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:
Technology: IFCAMSC, INSAS, RAMSSOL
Building material: MNHLDG, ULICORP
Consumer: LIIHEN, MSM
Utilities: RANHILL
Others: SYGROUP, TUNEPRO 

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

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.