M+ Online Morning Market Buzz - 18 Aug 23

Dow Jones: 34,474.83 pts (-290.91pts, -0.84%)
⬆️ Resistance: 36100
⬇️ Support: 33800

FBM KLCI: 1,447.98 pts (-15.53pts, -1.06%)
⬆️ Resistance: 1500
⬇️ Support: 1420

HSI Index: 18,326.63 pts (-2.67pts, -0.01%)
⬆️ Resistance: 19800
⬇️ Support: 17600

Crude Palm Oil: RM3,917 (-RM6, -0.15%)
⬆️ Resistance: 4020
⬇️ Support: 3610

Brent Oil: $84.12 (+$0.67, +0.80%)
⬆️ Resistance: 89.10
⬇️ Support: 81.40

Gold: $1,889.43 (-$2.38, -0.13%)
⬆️ Resistance: 1960
⬇️ Support: 1850

M+ Online Technical Trading Stocks - 18 Aug 23

Stock Name: MUHIBAH (5703)
Entry: Buy above RM0.745
Target: RM0.80 (7.4%), RM0.85 (14.1%)
Stop: RM0.70 (-6.0%)
Shariah: Yes
Technical: Resistance breakout

Stock Name: NGGB (7241)
Entry: Buy above RM0.89
Target: RM0.945 (6.2%), RM0.97 (9.0%)
Stop: RM0.85 (-4.5%)
Shariah: Yes
Technical: Monitor for breakout

Source: Bloomberg, M+ Online

Market update: Volatility took precedence with the key index wiping out all the previous 2 sessions of gains yesterday. Sentiment was roiled by the weakness on Wall Street overnight, while foreign funds have turned net selling for the first time in 9 trading sessions. The lower liners were not spared as profit taking activities emerged following the recent winning run. Looking ahead, investors will be keeping an eye on the key economic data; Malaysia’s 2Q23 GDP data set to be released today. We believe the market may cheer should the reported number that came above the Bloomberg consensus expectations of 3.6% YoY growth. Commodities wise, the Brent crude oil supported above USD83/bbl, while the CPO prices hovered above RM3,800/MT.

Sector focus: We expect the property sector may extend its positive movement with most of the property players turning more optimistic in 1H24 as guided by the Housing Developers’ Association Malaysia (REHDA). The strong vehicles announced data may boost the automotive-related stocks. Meanwhile, the energy sector may advance in line with higher crude oil prices.

Stocks to watch:
Property: IOIPG, SPSETIA, UEMS, MATRIX
Automotive: BAUTO, UMW, HLIND
Construction: MUHIBAH, SUNCON, WCEHB
REITs: HEKTAR, YTLREIT, SUNREIT
Others: ABMB, PTRANS, GTRONIC, NGGB

Source: M+ Online

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