M+ Online Morning Market Buzz - 11 Aug 23

Dow Jones: 35,176.15 pts (+52.79pts, +0.15%)
⬆️ Resistance:  36300
⬇️ Support:  34400

FBM KLCI: 1,458.93 pts (-3.10pts, -0.21%)
⬆️ Resistance:  1500
⬇️ Support:  1420

HSI Index: 19,248.26 pts (+2.23pts, +0.01%)
⬆️ Resistance:  20300
⬇️ Support:  18700

Crude Palm Oil: RM3,751 (+RM23, +0.62%)
⬆️ Resistance:  3970
⬇️ Support:  3590

Brent Oil: $86.40 (-$1.15, -1.31%)
⬆️ Resistance:  89.90
⬇️ Support:  81.70

Gold: $1,912.48 (-$1.98, -0.10%)
⬆️ Resistance:  1990
⬇️ Support:  1880

M+ Online Technical Trading Stocks - 11 Aug 23

Stock Name: PEKAT (0233)
Entry: Buy above RM0.48
Target: RM0.505 (5.2%), RM0.54 (12.5%)
Stop: RM0.455 (-5.2%)
Shariah: Yes
Technical: Monitor for breakout

Stock Name: HUMEIND (5000)
Entry: Buy above RM1.62
Target: RM1.76 (8.6%), RM1.80 (11.1%)
Stop: RM1.52 (-6.2%)
Shariah: No
Technical: Monitor for breakout

Source: Bloomberg, M+ Online

Market update: With China slipping into the deflationary mode last month, the FBM KLCI was pressured lower before quick bargain hunting activities, which cushioned the downside move yesterday. As we approach the Malaysia state elections over the weekend, we expect trading activities to remain cautious. The lower liners may also set for a rangebound trading with the on-going corporate reporting season. Given that the US inflation has moderated, we reckon that Wall Street may head higher over the near term. Going forward, investors will be monitoring the outcome of Malaysia state elections as well as the US producer price index data to be released tonight. Commodities wise, the Brent crude oil staged a pullback below USD87/bbl, while the CPO prices hovered above RM3,700/MT.

Sector focus: Reopening of the Green Energy Tariff (GET) programme by the Energy Commission (EC) is expected to benefit players involves in the renewable energy sector. On the flipside, the plantation sector may continue to struggle after palm oil inventories rose to a 5-month in July 2023.

Stocks to watch:
Solar-related: PEKAT, SAMAIDEN, SLVEST, SUNVIEW
Utilities: TENAGA, YTLPOWR, RANHILL
Consumer Products & Services: PADINI, OCNCASH, TEOSENG
Tourism-related: OWG, CAPITALA, AIRPORT
Others: PENTA, DRBHCOM, PPJACK, HUMEIND, IOIPG

Source: M+ Online

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