M+ Online Morning Market Buzz - 19Sep23

Dow Jones: 34,624.30 pts (+6.06pts, +0.02%)
⬆️ Resistance: 35700
⬇️ Support: 33900

FBM KLCI: 1,457.99 pts (-1.04pts, -0.07%)
⬆️ Resistance: 1490
⬇️ Support: 1420

HSI Index: 17,930.55 pts (-252.34pts, -1.39%)
⬆️ Resistance: 18800
⬇️ Support: 17600

Crude Palm Oil: RM3,749 (RM0, 0.00%)
⬆️ Resistance: 3890
⬇️ Support: 3600

Brent Oil: $94.43 (+$0.50, +0.53%)
⬆️ Resistance: 96.90
⬇️ Support: 88.80

Gold: $1,933.84 (+$9.93, +0.52%)
⬆️ Resistance: 1980
⬇️ Support: 1870

Market update – 19Sep23

The FBM KLCI had turned slightly lower after the quadruple witching day last week, we understand that the Wall Street also trended sideways ahead of the FOMC meeting. Given the external events such as the FOMC will only be concluded tomorrow, we expect trading activities may slow down for the session on the local front, while the attention may be shifted towards the domestic catalysts, such as the NETR, NIMP as well as the recent MOUs that were signed over the weekend. Commodities wise, the Brent crude oil has continued its uptrend move above USD94/bbl level, while the CPO prices closed below the RM3,800/MT level.

Sector focus: With the FOMC meeting to be concluded by tomorrow, we expect traders to focus on NETR and NIMP blueprints, while we expect the construction sector to rebound amid the potential rally ahead of the budget next month. Besides, we opine that the traders will look out for O&G stocks amid stronger Brent oil prices.

Stocks to watch:
O&G: DAYANG, T7GLOBAL, WASCO
Glove: KOSSAN
Building material: MCEMENT
Property: SUNSURIA
Others: SIME, SPTOTO, TECHBND, YTLPOWR

Source: M+ Online

M+ Online Technical Trading Stocks - 19Sep23

Stock Name: SUNSURIA (3743)
Entry: Buy above RM0.550
Target: RM0.575 (4.5%), RM0.600 (9.1%)
Stop: RM0.525 (-4.5%)
Shariah: Yes
Technical: Impending flag-formation breakout

Stock Name: T7GLOBAL (7228)
Entry: Buy above RM0.490
Target: RM0.520 (6.1%), RM0.535 (9.2%)
Stop: RM0.475 (-3.1%)
Shariah: Yes
Technical: Consolidation breakout

Source: Bloomberg, M+ Online

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