M+ Online Morning Market Buzz - 25 Aug 23

Dow Jones: 34,099.42 pts (-373.56pts, -1.08%)
⬆ Resistance: 35400
⬇ Support: 33500

FBM KLCI: 1,444.67 pts (+4.56pts, +0.32%)
⬆ Resistance: 1490
⬇ Support: 1420

HSI Index: 18,212.17 pts (+366.25pts, +2.05%)
⬆ Resistance: 18800
⬇ Support: 17300

Crude Palm Oil: RM3,887 (+RM6, +0.15%)
⬆ Resistance: 4060
⬇ Support: 3730

Brent Oil: $83.36 (+$0.15, +0.18%)
⬆ Resistance: 87.60
⬇ Support: 80.40

Gold: $1,916.91 (+$1.43, +0.07%)
⬆ Resistance: 1970
⬇ Support: 1850

M+ Online Technical Trading Stocks - 25 Aug 23

Stock Name: EPMB (7773)
Entry: Buy above RM0.915
Target: RM1.000 (9.3%), RM1.040 (13.7%)
Stop: RM0.880 (-3.8%)
Shariah: Yes
Technical: Bottom rebound

Stock Name: PANTECH (5125)
Entry: Buy above RM0.850
Target: RM0.900 (5.9%), RM0.950 (11.8%)
Stop: RM0.825 (-2.9%)
Shariah: Yes
Technical: Flag-formation breakout

Source: Bloomberg, M+ Online

Market update: Overall, the sentiment on the local front was positive with the rebound on the FBM KLCI, FBM Small cap and FBM ACE on the back of bargain hunting activities. However, with the Wall Street pulling back despite a stronger-than-expected Nvidia’s result, there might be spillover of selling interest towards stocks on the local front. Also, traders will be observing Jerome Powell’s tone during the Jackson Hole Symposium as it may provide clues for the future monetary policies, which may affect the trading environment. Commodities wise, the Brent crude oil steadied above USD83/bbl, while the CPO prices stayed above RM3,800/MT.

Sector focus: Given the selldown on Wall Street, we expect the selling pressure may emerge on the local front. Nevertheless, the deals between SIME-UMW and KLK-BPLANT could limit the downside risk in the stock market. Meanwhile, with the MCEMENT stellar results, we believe there might be more upside on the building material segment.

Stocks to watch:
Energy: DAYANG, PANTECH, T7GLOBAL, VELESTO
Consumer-related: LAYHONG, PTRB
Power-related: RANHILL, SLVEST
Others: EPMB, PGLOBE

Source: M+ Online

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