M+ Online Morning Market Buzz - 13 Jun 23

Dow Jones: 34,066.33 pts (+189.55pts, +0.56%)
⬆️ Resistance:  34800
⬇️ Support:  32300

FBM KLCI: 1,386.77 pts (+10.69pts, +0.78%)
⬆️ Resistance:  1440
⬇️ Support:  1350

HSI Index: 19,404.31 pts (+14.36pts, +0.07%)
⬆️ Resistance:  19900
⬇️ Support:  18100

Crude Palm Oil: RM3,346 (-RM3, -0.09%)
⬆️ Resistance:  3480
⬇️ Support:  3210

Brent Oil: $72.09 (-$2.70, -3.61%)
⬆️ Resistance:  80.40
⬇️ Support:  70.20

Gold: $1,949.28 (-$11.91, -0.61%)
⬆️ Resistance:  2030
⬇️ Support:  1910

M+ Online Technical Trading Stocks - 13 Jun 23

Stock Name: THPLANT (5112)
Entry: Buy above RM0.515
Target: RM0.555 (7.8%), RM0.575 (11.7%)
Stop: RM0.49 (-4.9%)
Shariah: Yes
Technical: Resistance breakout

Stock Name: SIGN (7246)
Entry: Buy above RM1.30
Target: RM1.38 (6.2%), RM1.42 (9.2%)
Stop: RM1.22 (-6.2%)
Shariah: Yes
Technical: Hammer candle

Source: Bloomberg, M+ Online

Market update: The FBM KLCI rallied along with the regional markets amidst the inflow of foreign funds as bargain hunting activities emerged within the banking heavyweights. We believe the investors may look out for the US CPI data as well as the FOMC meeting later this week. With the consensus expecting a declining CPI, the Fed may keep the interest rate unchanged at 5.00-5.25% for now, there should be upside potential to the stock markets. However, the upside on the FBM KLCI could be capped by the sentiment of the upcoming 6 states election. Commodities wise, the Brent crude oil price tumbled towards USD72 per barrel, while the CPO price hovered just below RM3,350. 

Sector focus: The energy sector may see some selling pressure following the sharp decline in crude oil price. Besides, the weakness in CPO price may lead to subdued trading in the plantation sector. Investors may shift their focus to technology stocks given the brighter outlook on Nasdaq.

Stocks to watch:
Plantation: HSPLANT, SOP, THPLANT
Healthcare: HARTA, TOPGLOV, KOSSAN
Consumer: PWROOT, CCK
Technology: ECA, SFPTECH, ITMAX, INFOTEC
Others: TOYOVEN, BINACOM, CAPITALA, SIGN, WCEHB, IGBREIT

Source: M+ Online

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