M+ Online Morning Market Buzz - 4 Jul 23

Dow Jones: 34,418.47 pts (+10.87pts, +0.03%)
⬆️ Resistance:  35200
⬇️ Support:  33100

FBM KLCI: 1,395.89 pts (+19.21pts, +1.40%)
⬆️ Resistance:  1430
⬇️ Support:  1350

HSI Index: 19,306.59 pts (+390.16pts, +2.06%)
⬆️ Resistance:  19800
⬇️ Support:  18500

Crude Palm Oil: RM3,948 (-RM37, -0.93%)
⬆️ Resistance:  4080
⬇️ Support:  3590

Brent Oil: $75.41 (-$0.45, -0.60%)
⬆️ Resistance:  78.20
⬇️ Support:  70.20

Gold: $1,921.64 (+$2.29, +0.12%)
⬆️ Resistance:  1970
⬇️ Support:  1860

M+ Online Technical Trading Stocks - 4 Jul 23

Stock Name: INFOM (0265)
Entry: Buy above RM1.88
Target: RM2.00 (6.4%), RM2.10 (11.7%)
Stop: RM1.78 (-5.3%)
Shariah: Yes
Technical: Flag-formation breakout

Stock Name: SOP (5126)
Entry: Buy above RM2.51
Target: RM2.63 (4.8%), RM2.76 (10.0%)
Stop: RM2.42 (-3.6%)
Shariah: Yes
Technical: Monitor for breakout

Source: Bloomberg, M+ Online

Market update: The FBM KLCI was powered sharply higher, approaching the 1,400 psychological level after foreign funds turned net buyer for the first time in 14 trading days. While yesterday’s gains may provide room for further near-term upsides on the back of the healthier near-term outlook, we think the buying could still be selective after many of the heavyweights have made large strides. We believe that near term focus will be centred towards the state elections which will provide further impetus for the key index’s as well as the lower liners recovery. Commodities wise, the Brent crude oil staged a mild pullback towards USD75, while the CPO price surged above RM3,900 following the smaller-than-expected soybean plantings in US. 

Sector focus: The plantation sector is expected to head higher in tandem with the sharp rebound in CPO prices. We reckon that the technology sector may continue to leverage on the strong performance on Nasdaq overnight. Elsewhere, utilities sector will be supported by the moderating coal prices as we as recovery in business activities.

Stocks to watch:
Plantation: BPLANT, CEPAT, SOP, JTIASA
Technology: GREATEC, INFOM, N2N
Financial Services: RCECAP, MAYBANK, CIMB
Utilities: YTL, YTLPOWR, GASMSIA
Others: MSC, UCHITEC, MBMR, DAYANG, HUMEIND, PEKAT

Source: M+ Online

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