KLSE Traders Update and Ideas

Daily Market Update - 12 Sept 2023 (IFCAMSC, RAMSSOL)

Publish date: Tue, 12 Sep 2023, 08:35 AM
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This blog provides market updates and trading ideas that I gather from around the web.

M+ Online Morning Market Buzz - 12Sep23

Dow Jones: 34,663.72 pts (+87.13pts, +0.25%)
⬆️ Resistance: 35600
⬇️ Support: 33700

FBM KLCI: 1,455.04 pts (+0.09pts, +0.01%)
⬆️ Resistance: 1500
⬇️ Support: 1430

HSI Index: 18,096.45 pts (-105.62pts, -0.58%)
⬆️ Resistance: 19200
⬇️ Support: 17500

Crude Palm Oil: RM3,760 (+RM47, +1.27%)
⬆️ Resistance: 4070
⬇️ Support: 3630

Brent Oil: $90.64 (-$0.01, -0.01%)
⬆️ Resistance: 93.30
⬇️ Support: 86.30

Gold: $1,922.30 (+$3.22, +0.17%)
⬆️ Resistance: 1980
⬇️ Support: 1880

Market update - 12Sep23 

Overall, the FBM KLCI traded flat as investors were assessing the midterm review of the 12th Malaysia Plan. Meanwhile, Wall Street gained momentum despite heading into several key economic data such as CPI, PPI and retail sales. However, do note that the FOMC meeting will be held next week and traders may stay cautious ahead of the event. Closer to home, we think the local bourse may perform on a positive note after Rafizi Ramli elaborated further on the 12th Malaysia Plan on national TV station, reiterating that the government will be focussing on 5 high-growth high value sectors (HGHV), while the buying interest may spillover from Wall Street as well. Commodities wise, the Brent crude oil maintained its firm trading tone above the USD90/bbl level, while the CPO prices is still trading below the RM3,800/MT level.

Sector focus: Under the 12MP, the 5 HGHV sectors, namely the (i) renewable energy, (ii) technology and digital, (iii) electrical and electronics, (iv) agriculture and agro-based, and (v) rare earth industries will be in focus. We believe investors may look into those areas for trading opportunities over the near term. 

Stocks to watch:
Building material: MNHLDG, ULICORP
Consumer: LIIHEN, MSM
Utilities: RANHILL

Source: M+ Online

M+ Online Technical Trading Stocks - 12Sep23

Stock Name: IFCAMSC (0023)
Entry: Buy above RM0.310
Target: RM0.340 (9.7%), RM0.355 (14.5%)
Stop: RM0.290 (-6.5%)
Shariah: Yes
Technical: Monitor for breakout

Stock Name: RAMSSOL (0236)
Entry: Buy above RM0.410
Target: RM0.445 (8.5%), RM0.470 (14.6%)
Stop: RM0.395 (-3.7%)
Shariah: Yes
Technical: Breakout-pullback-continuation

Source: Bloomberg, M+ Online



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