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
• 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.
(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:
Oil & Gas: CARIMIN, WASEONG, UZMA
Construction: GAMUDA, MUHIBAH, MITRA
Telecommunication: REDTONE, BINACOM, OPCOM
Transportation & Logistics: WPRTS, GDEX
Others: GTRONIC, AEON, CMSB, ASTRO, WELLS, EWEIN, RCECAP
Source: M+ Online
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