M+ Online Morning Market Buzz - 9 Aug 23 

Dow Jones: 35,314.49 pts (-158.64pts, -0.45%) 
⬆ Resistance:  36300 
⬇ Support:  34400 

FBM KLCI: 1,451.00 pts (+5.19pts, +0.36%) 
⬆ Resistance:  1490 
⬇ Support:  1410 

HSI Index: 19,184.17 pts (-353.75pts, -1.81%) 
⬆ Resistance:  20400 
⬇ Support:  18800 

Crude Palm Oil: RM3,708 (+RM15, +0.41%) 
⬆ Resistance:  4030 
⬇ Support:  3610 

Brent Oil: $86.17 (+$0.83, +0.97%) 
⬆ Resistance:  88.50 
⬇ Support:  80.80 

Gold: $1,925.24 (-$11.32, -0.58%) 
⬆ Resistance:  2000 
⬇ Support:  1890 

M+ Online Technical Focus - 9 Aug 23 
Harbour-Link Group Bhd: Turning stable alongside with the Baltic Exchange Dry Index 

Trading Catalyst 
• An integrated logistics services provider, shipping and engages in construction works, heavy lifting and haulage as well as property development that owns a total of 12 container vessels. 
• Impending acquisition of 3 plots of vacant industrial land at Telipok, Kota Kinabalu, Sabah tentatively in 4Q23 will expand shipping and marine business activities. 
• Baltic Exchange Dry Index appears to have found stability and is trading between 900-1,250 over the past 2 months. 
• Technically, traders may anticipate for a potential consolidation breakout above RM1.17 to target the next resistances at RM1.24-1.29 with long term target set at RM1.35. 
  
Technical View 

(i) HARBOUR (S: RM1.12, R: RM1.24-1.29, LT TP: RM1.35, CL: RM1.11) 

S: Support, R: Resistance, LT TP: Long term target price, CL: Cut loss 

Source: Bloomberg, M+ Online

Market update: It appears that the recent pullback has come to an end and the local bourse is back on the recovery drive. Given that the sentiment is turning more positive as of late, buying momentum may likely to sustain. Still, we do caution that gains may be measured ahead of the Malaysia state elections, coupled with the renewed volatility on Wall Street. The lower liners are also on a better footing with rotational play resumed ahead of the quarterly reporting season. Going forward, investors will be keeping a close tab on China’s inflation rate and Malaysia’s retail sales data that will be releasing today. Commodities wise, the Brent crude oil rose above USD86/bbl, while the CPO prices hovered around RM3,700/MT.

Sector focus: The financial services sector may continue to be boosted by the return of foreign funds. Major telecommunications service providers pledge to support the Madani Economy framework through affordable connectivity and devices may propel the telecommunication & media sector. Meanwhile, the energy sector may advance in line with the firmer crude oil prices.

Stocks to watch:
Financial Services: CIMB, ABMB, RHBBANK, KENANGA
Telecommunications & Media: TIMECOM, OCK, SASBADI 
Property: CHHB, SPSETIA, ECOWLD
Consumer Products & Services: CAB, CCK, XL
Others: YTL, HARBOUR, DRBHCOM, ECOMATE, PTRANS

Source: M+ Online

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