M+ Online Morning Market Buzz - 1 Aug 23

Dow Jones: 35,559.53 pts (+100.24pts, +0.28%)
⬆️ Resistance:  36400
⬇️ Support:  34600

FBM KLCI: 1,459.43 pts (+9.08pts, +0.63%)
⬆️ Resistance:  1500
⬇️ Support:  1400

HSI Index: 20,078.94 pts (+162.38pts, +0.82%)
⬆️ Resistance:  20800
⬇️ Support:  18800

Crude Palm Oil: RM3,857 (-RM21, -0.54%)
⬆️ Resistance:  4250
⬇️ Support:  3800

Brent Oil: $85.43 (+$1.02, +1.21%)
⬆️ Resistance:  87.60
⬇️ Support:  80.60

Gold: $1,965.09 (+$5.60, +0.29%)
⬆️ Resistance:  2030
⬇️ Support:  1910

M+ Online Technical Trading Stocks - 1 Aug 23

Stock Name: HARTA (5168)
Entry: Buy above RM2.19
Target: RM2.34 (6.8%), RM2.48 (13.2%)
Stop: RM2.04 (-6.8%)
Shariah: Yes
Technical: Resistance breakout

Stock Name: MBSB (1171)
Entry: Buy above RM0.785
Target: RM0.825 (5.1%), RM0.85 (8.3%)
Stop: RM0.75 (-4.5%)
Shariah: Yes
Technical: Bullish harami candle

Source: Bloomberg, M+ Online

Market update: The FBM KLCI rebounded strongly to end the month on a firm footing, spurred by China's State Council remarks to restore and expand consumption across the automobile, real estate, and services sectors. We expect further gains to come by, supported by the extended buying interest from foreign funds. The lower liners, however, may extend their consolidation phase with any weakness expected to be well supported by quick bargain hunting activities. Moving forward, investors will be keeping a close tab on the manufacturing data from Malaysia, China and the US to provide further leads on the health of the economy. Commodities wise, the Brent crude oil advanced above USD85/bbl, while the CPO slipped below RM3,900/MT.

Sector focus: We favour the technology sector with Nasdaq steadied above 14,000 level. The energy sector may continue to ride onto the firmer crude oil prices on the prospects of tightening supplies. Meanwhile, the pullback in CPO prices may potentially lead to mild profit taking in the plantation sector.

Stocks to watch:
Technology: CTOS, DSONIC, MICROLN, D&O
Energy: DIALOG, UZMA, CARIMIN 
Healthcare: HARTA, KOSSAN, KPJ
Financial Services: CIMB, RHBBANK, MBSB
Others: PADINI, VOLCANO, DRBHCOM, SLVEST, BIG, NYLEX

Source: M+ Online

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