KLSE Traders Update and Ideas

Daily Market Update - 30 Aug 2023 (CCK, HUMEIND)

Publish date: Wed, 30 Aug 2023, 08:40 AM
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This blog provides market updates and trading ideas that I gather from around the web.

M+ Online Morning Market Buzz - 30 Aug 23

Dow Jones: 34,852.67 pts (+292.69pts, +0.85%)
⬆️ Resistance:  35600
⬇️ Support:  33400

FBM KLCI: 1,454.44 pts (+10.38pts, +0.72%)
⬆️ Resistance:  1490
⬇️ Support:  1410

HSI Index: 18,484.03 pts (+353.29pts, +1.95%)
⬆️ Resistance:  19000
⬇️ Support:  17400

Crude Palm Oil: RM3,957 (+RM27, +0.69%)
⬆️ Resistance:  4050
⬇️ Support:  3730

Brent Oil: $85.49 (+$1.07, +1.27%)
⬆️ Resistance:  87.40
⬇️ Support:  80.40

Gold: $1,937.54 (+$17.37, +0.90%)
⬆️ Resistance:  1980
⬇️ Support:  1860

M+ Online Technical Trading Stocks - 30 Aug 23

Stock Name: CCK (7035)
Entry: Buy above RM0.820
Target: RM0.870 (6.1%), RM0.900 (9.8%)
Stop: RM0.795 (-3.0%)
Shariah: Yes
Technical: Impending flag-formation breakout

Stock Name: HUMEIND (5000)
Entry: Buy above RM1.940
Target: RM2.000 (3.1%), RM2.100 (8.2%)
Stop: RM1.900 (-2.1%)
Shariah: No
Technical: Flag-formation breakout

Source: Bloomberg, M+ Online

Market update - 30 Aug 23 

The FBM KLCI experienced a stronger trading activity accompanied by positive catalysts emerging from the domestic scene and higher trading value and volume overall. Also, with the positive performance on Wall Street overnight, we think the buying interest may spillover to the stocks on the local front, specifically within the technology sector. Meanwhile, the consumer sentiment index that was below consensus expectations could be pointing towards a cooling economy and the market hopes for the Fed to shift their stance towards a less hawkish tone. Commodities wise, the Brent crude oil crossed above USD85/bbl, while the CPO prices traded above RM3,900/MT.

Sector focus: Given the trading activities were vibrant on Wall Street and on our local bourse, we think the follow through buying support will be seen within the Technology, Utilities, Property, Construction, and Industrial Products sectors led by the catalysts from the NETR and NIMP. Meanwhile, we like the Energy sector on the back of higher crude oil prices.

Stocks to watch:
Technology: EG, GTRONIC, MYEG
Construction & Building Material: HSSEB, HUMEIND

Source: M+ Online



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