M+ Online Morning Market Buzz - 13Sep23

Dow Jones: 34,645.99 pts (-17.73pts, -0.05%)
⬆️ Resistance: 35600
⬇️ Support: 33700

FBM KLCI: 1,453.39 pts (-1.65pts, -0.11%)
⬆️ Resistance: 1500
⬇️ Support: 1420

HSI Index: 18,025.89 pts (-70.56pts, -0.39%)
⬆️ Resistance: 18900
⬇️ Support: 17500

Crude Palm Oil: RM3,693 (+RM10, +0.27%)
⬆️ Resistance: 4020
⬇️ Support: 3600

Brent Oil: $92.06 (+$1.42, +1.57%)
⬆️ Resistance: 94.30
⬇️ Support: 87.50

Gold: $1,913.67 (-$8.63, -0.45%)
⬆️ Resistance: 1970
⬇️ Support: 1870

Market update - 13Sep23

The FBM KLCI ended flat but observed some bargain hunting activities within selected index members, thus forming a hammer candle, while the Wall Street traded mixed with selling pressure picked up in the technology sector despite Apple’s ‘Wonderlust’ event. We believe the market is focusing on the upcoming CPI and PPI data that will be released later today and tomorrow respectively. Should any pick up in the inflation numbers, that may provide pressure to the stock markets with the anticipation of a more hawkish tone from the Fed. Commodities wise, the Brent crude oil formed a pennant breakout above the USD90/bbl level, while the CPO prices sank below the RM3,700/MT level.

Sector focus: We believe technology stocks on the local bourse could experience some selling pressure taking cues from Nasdaq negative performance coupled with UWC’s weaker financial results. Meanwhile, we still expect the trading tone to stay firm within the O&G sector with the decent surge in Brent oil prices. Also, traders may take the opportunity to look into defensive characteristic sectors such as consumer and REIT.

Stocks to watch:
O&G: DELEUM, HIBISCS, T7GLOBAL, WASCO
Construction & Building material: HSSEB, MNHLDG
Consumer: PWF, HPPHB
Telco & Technology: CDB, GTRONIC, SYSTECH

Source: M+ Online

M+ Online Technical Trading Stocks - 13Sep23

Stock Name: DELEUM (5132)
Entry: Buy above RM0.930
Target: RM0.965 (3.8%), RM1.000 (7.5%)
Stop: RM0.915 (-1.6%)
Shariah: Yes
Technical: Breakout-pullback-continuation

Stock Name: WASCO (5142)
Entry: Buy above RM0.990
Target: RM1.030 (4.0%), RM1.050 (6.1%)
Stop: RM0.960 (-3.0%)
Shariah: Yes
Technical: Impending flag-formation breakout

Source: Bloomberg, M+ Online

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