M+ Online Morning Market Buzz - 27 Jun 23

Dow Jones: 33,714.71 pts (-12.72pts, -0.04%)
⬆️ Resistance:  35300
⬇️ Support:  33000

FBM KLCI: 1,389.88 pts (-1.01pts, -0.07%)
⬆️ Resistance:  1440
⬇️ Support:  1350

HSI Index: 18,794.13 pts (-95.84pts, -0.51%)
⬆️ Resistance:  20600
⬇️ Support:  18400

Crude Palm Oil: RM3,717 (-RM2, -0.05%)
⬆️ Resistance:  3870
⬇️ Support:  3450

Brent Oil: $74.36 (+$0.51, +0.69%)
⬆️ Resistance:  78.80
⬇️ Support:  70.70

Gold: $1,923.26 (+$2.06, +0.11%)
⬆️ Resistance:  2010
⬇️ Support:  1880

M+ Online Technical Trading Stocks - 27 Jun 23

Stock Name: JTIASA (4383)
Entry: Buy above RM0.675
Target: RM0.71 (5.2%), RM0.74 (9.6%)
Stop: RM0.645 (-4.4%)
Shariah: Yes
Technical: Impending flag-formation breakout

Stock Name: RCECAP (9296)
Entry: Buy above RM2.17
Target: RM2.24 (3.2%), RM2.30 (6.0%)
Stop: RM2.11 (-2.8%)
Shariah: Yes
Technical: Flag-formation breakout

Source: Bloomberg, M+ Online

Market update: The FBM KLCI pared all its intraday gains and slid into the negative territory amidst weaknesses across the regional markets. The local bourse may endure further volatility as Wall Street continues to swing lower while investors monitor the (i) developments in Russia, (ii) the potential interest rate hikes in the upcoming July Fed meeting which may create more economic uncertainties, as well as (iii) the upcoming US 1Q23 GDP. Commodities wise, the Brent crude oil traded above USD73, while the CPO price rallied above RM3,600. 

Sector focus: A rally in CPO commodity prices may push the plantation sector higher. Besides, investors may focus on the renewable energy (RE) sector following the government’s plan to position Malaysia as Asean’s centre of electricity interconnection and integration to facilitate the sharing of RE resources.

Stocks to watch:
Plantation: KLK, JTIASA, GENP
Property: EWEIN, MAHSING, SEAL 
Utilities: YTL, GASMSIA, RANHILL
Technology: PADINI, TEOSENG, LAYHONG
Others: CHINHIN, SIGN, SLVEST, CTOS, RCECAP, WCEHB

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.