M+ Online Morning Market Buzz - 5Sep23

Dow Jones: 34,837.71 pts (+115.80pts, +0.33%)
⬆️ Resistance:  35800
⬇️ Support:  33900

FBM KLCI: 1,462.72 pts (-0.71pts, -0.05%)
⬆️ Resistance:  1500
⬇️ Support:  1420

HSI Index: 18,844.16 pts (+462.10pts, +2.51%)
⬆️ Resistance:  19300
⬇️ Support:  17900

Crude Palm Oil: RM3,967 (-RM19, -0.48%)
⬆️ Resistance:  4150
⬇️ Support:  3830

Brent Oil: $89.00 (+$0.45, +0.51%)
⬆️ Resistance:  91.10
⬇️ Support:  82.20

Gold: $1,942.69 (+$2.63, +0.14%)
⬆️ Resistance:  2000
⬇️ Support:  1880

M+ Online Technical Trading Stocks - 5Sep23

Stock Name: ANCOMNY (4758)
Entry: Buy above RM1.080
Target: RM1.130 (4.6%), RM1.150 (6.5%)
Stop: RM1.050 (-2.8%)
Shariah: Yes
Technical: Flag-formation breakout

Stock Name: VELESTO (5243)
Entry: Buy above RM0.245
Target: RM0.270 (10.2%), RM0.285 (16.3%)
Stop: RM0.225 (-8.2%)
Shariah: Yes
Technical: Flag-formation breakout

Source: Bloomberg, M+ Online
 

Market update - 5Sep23 

After a significant run in the lower liners, the market stayed muted yesterday. We expect the consolidation may continue for the near term as (i) Australia (Tue) and Malaysia (Thurs) will announce the interest rate decision this week, (ii) China’s PMI and export data will be released, and (iii) Australia’s GDP will be released tomorrow. Hence, the traders may trade cautiously ahead of these events. Should there be any further slowdown of the China economic activities, that may dampen the risk appetite on the stock markets. Nevertheless, the domestic catalysts such as both the NETR and NIMP blueprints may support the local stock markets at least for the near term. Commodities wise, the Brent crude oil traded above the USD88/bbl, while the CPO prices are trading in a consolidation phase below RM4,000/MT.

Sector focus: We still the industrial products and services sectors, especially the building material segment with the NIMP 2030 blueprint. Meanwhile, we like the construction in the anticipation of more contracts to be released going forward, while the energy stocks should flourish in tandem with the firmer crude oil prices.

Stocks to watch:
Building material: MASTEEL, MCEMENT, MELEWAR, SCIB
Construction: HSSEB
Property: ECOWLD
Technology: PENTA
Consumer: PWF
O&G: VELESTO
Others: ANCOMNY

Source: M+ Online

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