M+ Online Morning Market Buzz - 8Sep23

Dow Jones: 34,500.73 pts (+57.54pts, +0.17%)
⬆️ Resistance: 35700
⬇️ Support: 33700

FBM KLCI: 1,460.07 pts (-0.55pts, -0.04%)
⬆️ Resistance: 1500
⬇️ Support: 1430

HSI Index: 18,202.07 pts (-247.91pts, -1.34%)
⬆️ Resistance: 19300
⬇️ Support: 17900

Crude Palm Oil: RM3,795 (-RM37, -0.97%)
⬆️ Resistance: 4150
⬇️ Support: 3750

Brent Oil: $89.92 (-$0.68, -0.75%)
⬆️ Resistance: 93.00
⬇️ Support: 85.10

Gold: $1,919.68 (+$3.12, +0.16%)
⬆️ Resistance: 2000
⬇️ Support: 1880

Source: Bloomberg, M+ Online

Market update - 8Sep23

Overall sentiment on the Bursa exchange was slightly weaker and the FBM KLCI ended flat for the session as profit taking activities emerged, in line with the regional benchmark. Meanwhile, we expect the negative performance from Wall Street may spillover to stocks on the local front. Given the 2 Johor by-election will be held this weekend, traders may take a cautious stance and continue with the profit taking activities within the construction sector at least for the near term, while shifting their focus on stocks within the defensive or value stocks. Commodities wise, the Brent crude oil traded slightly below the USD90/bbl level, while the CPO prices continued to consolidate below the RM3,800/MT level.

Sector focus: Given the selldown on Wall Street, we believe some of the technology sector on the local front may be affected. Meanwhile, we still like the O&G sector amid firm Brent oil prices. Besides, we think traders may lookout for value and defensive counters such as glove and REIT under this environment. We think investors will assess the recent quarterly results to position themselves for solid fundamental companies into 4Q23.

Stocks to watch:
O&G: HIBISCS, WASCO
Property: E&O, ECOWLD, OSK
Technology: JFTECH, GTRONIC
Consumer: CCK
Financial-related: RCECAP

Source: M+ Online

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