M+ Online Morning Market Buzz - 30 Jun 23

Dow Jones: 34,122.42 pts (+269.76pts, +0.80%)
⬆ Resistance:  34900
⬇ Support:  33000

FBM KLCI: 1,388.37 pts (+1.63pts, +0.12%)
⬆ Resistance:  1440
⬇ Support:  1360

HSI Index: 18,934.36 pts (-237.69pts, -1.24%)
⬆ Resistance:  20300
⬇ Support:  18400

Crude Palm Oil: RM3,755 (+RM80, +2.18%)
⬆ Resistance:  3880
⬇ Support:  3450

Brent Oil: $74.32 (+$0.29, +0.39%)
⬆ Resistance:  78.80
⬇ Support:  70.70

Gold: $1,908.20 (+$0.88, +0.05%)
⬆ Resistance:  2000
⬇ Support:  1860

M+ Online Technical Trading Stocks - 30 Jun 23

Stock Name: ADVCON (5281)
Entry: Buy above RM0.35
Target: RM0.39 (11.4%), RM0.395 (12.9%)
Stop: RM0.32 (-8.6%)
Shariah: Yes
Technical: Monitor for breakout

Stock Name: PTRB (0260)
Entry: Buy above RM0.53
Target: RM0.57 (7.5%), RM0.59 (11.3%)
Stop: RM0.495 (-6.6%)
Shariah: Yes
Technical: Monitor for breakout

Source: Bloomberg, M+ Online

Market update: The FBM KLCI closed marginally higher, snapping its three-session losing streak amidst improved sentiment across the regional markets. We believe the local bourse is poised for further rebound, but gains may be capped as investors cautiously monitor the upcoming personal consumer expenditures price index in the US to gauge the aggressiveness of next interest rate hike by the US Fed. Commodities wise, the Brent crude oil rebounded, trading above USD74, while the CPO price jumped above RM3,750. 

Sector focus: Investors may look into the plantation sector following a surge in CPO commodities prices. Besides, the safe havens such as telecommunications and banking may continue to dominate the winner board. Meanwhile, the travelling related stocks may see a brighter outlook following the reopening of international borders in China from January 2023.

Stocks to watch:
Utilities: YTL, YTLPOWR, RANHILL 
Technology: INARI, ECA, JFTECH
Construction: GAMUDA, WCEHB, ADVCON
Consumer: PTRB, CAB, LHI
Others: ECOMATE, TELADAN, AAX, TAANN, CYPARK

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.