M+ Online Morning Market Buzz - 9 Jun 23

Dow Jones: 33,833.61 pts (+168.59pts, +0.50%)
⬆ Resistance:  34600
⬇ Support:  33000

FBM KLCI: 19,299.18 pts (+47.18pts, +0.25%)
⬆ Resistance:  1410
⬇ Support:  1350

HSI Index: 1,374.64 pts (-4.01pts, -0.29%)
⬆ Resistance:  19800
⬇ Support:  18800

Crude Palm Oil: RM3,264 (+RM50, +1.53%)
⬆ Resistance:  3390
⬇ Support:  3210

Brent Oil: $75.96 (-$0.99, -1.29%)
⬆ Resistance:  79.30
⬇ Support:  72.20

Gold: $1,965.46 (+$0.53, +0.00%)
⬆ Resistance:  2010
⬇ Support:  1930

M+ Online Technical Trading Stocks - 9 Jun 23

Stock Name: RANHILL (5272)
Entry: Buy above RM0.520
Target: RM0.550 (5.8%), RM0.580 (11.5%)
Stop: RM0.480 (-7.7%)
Shariah: Yes
Technical: Bullish engulfing bar

Stock Name: EWEIN (7249)
Entry: Buy above RM0.745
Target: RM0.790 (6.0%), RM0.825 (10.7%)
Stop: RM0.700 (-6.0%)
Shariah: Yes
Technical: Pennant formation breakout

Source: Bloomberg, M+ Online

Market update: The FBM KLCI slipped further into the negative territory for the second straight session. However, as Wall Street charged higher prior to the US Fed interest rate decision next week, investors could be anticipating a less-hawkish tone by the US Fed after a cooling labour market data. Also, we have noticed the Hang Seng Futures have turned more positive, breaking above the SMA200 zone, that positive sentiment could spillover towards stocks on the local front and pushing the FBMKLCI higher in the near term. Commodities wise, the Brent crude oil pulled back towards USD75 on the back of anticipation over higher supply-demand disparity, while the CPO price is trading below RM3,300. 

Sector focus: The technology sector may charge higher following the advancement in Wall Street overnight. Meanwhile, we believe KLCI heavyweights should trend higher in tandem with the global market. On the other hand, the commodity-related counters are likely to stay in the consolidation phase in view of down-trending commodity prices.

Stocks to watch:
Financial Services: APEX, MAYBANK, RHBBANK 
Utilities: RANHILL, YTL, YTLPOWR
REIT: PAVREIT, AXREIT
Property: TELADAN, EWEIN, OSK
Others: SMRT, SYSTECH, AAX, NYLEX, EFORCE, PWF, RGB

Source: M+ Online

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