M+ Online Morning Market Buzz - 10 Aug 23

Dow Jones: 35,123.36 pts (-191.13pts, -0.54%)
⬆ Resistance:  36300
⬇ Support:  34400

FBM KLCI: 1,462.03 pts (+11.03pts, +0.76%)
⬆ Resistance:  1500
⬇ Support:  1410

HSI Index: 19,246.03 pts (+61.86pts, +0.32%)
⬆ Resistance:  20300
⬇ Support:  18700

Crude Palm Oil: RM3,761 (-RM10, -0.27%)
⬆ Resistance:  4010
⬇ Support:  3590

Brent Oil: $87.55 (+$1.38, +1.60%)
⬆ Resistance:  89.50
⬇ Support:  80.80

Gold: $1,914.46 (-$10.78, -0.56%)
⬆ Resistance:  1990
⬇ Support:  1880

M+ Online Technical Trading Stocks - 10 Aug 23

Stock Name: T7GLOBAL (7228)
Entry: Buy above RM0.485
Target: RM0.52 (7.2%), RM0.55 (13.4%)
Stop: RM0.46 (-5.2%)
Shariah: Yes
Technical: Monitor for breakout

Stock Name: MCEMENT (3794)
Entry: Buy above RM3.20
Target: RM3.38 (5.6%), RM3.40 (6.3%)
Stop: RM3.08 (-3.8%)
Shariah: Yes
Technical: Monitor for breakout

Source: Bloomberg, M+ Online

Market update: Expectedly, the key index remained on course over its upbeat tone yesterday as gains were evident amongst most of the index heavyweights. We expect buying momentum to remain stable, supported by the return of net buying position from the foreign funds. The lower liners, however, may tread cautiously as we enter the quarterly reporting season. Meanwhile, investors will be keeping a close watch on Malaysia’s unemployment rate as well as the US inflation rate today; the latter may provide additional clues over the US Federal Reserve interest rate direction, moving forward. Commodities wise, the Brent crude oil advanced above USD87/bbl, while the CPO prices hovered above RM3,700/MT.

Sector focus: We continue to favour the financial services sector that is taking advantage of the return of foreign funds. The energy sector is expected to stay upbeat amid the stronger crude oil prices. Meanwhile, the technology sector is expected to stage a pullback in tandem with the negative developments on Nasdaq overnight.

Stocks to watch:
Financial Services: BURSA, MAYBANK, CIMB, RHBBANK
Oil & Gas: DIALOG, HIBISCS, T7GLOBAL
Technology: INARI, PENTA, SFPTECH
Property: KPPROP, IWCITY, MAHSING
Others: FOCUSP, MAGNI, MCEMENT, SMRT, HARBOUR

Source: M+ Online

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