M+ Online Morning Market Buzz - 29 May 23

Dow Jones: 33,093.34 pts (+328.69pts, +1.00%)
⬆️ Resistance:  34300
⬇️ Support:  32000

FBM KLCI: 1,402.98 pts (+0.50pts, +0.04%)
⬆️ Resistance:  1460
⬇️ Support:  1380

HSI Index: 18,746.92 pts (-369.01pts, -1.93%)
⬆️ Resistance:  20300
⬇️ Support:  18300

Crude Palm Oil: RM3,559 (RM66, +1.89%)
⬆️ Resistance:  3660
⬇️ Support:  3310

Brent Oil: $76.95 (+$0.69, +0.90%)
⬆️ Resistance:  80.30
⬇️ Support:  73.10

Gold: $1,946.46 (+$5.05, +0.26%)
⬆️ Resistance:  2030
⬇️ Support:  1900

Economic Releases For The Week (29/5/2023-2/6/2023):

29/05/2023
MY - Malaysia's Producer Price Index, 12:00PM

30/05/2023
EU - Eurozone's Economic Sentiment, 5:00PM
EU - Eurozone's Industrial Sentiment, 5:00PM
EU - Eurozone's Services Sentiment, 5:00PM
EU - Eurozone's Consumer Confidence, 5:00PM

31/05/2023
JP - Japan's Unemployment Rate, 7.30AM
JP - Japan's Retail Sales, 7.50AM
CN - China's NBS Manufacturing PMI, 9.30AM
CN - China's NBS Non Manufacturing PMI, 9.30AM
JP - Japan's Consumer Confidence, 1.00PM
US - United States' Chicago PMI, 9.45PM

01/06/2023
JP - Japan's Jibun Bank Manufacturing PMI, 8:30AM
MY - Malaysia's S&P Global Manufacturing PMI, 8:30AM
CN - China's Caixin Manufacturing PMI, 8:30AM
EU - Eurozone's HCOB Manufacturing PMI, 4:00PM
UK - United Kingdom's S&P Global Manufacturing PMI, 4:30PM
EU - Eurozone's Unemployment Rate, 5:00PM
US - United States' S&P Global Manufacturing PMI, 9.45PM
US - United States' ISM Manufacturing PMI, 10:00PM

02/06/2023
US - United States' Unemployment Rate, 8:30PM

Economic Releases For The Week (29/5/2023-2/6/2023):

29/05/2023
MY - Malaysia's Producer Price Index, 12:00PM

30/05/2023
EU - Eurozone's Economic Sentiment, 5:00PM
EU - Eurozone's Industrial Sentiment, 5:00PM
EU - Eurozone's Services Sentiment, 5:00PM
EU - Eurozone's Consumer Confidence, 5:00PM

31/05/2023
JP - Japan's Unemployment Rate, 7.30AM
JP - Japan's Retail Sales, 7.50AM
CN - China's NBS Manufacturing PMI, 9.30AM
CN - China's NBS Non Manufacturing PMI, 9.30AM
JP - Japan's Consumer Confidence, 1.00PM
US - United States' Chicago PMI, 9.45PM

01/06/2023
JP - Japan's Jibun Bank Manufacturing PMI, 8:30AM
MY - Malaysia's S&P Global Manufacturing PMI, 8:30AM
CN - China's Caixin Manufacturing PMI, 8:30AM
EU - Eurozone's HCOB Manufacturing PMI, 4:00PM
UK - United Kingdom's S&P Global Manufacturing PMI, 4:30PM
EU - Eurozone's Unemployment Rate, 5:00PM
US - United States' S&P Global Manufacturing PMI, 9.45PM
US - United States' ISM Manufacturing PMI, 10:00PM

02/06/2023
US - United States' Unemployment Rate, 8:30PM

Source: Bloomberg, M+ Online

Market update: The FBM KLCI booked marginal gains after enduring a volatile session following the softer CPI data for Malaysia in April 2023. In light of the brighter outlook of US debt-ceiling deal, bargain hunting activities may emerge on the local bourse, tracking the rallies on Wall Street last Friday. Investors may also monitor Malaysia’s and US S&P Global Manufacturing PMI, as well as US unemployment rate this week. 

Sector focus: We believe the rallies on Wall Street Nasdaq last Friday should spill over to the local technology stocks. Besides, the beaten-down energy sector may see some buying interest amidst economy recovery. Poultry sector may gain momentum prior to the potential lifting of poultry ceiling prices after June 2023. 

Stocks to watch:
Technology: INFOM, GTRONIC, SFPTECH, AEMULUS
Healthcare: KOSSAN, TOPGLOV, TMCLIFE
Utilities: YTLPOWR, RANHILL, MALAKOF
Consumer: PWROOT, CCK
Others: PELIKAN, YBS, PAVREIT, SUNVIEW, EWINT

Source: M+ Online

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