M+ Online Morning Market Buzz - 8 Aug 23

Dow Jones: 35,473.13 pts (+407.51pts, +1.16%)
⬆️ Resistance:  36400
⬇️ Support:  34400

FBM KLCI: 1,445.81 pts (+0.60pts, +0.04%)
⬆️ Resistance:  1500
⬇️ Support:  1410

HSI Index: 19,537.92 pts (-1.54pts, -0.01%)
⬆️ Resistance:  20800
⬇️ Support:  19000

Crude Palm Oil: RM3,787 (+RM15, +0.40%)
⬆️ Resistance:  4030
⬇️ Support:  3680

Brent Oil: $85.34 (-$0.90, -1.04%)
⬆️ Resistance:  88.50
⬇️ Support:  80.80

Gold: $1,936.56 (-$6.35, -0.33%)
⬆️ Resistance:  2010
⬇️ Support:  1890

M+ Online Technical Trading Stocks - 8 Aug 23

Stock Name: CAPITALA (5099)
Entry: Buy above RM0.935
Target: RM1.00 (7.0%), RM1.05 (12.3%)
Stop: RM0.90 (-3.7%)
Shariah: Yes
Technical: Monitor for breakout

Stock Name: PPJACK (0242)
Entry: Buy above RM1.03
Target: RM1.09 (5.8%), RM1.15 (11.7%)
Stop: RM0.985 (-4.4%)
Shariah: No
Technical: Breakout-pullback-continuation

Source: Bloomberg, M+ Online

Market update: The local bourse ended relatively unchanged as investors are staying on the sidelines ahead of this weekend's state elections. We expect the muted trading sentiment to extend in coming days on the back of the absence of fresh leads. The lower liners may also experience similar movement as uncertainty over the outcome of Malaysia’s state election persists. Going forward, the key focus will be on the release of Malaysia’s industrial production data later today. Meanwhile, the improved market sentiment on Wall Street may see mild upsides permeating towards stocks across Bursa Exchange. Commodities wise, the Brent crude oil took a step back below USD86/bbl, while the CPO prices slipped below RM3,800/MT.

Sector focus: The approval of 57 Air Traffic Rights (ATR) applications in the 2Q23 may buoy the aviation and tourism-related sector. The positive developments on Nasdaq overnight may prop trading interests within the technology sector. On the other hand, we expect a pullback in the plantation sector in line with the weaker CPO prices.

Stocks to watch:
Construction: GAMUDA, PUNCAK, WCEHB, EKOVEST
Utilities: RANHILL, YTLPOWR, EDEN
Tourism-related: CAPITALA, AIRPORT, OWG 
Technology: SFPTECH, ECA, VITROX
Others: PEKAT, PPJACK, CIMB, SAMAIDEN, HEXTAR

Source: M+ Online

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