M+ Online Morning Market Buzz - 15 Aug 23

Dow Jones: 35,307.63 pts (+26.23pts, +0.07%)
⬆️ Resistance:  36300
⬇️ Support:  34400

FBM KLCI: 1,457.00 pts (-0.16pts, -0.01%)
⬆️ Resistance:  1500
⬇️ Support:  1420

HSI Index: 18,773.55 pts (-301.64pts, -1.58%)
⬆️ Resistance:  19800
⬇️ Support:  18200

Crude Palm Oil: RM3,721 (+RM27, +0.73%)
⬆️ Resistance:  3880
⬇️ Support:  3590

Brent Oil: $86.21 (-$0.60, -0.69%)
⬆️ Resistance:  89.90
⬇️ Support:  81.70

Gold: $1,907.10 (-$6.66, -0.35%)
⬆️ Resistance:  1980
⬇️ Support:  1870

M+ Online Technical Trading Stocks - 15 Aug 23

Stock Name: BPLANT (5254)
Entry: Buy above RM1.20
Target: RM1.30 (8.3%), RM1.40 (16.7%)
Stop: RM1.14 (-5.0%)
Shariah: Yes
Technical: Monitor for breakout

Stock Name: SMRT (0117)
Entry: Buy above RM0.725
Target: RM0.77 (6.2%), RM0.80 (10.3%)
Stop: RM0.69 (-4.8%)
Shariah: Yes
Technical: Resistance breakout

Source: Bloomberg, M+ Online

Market update: Given the outcome of the Malaysia state elections was within expectations, the local bourse did not see further significant selling pressure and ended flat; we expect the overall sentiment will be able to trade higher over the near to mid-term. Also, with the positive performance on Wall Street, we think the investors may look into the technology stocks on the local front. On a brighter note, we have observed buying interest shifting towards the small and mid-cap stocks. Looking ahead, investors may keep a close tab on a slew of China economic data (retail sales, industrial production, and unemployment rate) to gauge the health of the second world largest economy. Commodities wise, the Brent crude oil stabled above USD86/bbl, while the CPO prices defended the RM3,700/MT.

Sector focus: We expect the jump in India palm oil imports is expected to bring a positive impact towards the plantation sector. The resumption of group tours to another 78 countries from China may boost the tourism-related industry. Meanwhile, the soft crude oil prices pressured by concern over the China economic recovery and stronger USD may result in some profit taking in the energy sector.

Stocks to watch:
Plantation: BPLANT, JTIASA, TDM, PLS
Property: KPPROP, SPSETIA, EWINT
Utilities: MFCB, YTLPOWR, MALAKOF
Construction: GAMUDA, KERJAYA, WCEHB
Others: SLVEST, KGB, SMRT, EG, YENHER

Source: M+ Online

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