M+ Online Morning Market Buzz - 18Sep23

Dow Jones: 34,618.24 pts (-288.87pts, -0.83%)
⬆️ Resistance: 35700
⬇️ Support: 33900

FBM KLCI: 1,459.03 pts (+9.45pts, +0.65%)
⬆️ Resistance: 1490
⬇️ Support: 1420

HSI Index: 18,182.89 pts (+134.97pts, +0.75%)
⬆️ Resistance: 18800
⬇️ Support: 17500

Crude Palm Oil: RM3,830 (+RM16, +0.42%)
⬆️ Resistance: 3940
⬇️ Support: 3600

Brent Oil: $93.93 (+$0.09, +0.10%)
⬆️ Resistance: 96.60
⬇️ Support: 88.40

Gold: $1,923.91 (+$13.12, +0.69%)
⬆️ Resistance: 1970
⬇️ Support: 1870

Source: Bloomberg, M+ Online

Market update – 18Sep23

The FBM KLCI gained momentum on the quadruple witching day in line with the performance of the regional stock markets. Meanwhile, the renewed concerns over the interest rate direction have resurfaced on Wall Street, but we opine that the Fed may keep the interest rate unchanged at least for the next FOMC meeting which will be taking place on the 19-20th of September. Despite Wall Street ending weaker last Friday, we think overall sentiment will remain positive on the local bourse given the 3 MOUs worth a total of RM19.84bn were signed with China companies over the weekend. Commodities wise, the Brent crude oil has maintained above the USD93/bbl level, while the CPO prices closed above the RM3,800/MT level.

Sector focus: Despite the selldown on Wall Street, we believe the traders may focus on the 3 MOUs signed over the weekend and shift the attention to the waste-to-energy, warehousing and logistic, and the plantation sectors for trading opportunities. Meanwhile, we still like the energy sector given the firm Brent oil prices above USD93/bbl.

Stocks to watch:
O&G: NAIM, T7GLOBAL, VELESTO
Telco & Technology: PENTA, SFPTECH
Property: MAHSING, SIMEPROP, UEMS
Building material: HUMEIND
Others: PELIKAN

Source: M+ Online

M+ Online Technical Trading Stocks - 18Sep23

Stock Name: MAHSING (8583)
Entry: Buy above RM0.790
Target: RM0.825 (4.4%), RM0.850 (7.6%)
Stop: RM0.765 (-3.2%)
Shariah: Yes
Technical: Monitor for breakout

Stock Name: SFPTECH (0251)
Entry: Buy above RM1.020
Target: RM1.080 (5.9%), RM1.100 (7.8%)
Stop: RM1.000 (-2.0%)
Shariah: Yes
Technical: Monitor for breakout

Source: Bloomberg, M+ Online

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