M+ Online Morning Market Buzz - 14 Jun 23

Dow Jones: 34,212.12 pts (+145.79pts, +0.43%)
⬆ Resistance: 35000
⬇ Support: 33500

FBM KLCI: 19,521.42 pts (+117.11pts, +0.60%)
⬆ Resistance: 1420
⬇ Support: 1360

HSI Index: 1,380.61 pts (-6.16pts, -0.44%)
⬆ Resistance: 20000
⬇ Support: 18900

Crude Palm Oil: RM3,416 (+RM3, +0.09%)
⬆ Resistance: 3520
⬇ Support: 3340

Brent Oil: $74.29 (+$2.45, +3.41%)
⬆ Resistance: 76.20
⬇ Support: 70.60

Gold: $1,970.94 (+$0.53, +0.20%)
⬆ Resistance: 1990
⬇ Support: 1910

M+ Online Technical Trading Stocks - 14 Jun 23

Stock Name: CARIMIN (5257)
Entry: Buy above RM0.705
Target: RM0.750 (6.4%), RM0.780 (10.6%)
Stop: RM0.640 (-9.2%)
Shariah: Yes
Technical: Consolidation breakout

Stock Name: GTRONIC (7022)
Entry: Buy above RM1.250
Target: RM1.400 (12.0%), RM1.450 (16.0%)
Stop: RM1.130 (-9.6%)
Shariah: Yes
Technical: Flag-formation breakout

Source: Bloomberg, M+ Online

Market update: The FBM KLCI reversed its previous session gains as investors took profit prior to the release of US consumer price index (CPI) data, bucking the positive performances across most of the regional markets. Following the release of cooling inflation data at 4.0% YoY in the US, investors may turn optimistic in expectation over a pause in US interest rate hikes by the Fed and remain less hawkish for the rest of 2023. Also, China’s recent broad stimulus measure may provide support towards the stock markets. Commodities wise, the Brent crude oil rebounded above USD74, while the CPO price hovered above RM3,400.

Sector focus: The rebounded crude oil price may lead to buying interest in the energy related sector. Besides, investors may remain optimistic on the technology sector given the persisted upbeat performances in Nasdaq after data showed US inflation eased in May 2023.

Stocks to watch:
Technology: GTRONIC, AEMULUS, KRONO, PENTA
Oil & Gas: CARIMIN, VELESTO, T7GLOBAL
Construction: MUHIBAH, EKOVEST, ADVCON
Transportation & Logistics: SYSCORP, M&G
Others: MCEHLDG, MENANG, YBS, HEXIND, HEXTAR

Source: M+ Online

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