M+ Online Morning Market Buzz - 17 Aug 23

Dow Jones: 34,765.74 pts (-180.65pts, -0.52%)
⬆️ Resistance: 36300
⬇️ Support: 34100

FBM KLCI: 1,463.51 pts (+3.23pts, +0.22%)
⬆️ Resistance: 1500
⬇️ Support: 1430

HSI Index: 18,329.30 pts (-251.81pts, -1.36%)
⬆️ Resistance: 19800
⬇️ Support: 17900

Crude Palm Oil: RM3,878 (+RM32, +0.83%)
⬆️ Resistance: 3940
⬇️ Support: 3610

Brent Oil: $83.45 (-$1.44, -1.70%)
⬆️ Resistance: 89.90
⬇️ Support: 81.50

Gold: $1,891.81 (-$10.19, -0.54%)
⬆️ Resistance: 1970
⬇️ Support: 1860

M+ Online Technical Trading Stocks - 17 Aug 23

Stock Name: JTIASA (4383)
Entry: Buy above RM0.73
Target: RM0.77 (5.5%), RM0.80 (9.6%)
Stop: RM0.695 (-4.8%)
Shariah: Yes
Technical: Flag-formation breakout

Stock Name: SUNSURIA (3743)
Entry: Buy above RM0.545
Target: RM0.585 (7.3%), RM0.61 (11.9%)
Stop: RM0.51 (-6.4%)
Shariah: Yes
Technical: Resistance breakout

Source: Bloomberg, M+ Online

Market update: The FBM KLCI outperformed the mostly negative regional markets, driven by final hour buying in selected utilities and banking heavyweights. We expect the positive performance in recent days to sustain with foreign funds continuing with the net buying mode on local equities. The lower liners may also capitalise on the positive market breadth with rotational play noticeable within the construction and property-related stocks. Meanwhile, the negative developments on Wall Street overnight following the hawkish undertone from the US Federal Reserve may limit the upside potential in our local market. Commodities wise, the Brent crude oil dipped below USD84/bbl, while the CPO prices stabilised above RM3,800/MT.

Sector focus: We continue to favour the plantation sector that is riding onto the stability in CPO prices following the strong exports data reported recently. The property sector may also charge higher after closing at the highest level since January 2020. The technology sector may see a pullback in tandem with the weakness on Nasdaq overnight.

Stocks to watch:
Plantation: SIMEPLT, JTIASA, FGV, HSPLANT
Construction: AME, WCT, PUNCAK
Property: IOIPG, SUNSURIA, MATRIX
Tourism-related: CAPITALA, AAX, OWG, GENTING
Others: RCECAP, YTLPOWR, CCK, PEKAT

Source: M+ Online

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