crude oil traded above USD75 per barrel, while the CPO price hovered slightly below RM3,400. Gold price remained below USD2,000. 

Sector focus: The technology sector may gain momentum amid improved risk appetite with the Nasdaq continued to charge higher led by the recent AI-related stocks. Besides, investors may favour solid consumer stocks with the earning seasons kicking off. Meanwhile, we like the building material, healthcare and utilities sectors amid the recovering ASP for these segments.  

Stocks to watch:
Healthcare: TOPGLOV, SUPERMX
Oil & Gas: WASEONG, DAYANG, T7GLOBAL
Technology: PENTA, MYEG
Solar-related: SLVEST, SAMAIDEN
Others: AAX, NGGB, PRG, SCICOM, KPS, HARBOUR, WCEHB

Source: M+ Online

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