M+ Online Morning Market Buzz - 23 May 23

Dow Jones: 33,286.58 pts (-140.05pts, -0.42%)
⬆️ Resistance:  34300
⬇️ Support:  32400

FBM KLCI: 1,419.00 pts (-9.54pts, -0.67%)
⬆️ Resistance:  1460
⬇️ Support:  1390

HSI Index: 19,678.17 pts (+227.60pts, +1.17%)
⬆️ Resistance:  20500
⬇️ Support:  19000

Crude Palm Oil: RM3,429 (+RM1, +0.03%)
⬆️ Resistance:  3780
⬇️ Support:  3310

Brent Oil: $75.99 (+$0.41, +0.54%)
⬆️ Resistance:  79.10
⬇️ Support:  72.10

Gold: $1,971.91 (-$5.90, -0.30%)
⬆️ Resistance:  2070
⬇️ Support:  1920

M+ Online Technical Trading Stocks - 23 May 23

Stock Name: UZMA (7250)
Entry: Buy above RM0.65
Target: RM0.70 (7.7%), RM0.75 (15.4%)
Stop: RM0.615 (-5.4%)
Shariah: Yes
Technical: Monitor for breakout

Stock Name: CTOS (5301)
Entry: Buy above RM1.42
Target: RM1.48 (4.2%), RM1.56 (9.9%)
Stop: RM1.38 (-2.8%)
Shariah: Yes
Technical: Flag-formation breakout

Source: Bloomberg, M+ Online

Market update: The FBM KLCI closed lower as the market sentiment was affected by the political developments ahead of the state elections. Meanwhile, Wall Street ended on a mixed note amid the ongoing debt ceiling negotiations. However, with the resumption of debt ceiling talks in the US, we expect the market sentiment to improve at least for the near term. Also, the FBM KLCI rebalancing activities will be commencing soon and may impact the volatility of the heavyweights. Commodities wise, the Brent crude oil stayed above the USD75 per barrel mark, while the CPO price is hovering around RM3,400. Gold price remains below USD2,000. 

Sector focus: The investors will be slightly positive on the resumption of debt talks and may focus on the beaten down banking stocks yesterday. Meanwhile, we like the energy, telco and utilities sector ahead of the release of quarterly results. Also, we think aviation stocks may trade higher after AAX managed to raise funds.

Stocks to watch:
Healthcare: KPJ, SUPERMX, TOPGLOV 
Construction: GAMUDA, AME, WCEHB
Building Materials: MCMENT, HUMEIND, CMSB
Oil & Gas: DAYANG, COASTAL, UZMA
Others: MCEHLDG, PWF, CTOS, EWEIN, MPHBCAP, MICROLN, YTLPOWR

Source: M+ Online

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