M+ Online Morning Market Buzz - 25 May 23

Dow Jones: 32,799.92 pts (-255.59pts, -0.77%)
⬆️ Resistance:  34300
⬇️ Support:  32100

FBM KLCI: 1,409.62 pts (-1.92pts, -0.14%)
⬆️ Resistance:  1460
⬇️ Support:  1380

HSI Index: 19,115.93 pts (-315.32pts, -1.62%)
⬆️ Resistance:  20500
⬇️ Support:  18700

Crude Palm Oil: RM3,406 (RM-1, -0.03%)
⬆️ Resistance:  3540
⬇️ Support:  3310

Brent Oil: $78.36 (+$1.52, +1.98%)
⬆️ Resistance:  80.30
⬇️ Support:  72.10

Gold: $1,957.16 (-$18.07, -0.91%)
⬆️ Resistance:  2060
⬇️ Support:  1920

M+ Online Technical Trading Stocks - 25 May 23

Stock Name: CAPITALA (5099)
Entry: Buy above RM0.79
Target: RM0.855 (8.2%), RM0.88 (11.4%)
Stop: RM0.75 (-5.1%)
Shariah: Yes
Technical: Monitor for breakout

Stock Name: OWG (5260)
Entry: Buy above RM0.60
Target: RM0.64 (6.7%), RM0.65 (8.3%)
Stop: RM0.57 (-5.0%)
Shariah: Yes
Technical: Monitor for breakout

Source: Bloomberg, M+ Online

Market update: The FBM KLCI sank for the third straight session amidst broad-based selloff, dragged by persisted selling momentum in selected banking, plantation, and health care heavyweights. The longer-than-expected negotiation on the deal to raise the US debt ceiling may continue to stoke worries on both the local and regional markets. Nevertheless, bargain hunting activities may emerge on counters with brighter outlook amid local earnings season. Commodities wise, Brent crude oil traded above USD78, while CPO price hovered above RM3,400. Meanwhile, gold traded above USD1,950. 

Sector focus: The telecommunications, utilities, and REIT might be in focus amid global uncertainties. On the other hand, the technology sector may remain in a downtrend move, taking cue from the decline on Nasdaq overnight. Meanwhile, we think companies with high net cash or low borrowings may shine in the ongoing reporting season.

Stocks to watch:
Utilities: YTL, SALCON, RANHILL
Consumer: PELIKAN, AEON, PWROOT
Tourism-related: CAPITALA, AAX, OWG
Property: MATRIX, CHGP
Others: CHGP, RCECAP, PRLEXUS, WASEONG, N2N, SMRT, KTC, PTRANS

Source: M+ Online

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