M+ Online Morning Market Buzz - 4Sep23

Dow Jones: 34,837.71 pts (+115.80pts, +0.33%)
⬆️ Resistance: 35800
⬇️ Support: 33800

FBM KLCI: 1,463.43 pts (+11.49pts, +0.79%)
⬆️ Resistance: 1500
⬇️ Support: 1420

HSI Index: 18,382.06 pts (-100.80pts, -0.55%)
⬆️ Resistance: 19200
⬇️ Support: 17800

Crude Palm Oil: RM4,040 (+RM30, +0.75%)
⬆️ Resistance: 4150
⬇️ Support: 3830

Brent Oil: $88.55 (+$1.72, +1.98%)
⬆️ Resistance: 90.80
⬇️ Support: 82.20

Gold: $1,940.06 (-$2.13, -0.11%)
⬆️ Resistance: 2000
⬇️ Support: 1880

Market update - 4Sep23

The FBMKLCI managed to close firmer with the buying support within the Telco heavyweights. Given the Wall Street traded higher for the first day of September, it is likely the buying interest may spillover towards stocks on the local front, especially the Technology sector. We believe the softer-than-expected jobs data last week suggested that the Fed may hold on to the current interest rate environment and may provide upside potential towards the stock markets. Meanwhile, we believe the overall local bourse may stay bullish with the launching of NETR and NIMP 2030 over the past few weeks. Commodities wise, the Brent crude oil experienced a breakout above USD87/bbl, while the CPO prices marked higher above RM4,000/MT.

Sector focus: We still favour the Technology sector given the positive performance on Wall Street overnight, while the local trading activities may trade on a vibrant note following the launches of several blueprints such as NETR and NIMP. We like the Construction, Properties, Building Material, Renewable Energy-related and Industrial Products. Also, we expect trading interest within the O&G sector to remain exciting with the surge in Brent oil prices above USD88.

Stocks to watch:
O&G: PANTECH, T7GLOBAL
Technology: INARI, KGB, UNISEM
Telco: CDB, TM
Property: HUAYANG, MENANG
Others: MUHIBAH, PELIKAN, SAMAIDEN

Source: M+ Online

M+ Online Technical Trading Stocks - 4Sep23

Stock Name: T7GLOBAL (7228)
Entry: Buy above RM0.480
Target: RM0.520 (8.3%), RM0.550 (14.6%)
Stop: RM0.460 (-4.2%)
Shariah: Yes
Technical: Monitor for breakout

Stock Name: PELIKAN (5231)
Entry: Buy above RM0.860
Target: RM0.900 (4.7%), RM0.920 (7.0%)
Stop: RM0.840 (-2.3%)
Shariah: Yes
Technical: Monitor for breakout

Source: Bloomberg, M+ Online

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