M+ Online Morning Market Buzz - 24 Aug 23

Dow Jones: 34,472.98 pts (+184.15pts, +0.54%)
⬆ Resistance: 35600
⬇ Support: 33600

FBM KLCI: 1,440.11 pts (-11.42pts, -0.79%)
⬆ Resistance: 1490
⬇ Support: 1420

HSI Index: 17,845.92 pts (+54.91pts, +0.31%)
⬆ Resistance: 18800
⬇ Support: 17300

Crude Palm Oil: RM3,884 (+RM54, +1.41%)
⬆ Resistance: 4060
⬇ Support: 3730

Brent Oil: $83.21 (-$0.82, -0.98%)
⬆ Resistance: 87.60
⬇ Support: 80.40

Gold: $1,915.48 (+$18.00, +0.95%)
⬆ Resistance: 1960
⬇ Support: 1850

M+ Online Technical Trading Stocks - 24 Aug 23

Stock Name: PTRB (0260)
Entry: Buy above RM0.550
Target: RM0.575 (4.5%), RM0.605 (10.0%)
Stop: RM0.525 (-4.5%)
Shariah: Yes
Technical: Consolidation breakout

Stock Name: LAYHONG (9385)
Entry: Buy above RM0.305
Target: RM0.330 (8.2%), RM0.340 (11.5%)
Stop: RM0.295 (-3.3%)
Shariah: Yes
Technical: Symmetrical triangle formation breakout

Source: Bloomberg, M+ Online

Market update: The FBM KLCI ended lower for the session as profit taking activities emerged without any fresh catalysts in the market. In view of the strong overnight performance on Wall Street, coupled with a surge in Nvidia’s share price post-market following the good set of results, where the earnings came in at $6.74bn vs. the estimate of $5.20bn, we believe the buying interest may spillover to stocks on the local front. However, traders may shift their attention towards Jerome Powell’s speech during the Jackson Hole Symposium as the statement that he will deliver may change the mood of the market. Commodities wise, the Brent crude oil traded mildly below USD83/bbl, while the CPO prices stayed above RM3,800/MT.

Sector focus: With Nasdaq rising for the past 3 sessions, coupled with the strong set of results from Nvidia, we expect the buying interest may return to the technology sector. Meanwhile, the expectation of stronger earnings within the O&G stocks could sustain the movements within the Energy sector. Also, we are still optimistic on the overall conditions within the building material segment.

Stocks to watch:
Technology & Telco: BINACOM, EG, FRONTKN
Consumer-related: CCK, LAYHONG, PTRB
Construction: HSSEB, M&G, MCEMENT, PWRWELL
Energy: HIBISCS, VELESTO
Others: PPJACK

Source: M+ Online

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