M+ Online Morning Market Buzz - 11Sep23

Dow Jones: 34,576.59 pts (+75.86pts, +0.22%)
⬆️ Resistance: 35600
⬇️ Support: 33700

FBM KLCI: 1,454.95 pts (-5.12pts, -0.35%)
⬆️ Resistance: 1500
⬇️ Support: 1430

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

Crude Palm Oil: RM3,830 (-RM2, -0.05%)
⬆️ Resistance: 4090
⬇️ Support: 3710

Brent Oil: $90.65 (-$0.28, -0.31%)
⬆️ Resistance: 93.00
⬇️ Support: 86.30

Gold: $1,919.08 (-$0.60, -0.03%)
⬆️ Resistance: 1990
⬇️ Support: 1880

M+ Online Technical Trading Stocks - 11Sep23

Stock Name: CCK (7035)
Entry: Buy above RM0.840
Target: RM0.885 (5.4%), RM0.925 (10.1%)
Stop: RM0.820 (-2.4%)
Shariah: Yes
Technical: Flag-formation breakout

Stock Name: SYGROUP (5173)
Entry: Buy above RM0.650
Target: RM0.700 (7.7%), RM0.725 (11.5%)
Stop: RM0.635 (-2.3%)
Shariah: Yes
Technical: Breakout-pullback-continuation

Source: Bloomberg, M+ Online

Market update - 11Sep23

The FBM KLCI ended lower last week prior to the by-election over the weekend, coupled with weaker regional stock markets performance. Since both the Johor by-elections have concluded, we expect the market to perform better in the near term. Also, we expect the positive rebound on Wall Street may spillover to stocks on the local front. However, given the fluid developments in the political scene, it may limit the upside potential of the stock markets and we believe traders may turn their attention to value stocks during uncertainty periods. Commodities wise, the Brent crude oil traded slightly above the USD90/bbl level, while the CPO prices were mildly lower but formed a hammer candle above the RM3,800/MT level.

Sector focus: With the news that China extends the iPhone ban to local government and state-owned firms may contribute to the weaker sentiment across the technology sector. Meanwhile, we still favour the O&G sector on the back of healthy price movements on Brent oil prices. We think investors will re-assess the recent quarterly results to position themselves for solid fundamental companies into 4Q23.

Stocks to watch:
Power & O&G: RANHILL, VELESTO
Property: MAHSING, ECOWLD, OSK
Technology: TRC, MNHLDG
Consumer: CCK, MSM
Others: SPTOTO, SYGROUP

Source: M+ Online

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