M+ Online Morning Market Buzz - 20Sep23

Dow Jones: 34,517.73 pts (-106.57pts, -0.31%)
⬆️ Resistance:  35700
⬇️ Support:  33700

FBM KLCI: 1,457.66 pts (-0.33pts, -0.02%)
⬆️ Resistance:  1490
⬇️ Support:  1420

HSI Index: 17,997.17 pts (+66.62pts, +0.37%)
⬆️ Resistance:  18800
⬇️ Support:  17500

Crude Palm Oil: RM3,746 (-RM3, -0.08%)
⬆️ Resistance:  3890
⬇️ Support:  3600

Brent Oil: $94.34 (-$0.09, -0.10%)
⬆️ Resistance:  97.90
⬇️ Support:  89.80

Gold: $1,931.36 (-$2.48, -0.13%)
⬆️ Resistance:  1980
⬇️ Support:  1870

Market update – 20Sep23 

The FBM KLCI may trade in a sideways tone as investors are likely to stay on the sidelines ahead of the FOMC meeting. For the FOMC meeting, we expect the Fed to maintain the interest rate direction this round and the rest of 2023 given the broad trend of the inflation data has declined. Although the negative performance on Wall Street could spillover towards the local front, the buying support could emerge within selected sectors as the market may focus on the blueprints such as the NETR and NIMP for trading opportunities. Also, we believe traders will start positioning themselves ahead of the Budget 2024. Commodities wise, the Brent crude oil has continued its uptrend move above USD94/bbl level, but formed an inverted hammer candle, while the CPO prices are still hovering below the RM3,800/MT level.

Sector focus: Given the cautious trading ahead of the FOMC meeting, we believe focus will be shifted on certain sectors that are related to the NETR and NIMP blueprints, namely the industrial products and renewable energy industries. Meanwhile, we believe traders will take opportunity within the construction, property and building materials segment heading into Budget 2024 next month.

Stocks to watch:
Technology: ATAIMS
Renewable-energy: PEKAT, SLVEST
Property: IOIPG
Aviation: CAPITALA
Building material: HUMEIND, MASTEEL
Others: CCK, MUHIBAH, NAIM, RANHILL

Source: M+ Online

M+ Online Technical Trading Stocks - 20Sep23

Stock Name: IOIPG (5249)
Entry: Buy above RM1.630
Target: RM1.700 (4.3%), RM1.740 (6.7%)
Stop: RM1.590 (-2.5%)
Shariah: No
Technical: Flag-formation breakout

Stock Name: SLVEST (0215)
Entry: Buy above RM1.250
Target: RM1.340 (7.2%), RM1.380 (10.4%)
Stop: RM1.230 (-1.6%)
Shariah: Yes
Technical: Consolidation breakout

Source: Bloomberg, M+ Online

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