M+ Online Morning Market Buzz - 23 Aug 23

Dow Jones: 34,288.83 pts (-174.86pts, -0.51%)
⬆ Resistance:  35900
⬇ Support:  33600

FBM KLCI: 1,451.53 pts (+0.96pts, +0.07%)
⬆ Resistance:  1500
⬇ Support:  1420

HSI Index: 17,791.01 pts (+167.72pts, +0.95%)
⬆ Resistance:  18900
⬇ Support:  17300

Crude Palm Oil: RM3,828 (-RM38, -0.98%)
⬆ Resistance:  4060
⬇ Support:  3740

Brent Oil: $84.46 (-$0.56, -0.66%)
⬆ Resistance:  87.60
⬇ Support:  81.40

Gold: $1,894.93 (+$5.62, +0.30%)
⬆ Resistance:  1950
⬇ Support:  1850

M+ Online Technical Trading Stocks - 23 Aug 23

Stock Name: ANCOMNY (4758)
Entry: Buy above RM1.050
Target: RM1.130 (7.6%), RM1.180 (12.4%)
Stop: RM1.010 (-3.8%)
Shariah: Yes
Technical: Flag-formation breakout

Stock Name: FRONTKN (0128)
Entry: Buy above RM3.400
Target: RM3.550 (4.4%), RM3.650 (7.4%)
Stop: RM3.340 (-1.8%)
Shariah: Yes
Technical: Monitor for breakout

Source: Bloomberg, M+ Online

Market update: Despite the local stock market ended higher for the earlier session, we believe the upside could be limited today as the market breadth has turned negative with only a handful of sectors charged higher. Meanwhile, we believe Wall Street may shift towards a cautious stance ahead of Nvidia’s result. Also, the rising US Treasury yields and Jerome Powell speech during the Jackson Hole meeting are crucial to watch out. Hence, the softer trading activities tone may emerge today, affecting the performance on the lower liners and small caps. Commodities wise, the Brent crude oil continues to hover above USD84/bbl, while the CPO prices violated below RM3,900/MT.

Sector focus: Nevertheless, with the still-positive mood on Nasdaq, that may provide some support towards the technology sector. Meanwhile, we expect the building material segment could sustain its upward mode throughout the near term following the built-up optimism on the construction and property sectors following the potential fresh proposal in KL-HSR.

Stocks to watch:
Technology: FRONTKN, GTRONIC, MI
Consumer-related: MSM, PPJACK
Automotive: UMW
O&G: VELESTO, WASCO
Others: ANCOMNY, BINACOM, WCEHB

Source: M+ Online

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