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
Disclaimer
The content published is solely for information and personal use only. It should not be construed to be, any advice, recommendation, offer or invitation to buy or sell any securities, futures contracts or any other instrument. Readers should seek independent advice from their own professional advisers (including legal, tax, financial and accounting) as to the risks and merits before entering into any transaction pursuant to or in reliance on any information here.
The content published above shall only be for your sole and personal non-professional use. No guarantee is given on the accuracy or completeness of the information published here. No warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of any person or group of persons acting on such information.