M+ Online Morning Market Buzz - 30 May 23

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

FBM KLCI: 1,404.93 pts (+1.95pts, +0.14%)
⬆️ Resistance:  1460
⬇️ Support:  1380

HSI Index: 18,551.11 pts (-195.81pts, -1.04%)
⬆️ Resistance:  20300
⬇️ Support:  18200

Crude Palm Oil: RM3,513 (RM-33, -0.93%)
⬆️ Resistance:  3660
⬇️ Support:  3310

Brent Oil: $77.07 (+$0.12, +0.16%)
⬆️ Resistance:  80.30
⬇️ Support:  73.10

Gold: $1,943.19 (-$3.27, -0.17%)
⬆️ Resistance:  2030
⬇️ Support:  1900

M+ Online Technical Trading Stocks - 30 May 23

Stock Name: CNERGEN (0246)
Entry: Buy above RM0.945
Target: RM1.01 (6.9%), RM1.05 (11.1%)
Stop: RM0.88 (-6.9%)
Shariah: Yes
Technical: Monitor for breakout

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

Source: Bloomberg, M+ Online

Market update: The FBM KLCI closed with minor gains as bargain hunting activities emerged amid easing worries following the tentative deal formed over US debt ceiling. Investors may see further relief in the market in anticipation of the lifting of US debt ceiling this weekend. Meanwhile, higher-than-expected US consumer spending which suggested the economy remains resilient has kept the Brent crude oil price on a recovery move, hovering above USD77 per barrel. Meanwhile, the CPO price hovered above RM3,500. 

Sector focus: Investors may see further buying interest in the energy sector amid the higher crude oil prices. Besides, investors may see follow-through buying interest in the technology sector in view of Nasdaq’s movement above the key 12,000 level.

Stocks to watch:
Technology: PENTA, VSTECS, CNERGEN
Utilities: TENAGA, YTLPOWR, RANHILL
Plantation: SIMEPLT, TAANN
Oil & Gas: WASEONG, PETRONM, UZMA
Others: MBMR, MCEMENT, UCHITEC, TEXCYCL, SEAL, TELADAN, TOMYPAK

Source: M+ Online

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