M+ Online Morning Market Buzz - 29 Aug 23

Dow Jones: 34,559.98 pts (+213.08pts, +0.62%)
⬆ Resistance:  35400
⬇ Support:  33400

FBM KLCI: 1,444.06 pts (-0.35pts, -0.02%)
⬆ Resistance:  1490
⬇ Support:  1410

HSI Index: 18,130.74 pts (+174.36pts, +0.97%)
⬆ Resistance:  19000
⬇ Support:  17300

Crude Palm Oil: RM3,939 (+RM29, +0.74%)
⬆ Resistance:  4050
⬇ Support:  3730

Brent Oil: $84.42 (-$0.06, -0.07%)
⬆ Resistance:  87.00
⬇ Support:  80.40

Gold: $1,920.17 (+$5.21, +0.27%)
⬆ Resistance:  1970
⬇ Support:  1860

M+ Online Technical Trading Stocks - 29 Aug 23

Stock Name: CMSB (2852)
Entry: Buy above RM1.120
Target: RM1.220 (8.9%), RM1.280 (14.3%)
Stop: RM1.080 (-3.6%)
Shariah: Yes
Technical: Flag-formation breakout

Stock Name: PANTECH (5125)
Entry: Buy above RM0.855
Target: RM0.900 (5.3%), RM0.920 (7.6%)
Stop: RM0.820 (-4.1%)
Shariah: Yes
Technical: Consolidation breakout

Source: Bloomberg, M+ Online

Market update 29 Aug 23 

The FBM KLCI traded in a narrow range for the past two trading days, while investors were focusing on the small cap stocks. Meanwhile, we believe the buying interest may spillover to our stock markets given the positive performance on Wall Street overnight. Also, with the special financial hub news being announced last week, we expect the trading interest to stay vibrant at least for the near term. Nevertheless, traders should take note of the several key economic data this week that may shape the tone of the Federal Reserve going forward. Commodities wise, the Brent crude oil steadied above USD84/bbl, while the CPO prices continued to stay above RM3,900/MT.

Sector focus: As Wall Street turned positive, we expect buying support to be seen within fundamentally solid technology stocks. Meanwhile, the special financial hub news is likely to spur further trading activities within the Property, Construction, Industrial Products and Utilities sectors as well as the building material segment. Also, the firmer oil price may build optimism within the Energy sector.

Stocks to watch:
Construction: HSSEB, KERJAYA, MITRA
Building Material: CMSB, MELEWAR
Property: MAHSING, PARAMON
O&G: PANTECH
Financial related: TUNEPRO
Others: WELLCAL

Source: M+ Online

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