M+ Online Morning Market Buzz - 16 Jun 23 
 
Dow Jones: 34,408.06 pts (+428.73pts, +1.26%) 
⬆️ Resistance:  35200 
⬇️ Support:  32800 
 
FBM KLCI: 1,381.73 pts (-3.69pts, -0.27%) 
⬆️ Resistance:  1420 
⬇️ Support:  1350 
 
HSI Index: 19,828.92 pts (+420.50pts, +2.17%) 
⬆️ Resistance:  20300 
⬇️ Support:  18700 
 
Crude Palm Oil: RM3,566 (+RM45, +1.28%) 
⬆️ Resistance:  3630 
⬇️ Support:  3210 
 
Brent Oil: $75.63 (+$2.43, +3.32%) 
⬆️ Resistance:  79.30 
⬇️ Support:  70.20 
 
Gold: $1,957.98 (+$15.46, +0.80%) 
⬆️ Resistance:  2020 
⬇️ Support:  1890 
 
M+ Online Technical Trading Stocks - 16 Jun 23 
 
Stock Name: AJIYA (7609) 
Entry: Buy above RM1.49 
Target: RM1.59 (6.7%), RM1.61 (8.1%) 
Stop: RM1.43 (-4.0%) 
Shariah: Yes 
Technical: Consolidation breakout 
 
Stock Name: PADINI (7052) 
Entry: Buy above RM3.89 
Target: RM4.06 (4.4%), RM4.14 (6.4%) 
Stop: RM3.73 (-4.1%) 
Shariah: Yes 
Technical: Monitor for breakout 
 
Source: Bloomberg, M+ Online

Market update: The FBM KLCI slid on the back of profit taking activities as the US Fed’s hawkish signal sparked worries over 2 more potential rate hikes in 2023. Nevertheless, we believe the overall sentiment has turned more optimistic given the rally in the technology giants in the US as well as the recent rate cut in China, which may boost more economic activities going forward. Commodities wise, the Brent crude oil price jumped above USD75 per barrel mark, while the CPO price hovered above RM3,500. 

Sector focus: We believe the energy and plantation sectors may trend higher in tandem with the solid commodities prices. Besides, investors may pile into the technology sector given the persisted uptrend move on Wall Street. Also, we like stocks with high net cash position under the elevated interest rate environment.

Stocks to watch:
Financial Services: RCECAP, BURSA, AMBANK, PPJACK
REIT: PAVREIT, SUNREIT, KIPREIT 
Building Materials: AJIYA, CHINHIN 
Consumer: FOCUSP, PADINI, MSM
Others: SLVEST, SUNVIEW, BETA, NATGATE, OSK, MHB, MICROLN

Source: M+ Online

Disclaimer

The content published is solely for information and personal use only. It should not be construed to be, any advice, recommendation, offer or invitation to buy or sell any securities, futures contracts or any other instrument. Readers should seek independent advice from their own professional advisers (including legal, tax, financial and accounting) as to the risks and merits before entering into any transaction pursuant to or in reliance on any information here.

The content published above shall only be for your sole and personal non-professional use. No guarantee is given on the accuracy or completeness of the information published here. No warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of any person or group of persons acting on such information.