KLSE Traders Update and Ideas

Daily Market Update - 31 May 2023

Publish date: Wed, 31 May 2023, 08:39 AM
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This blog provides market updates and trading ideas that I gather from around the web.

M+ Online Morning Market Buzz - 31 May 23

Dow Jones: 33,042.78 pts (-50.56pts, -0.15%)
⬆️ Resistance:  34200
⬇️ Support:  32000

FBM KLCI: 1,396.91 pts (-8.02pts, -0.57%)
⬆️ Resistance:  1460
⬇️ Support:  1370

HSI Index: 18,595.78 pts (+44.67pts, +0.24%)
⬆️ Resistance:  20300
⬇️ Support:  18100

Crude Palm Oil: RM3,363 (-RM40, -1.18%)
⬆️ Resistance:  3660
⬇️ Support:  3290

Brent Oil: $73.69 (-$3.38, -4.39%)
⬆️ Resistance:  80.30
⬇️ Support:  71.80

Gold: $1,959.33 (+$16.14, +0.83%)
⬆️ Resistance:  2030
⬇️ Support:  1900

M+ Online Technical Focus - 31 May 23
Carimin Petroleum Bhd: Strengthening presence in East Malaysia

Trading Catalyst
• Established since 1989 that specialised in provision of technical and engineering support services in the oil and gas industry in Malaysia.
• Embarking onto a land acquisition for yard development to grow its presence in East Malaysia, whilst continue to enhance its core competent capabilities.
• Total crude oil rigs remain fairly table at >500 since February 2022, implying that oil & gas activities are still firm.
• Technically, traders may anticipate for a consolidation breakout above RM0.69 to target the next resistances at RM0.74-0.765 with long term target set at RM0.82.

Technical View

(i) CARIMIN (S: RM1.35, R: RM1.54-1.58, LT TP: RM1.73, CL: RM1.34)

S: Support, R: Resistance, LT TP: Long term target price, CL: Cut loss

Source: Bloomberg, M+ Online

Market update: The FBM KLCI drifted below the key 1,400 level as investors took profit ahead of the passing of US debt ceiling deal. Whilst global sentiment remained mixed, we believe bargain hunting activities may emerge on the local front in undervalued stocks. Meanwhile, the renewable energy theme may come into investors’ focus as the government target to roll out its Energy Transition Roadmap, as well as to reveal the renewable energy export guidelines in June. Commodities wise, the Brent crude oil tumbled towards USD73 amid uncertainty over global demand prospects, while the CPO price hovered above RM3,350.  

Sector focus: Investors may favour the technology sector given the Nasdaq crossed above the 13,000 level. The renewable energy counters may shine following a series of government’s initiative. However, selling pressure may be noticed in the energy sector after the plunge of crude oil prices.

Stocks to watch:
Telecommunication: REDTONE, BINACOM, OPCOM
Transportation & Logistics: WPRTS, GDEX

Source: M+ Online



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