M+ Online Morning Market Buzz - 26 May 23

Dow Jones: 32,764.65 pts (-35.27pts, -0.11%)
⬆️ Resistance:  34300
⬇️ Support:  32000

FBM KLCI: 1,402.48 pts (-7.14pts, -0.51%)
⬆️ Resistance:  1460
⬇️ Support:  1380

HSI Index: 18,746.92 pts (-369.01pts, -1.93%)
⬆️ Resistance:  20400
⬇️ Support:  18300

Crude Palm Oil: RM3,509 (RM16, +0.46%)
⬆️ Resistance:  3610
⬇️ Support:  3310

Brent Oil: $76.26 (-$2.10, -2.68%)
⬆️ Resistance:  80.30
⬇️ Support:  72.70

Gold: $1,941.41 (-$15.75, -0.80%)
⬆️ Resistance:  2040
⬇️ Support:  1910

M+ Online Technical Trading Stocks - 26 May 23

Stock Name: PENTA (7160)
Entry: Buy above RM4.74
Target: RM4.93 (4.0%), RM5.05 (6.5%)
Stop: RM4.64 (-2.1%)
Shariah: Yes
Technical: Bullish candle

Stock Name: ECOWLD (8206)
Entry: Buy above RM0.75
Target: RM0.79 (5.3%), RM0.8 (6.7%)
Stop: RM0.715 (-4.7%)
Shariah: Yes
Technical: Hammer candle

Source: Bloomberg, M+ Online

Market update: The FBM KLCI remained subdued on the back of persisted selling pressure in the banking and plantation heavyweights. We believe bargain hunting activities may emerge on the local bourse as the US economy showed no signs of recession following the release of higher-than-expected GDP data for 1Q23. Meanwhile, Malaysia’s inflation rate will be in focus today. Commodities wise, the Brent crude oil price decreased towards USD76, while the CPO price stood above RM3,500. Gold price pulled back further towards USD1,940. 

Sector focus: A strong rebound on Nasdaq we might see buying interest spillover towards the technology sector. Meanwhile, we think investors may favour telecommunication, utilities and REITs amid the ongoing earnings season. On the other hand, there might be less interest in gold counters as the commodities prices appeared to be in a consolidation phase.

Stocks to watch:
Technology: PENTA, UNISEM, CTOS
Property: SIMEPROP, ECOWLD, MENANG 
Oil & Gas: CARIMIN, ARMADA, COASTAL 
Poultry-related: LAYHONG, CAB, LHI
Others: CHINHIN, MBMR, ECOMATE, CMSB, TUNEPRO, EMETALL

Source: M+ Online

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