M+ Online Morning Market Buzz - 1Sep23

Dow Jones: 34,721.91 pts (-168.33pts, -0.48%)
⬆️ Resistance: 35800
⬇️ Support: 33400

FBM KLCI: 1,451.94 pts (-2.50pts, -0.17%)
⬆️ Resistance: 1500
⬇️ Support: 1410

HSI Index: 18,382.06 pts (-100.80pts, -0.55%)
⬆️ Resistance: 19200
⬇️ Support: 17600

Crude Palm Oil: RM4,010 (+RM80, +2.04%)
⬆️ Resistance: 4110
⬇️ Support: 3780

Brent Oil: $86.83 (+$1.59, +1.87%)
⬆️ Resistance: 88.70
⬇️ Support: 81.10

Gold: $1,940.19 (-$2.13, -0.11%)
⬆️ Resistance: 1990
⬇️ Support: 1870

M+ Online Technical Trading Stocks - 1Sep23

Stock Name: DELEUM (5132)
Entry: Buy above RM0.930
Target: RM0.980 (5.4%), RM1.000 (7.5%)
Stop: RM0.900 (-3.2%)
Shariah: Yes
Technical: Consolidation breakout

Stock Name: FRONTKN (0128)
Entry: Buy above RM3.500
Target: RM3.750 (7.1%), RM3.800 (8.6%)
Stop: RM3.300 (-5.7%)
Shariah: Yes
Technical: Monitor for breakout

Source: Bloomberg, M+ Online

Market update 1Sep23

The FBM KLCI traded softer prior to the public holiday as profit taking activities emerged. Meanwhile, the Wall Street traded mixed as the heavy-technology-Nasdaq index gained momentum despite the core PCE ticked higher this month, but it was within market’s expectations. We believe traders will be monitoring more clues from the August payroll that will be out later today. Should the payroll data come in below expectation, it will provide the Fed reason to pause further on the interest rate hike. On the local front, we expect greater trading activities, supported by the news flow regarding the National Industrial Master Plan (NIMP). Commodities wise, the Brent crude oil surged above USD86/bbl, while the CPO prices marked higher above RM4,000/MT.

Sector focus: We favour the Technology sectors on the local front with the positive overnight Nasdaq performance. Meanwhile, we are likely to see a broad positive trading interest with the anticipation of more clarity on the NIMP. Hence, besides the Technology sector, positive trading activities may flow within the Construction, Building Material, Renewable Energy-related and Industrial Products.

Stocks to watch:
Consumer: CAB, CCK
O&G: DELEUM, NAIM
Technology: FRONTKN, INARI
Property: HUAYANG, SUNSURIA
Others: M&G, SAMAIDEN

Source: M+ Online

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