M+ Online Morning Market Buzz - 23 Jun 23

Dow Jones: 33,946.71 pts (-4.81pts, -0.01%)
⬆️ Resistance:  35300
⬇️ Support:  33200

FBM KLCI: 1,394.67 pts (+1.22pts, +0.09%)
⬆️ Resistance:  1440
⬇️ Support:  1350

HSI Index: 19,218.35 pts (-388.73pts, -1.98%)
⬆️ Resistance:  20600
⬇️ Support:  18800

Crude Palm Oil: RM3,577 (+RM15, +0.42%)
⬆️ Resistance:  3870
⬇️ Support:  3370

Brent Oil: $74.14 (-$2.98, -3.86%)
⬆️ Resistance:  78.80
⬇️ Support:  71.50

Gold: $1,914.01 (-$18.54, -0.96%)
⬆️ Resistance:  2010
⬇️ Support:  1880

M+ Online Technical Trading Stocks - 23 Jun 23

Stock Name: ECOWLD (8206)
Entry: Buy above RM0.815
Target: RM0.85 (4.3%), RM0.90 (10.4%)
Stop: RM0.785 (-3.7%)
Shariah: Yes
Technical: Flag-formation breakout

Stock Name: SMRT (0117)
Entry: Buy above RM0.83
Target: RM0.91 (9.6%), RM0.95 (14.5%)
Stop: RM0.77 (-7.2%)
Shariah: Yes
Technical: Flag-formation breakout

Source: Bloomberg, M+ Online

Market update: The FBM KLCI gained for the third consecutive session, spurred by bargain hunting activities in selected banking and telecommunications & media heavyweights. In our view, the market may remain cautiously optimistic while monitoring the development from global central banks, as well as the six-state elections in Malaysia especially after the Kelantan state assembly dissolved yesterday. Commodities wise, the Brent crude oil price fell below the USD75, while the CPO price hovered above RM3,550. 

Sector focus: The technology sector may resume its uptrend move following Nasdaq’s gains overnight. Meanwhile, the construction sector may trade actively ahead of the six-state elections as well as positive results from GAMUDA. On the other hand, the energy sector may see some selling pressure amid pullback in crude oil prices.  

Stocks to watch:
Technology: INFOM, SCICOM, INARI, SMRT
Financial Services: AMBANK, AFFIN, BURSA 
Construction: GAMUDA, WCEHB, SENDAI 
Property: TELADAN, EWEIN, ECOWLD
Others: CDB, BAUTO, PWROOT, NATGATE

Source: M+ Online

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