M+ Online Morning Market Buzz - 14Sep23

Dow Jones: 34,575.53 pts (-70.46pts, -0.20%)
⬆️ Resistance: 35600
⬇️ Support: 33700

FBM KLCI: 1,453.54 pts (+0.15pts, +0.01%)
⬆️ Resistance: 1500
⬇️ Support: 1420

HSI Index: 18,009.22 pts (-16.67pts, -0.09%)
⬆️ Resistance: 18900
⬇️ Support: 17500

Crude Palm Oil: RM3,727 (+RM1, +0.03%)
⬆️ Resistance: 3990
⬇️ Support: 3600

Brent Oil: $91.88 (-$0.18, -0.20%)
⬆️ Resistance: 94.70
⬇️ Support: 87.60

Gold: $1,908.12 (-$5.55, -0.29%)
⬆️ Resistance: 1970
⬇️ Support: 1870

M+ Online Technical Trading Stocks - 14Sep23

Stock Name: PWF (7134)
Entry: Buy above RM0.900
Target: RM0.950 (5.6%), RM1.000 (11.1%)
Stop: RM0.880 (-2.2%)
Shariah: Yes
Technical: Consolidation breakout

Stock Name: PENTA (7160)
Entry: Buy above RM5.400
Target: RM5.550 (2.8%), RM5.650 (4.6%)
Stop: RM5.350 (-0.9%)
Shariah: Yes
Technical: Consolidation breakout

Source: Bloomberg, M+ Online

Market update – 14Sep23

The FBM KLCI ended flat but bargain hunting activities were obvious as the index rebounded off significant support zones. Meanwhile, Wall Street trended mostly higher within the technology sector despite the CPI increased for the month of August (above consensus expectation). We believe investors will watch out for the US PPI data that will be released today for more clues on the direction of the Fed going forward. Do note that the Fed’s FOMC meeting will be held on 19-20th of September. Commodities wise, the Brent crude oil still trading above the USD90/bbl level, while the CPO prices rebounded to close above the RM3,700/MT level.

Sector focus: Despite the slight increase in CPI data, we believe the technology stocks may have upward potential as the market is expecting the Fed to pause on the interest rate at least for the rest of 2023. Meanwhile, we like the stocks within the O&G sector given the firm Brent oil prices. Besides, we think investors may go for defensive stocks within the Utilities and REIT sectors, which may provide opportunities within this period of uncertainty.

Stocks to watch:
O&G: CARIMIN, DAYANG, UZMA, WASCO
Building material: MNHLDG,
Consumer: MSM, PWF
Telco & Technology: GTRONIC, PENTA
Property: SUNSURIA

Source: M+ Online

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