M+ Online Morning Market Buzz - 15Sep23

Dow Jones: 34,907.11 pts (+331.58pts, +0.96%)
⬆️ Resistance: 35700
⬇️ Support: 33800

FBM KLCI: 1,449.58 pts (-3.96pts, -0.27%)
⬆️ Resistance: 1490
⬇️ Support: 1420

HSI Index: 18,047.92 pts (+38.70pts, +0.21%)
⬆️ Resistance: 18600
⬇️ Support: 17500

Crude Palm Oil: RM3,791 (+RM30, +0.80%)
⬆️ Resistance: 3940
⬇️ Support: 3600

Brent Oil: $93.70 (+$1.82, +1.98%)
⬆️ Resistance: 96.10
⬇️ Support: 87.60

Gold: $1,910.79 (+$2.67, +0.14%)
⬆️ Resistance: 1970
⬇️ Support: 1870

Market update – 15Sep23

The FBM KLCI closed lower for the session, bucking most of the regional indices. Wall Street ended on a positive note with the August core PPI data came in within expectations. Hence, the traders could be shrugging off the concerns that the Fed will increase the interest rate at least for the near future. Do note that the next FOMC meeting will be taking place on the 19-20th of September. Meanwhile, the listing of Softbank’s Arm Holdings has lifted the overall sentiment on the technology sector. Given the removal of recent uncertainty in the markets, we expect buying interest to spillover to stocks on the Bursa Exchange. Commodities wise, the Brent crude oil has soared above the USD93/bbl level, while the CPO prices rebounded to close near the RM3,800/MT level.

Sector focus: With the significant jump on Wall Street, led by the tech sector, we think the buying interest could be seen within the technology sector, locally. Also, we expect a significant trading interest to build up in the O&G sector with the Brent oil soaring above USD93. Besides, we favour the Property and Construction sectors as investors may take a position ahead of the Budget 2024 in October.

Stocks to watch:
O&G: DAYANG, PANTECH
Telco & Technology: CDB, MI
Property: IOIPG, MAHSING, SIMEPROP
Others: ANCOMNY, PELIKAN, YTL

Source: M+ Online

M+ Online Technical Trading Stocks - 15Sep23

Stock Name: MI (5286)
Entry: Buy above RM1.650
Target: RM1.750 (6.1%), RM1.800 (9.1%)
Stop: RM1.590 (-3.6%)
Shariah: Yes
Technical: Flag-formation breakout

Stock Name: PANTECH (5125)
Entry: Buy above RM0.880
Target: RM0.925 (5.1%), RM0.950 (8.0%)
Stop: RM0.860 (-2.3%)
Shariah: Yes
Technical: Channel breakout

Source: Bloomberg, M+ Online

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