M+ Online Morning Market Buzz - 8 Jun 23

Dow Jones: 33,665.02 pts (+91.74pts, +0.27%)
⬆️ Resistance:  34500
⬇️ Support:  32100

FBM KLCI: 1,378.65 pts (-4.52pts, -0.33%)
⬆️ Resistance:  1440
⬇️ Support:  1350

HSI Index: 19,252.00 pts (+152.72pts, +0.80%)
⬆️ Resistance:  19800
⬇️ Support:  17900

Crude Palm Oil: RM3,345 (RM25, +0.75%)
⬆️ Resistance:  3630
⬇️ Support:  3220

Brent Oil: $76.95 (+$0.66, +0.87%)
⬆️ Resistance:  80.40
⬇️ Support:  70.60

Gold: $1,940.02 (-$23.50, -1.20%)
⬆️ Resistance:  2030
⬇️ Support:  1910

M+ Online Technical Trading Stocks - 8 Jun 23

Stock Name: PWROOT (7237) 
Entry: Buy above RM2.09
Target: RM2.23 (6.7%), RM2.31 (10.5%)
Stop: RM1.97 (-5.7%)
Shariah: Yes
Technical: Monitor for breakout

Stock Name: MSC (5916)
Entry: Buy above RM2.03
Target: RM2.17 (6.9%), RM2.33 (14.8%)
Stop: RM1.9 (-6.4%)
Shariah: No
Technical: Resistance breakout

Market update: Selling interest continued in the FBM KLCI with anticipation over the slower economic recovery in China in view of its higher-than-expected decline in export data for the period of May 2023. Hence, the concerns over the global economic recovery, coupled with a few key economic data that will be released next week such as the US CPI may keep investors in a cautious mode. Nevertheless, we still expect the current level of FBM KLCI may attract bargain hunting activities from investors as values could be emerging. Commodities wise, the Brent crude oil traded above USD76, while the CPO price hovered slightly below RM3,350. 

Sector focus: While a rebound in crude oil price may create buying interest in the energy counters, Petronas’s anticipation over lower profitability in 2023 may limit the upside potential. Besides, the shift towards dual network coverage on the 5G model may benefit the telecommunication sector.

Stocks to watch:
Consumer: PWROOT, SDS, FOCUSP
Transportation & Logistics: WPRTS, GCAP, HARBOUR 
Technology: INFOTEC, KGB, CTOS, SCICOM
Property: EWINT, IOIPG
Others: BAUTO, MSC, YTLPOWR, ADVCON, STAR, RGB

Source: M+ Online

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