M+ Online Morning Market Buzz - 2 Jun 23

Dow Jones: 33,061.57 pts (+153.30pts, +0.47%)
⬆️ Resistance:  34000
⬇️ Support:  32000

FBM KLCI: 1,383.01 pts (-2.11pts, -0.15%)
⬆️ Resistance:  1450
⬇️ Support:  1360

HSI Index: 18,216.91 pts (-17.36pts, -0.10%)
⬆️ Resistance:  20200
⬇️ Support:  17900

Crude Palm Oil: RM3,298 (+RM19, +0.58%)
⬆️ Resistance:  3660
⬇️ Support:  3220

Brent Oil: $74.27 (+$1.67, +2.30%)
⬆️ Resistance:  80.30
⬇️ Support:  70.60

Gold: $1,977.61 (+$14.88, +0.76%)
⬆️ Resistance:  2030
⬇️ Support:  1900

M+ Online Technical Trading Stocks - 2 Jun 23

Stock Name: INFOM (0253)
Entry: Buy above RM1.52
Target: RM1.66 (9.2%), RM1.73 (13.8%)
Stop: RM1.43 (-5.9%)
Shariah: No
Technical: Monitor for breakout

Stock Name: HARBOUR (2062)
Entry: Buy above RM1.20
Target: RM1.27 (5.8%), RM1.32 (10.0%)
Stop: RM1.13 (-5.8%)
Shariah: Yes
Technical: Bullish engulfing candle

Source: Bloomberg, M+ Online

Market update: The FBM KLCI remained under pressure amid persistent cautious sentiment without significant fresh catalyst. Nevertheless, following the passing of US debt ceiling bill and the subsequent rebound on Wall Street, bargain hunting activities may emerge on the local bourse. Still, cautiousness may prevail with the spotlight turning towards the release of US jobs data that may dictate the interest rate direction, Investors may prefer stocks with defensive characteristics towards the end of earnings season. Commodities wise, the Brent crude oil traded above USD74 per barrel, while the CPO price hovered just below RM3,300. 

Sector focus: The technology sector may gain momentum taking cue from the AI-driven technology stock rally on Wall Street overnight. Besides, the utilities and telecommunications sector could be under the limelight given their defensive characteristics.

Stocks to watch:
Telecommunication & Media: ASTRO, AXIATA, MAXIS 
Technology: MPI, GENETEC, FRONTKN, INFOTEC, INFOM
Transportation & Logistics: SYSCORP, HARBOUR 
Property: KPPROP, MENANG, SUNWAY
Others: HSSEB, WELLS, NGGB, SAMAIDEN, SMRT

Source: M+ Online

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