M+ Online Morning Market Buzz - 21Sep23

Dow Jones: 34,440.88 pts (-76.85pts, -0.22%)
⬆️ Resistance:  35700
⬇️ Support:  33700

FBM KLCI: 1,451.56 pts (-6.10pts, -0.42%)
⬆️ Resistance:  1490
⬇️ Support:  1420

HSI Index: 17,885.60 pts (-111.57pts, -0.62%)
⬆️ Resistance:  18800
⬇️ Support:  17500

Crude Palm Oil: RM3,713 (-RM7, -0.19%)
⬆️ Resistance:  3890
⬇️ Support:  3620

Brent Oil: $93.53 (-$0.81, -0.86%)
⬆️ Resistance:  97.90
⬇️ Support:  90.20

Gold: $1,930.30 (-$1.06, -0.05%)
⬆️ Resistance:  1990
⬇️ Support:  1870

Market update – 21Sep23 

The FBM KLCI has ended lower for the third trading day prior to the FOMC meeting. Given the tone from the Fed has turned mildly hawkish, signalling that the Fed may potentially hike the interest rates in the next few meetings, the market is likely to take it negatively and selling pressure may persist within the stock market. Nevertheless, we believe thematic buying support should pick up on the back of domestic driven catalysts such as the NETR and NIMP blueprints. Commodities wise, the Brent crude oil has continued retraced from the recent high and currently below the USD94/bbl level, while the CPO prices are still rangebound along RM3,700-RM3,800/MT level.

Sector focus: As the Fed has given a slightly hawkish outlook in the FOMC meeting, we expect the sentiment on the technology sector could be negatively affected at least for the near term. However, we still favour stocks that are related to the NETR and NIMP blueprints. Traders may still focus on industrial products and renewable energy industries. Besides, we believe investors may take the opportunity within the construction, property and building materials segment heading into the tabling of Budget 2024 next month.

Stocks to watch:
Property: ECOWLD
Glove: HARTA, KOSSAN
O&G: PANTECH, T7GLOBAL
Building material: HUMEIND
Technology: MI, UNISEM
Others: CCK, SPTOTO, WELLCAL

Source: M+ Online

M+ Online Technical Trading Stocks - 21Sep23

Stock Name: HARTA (5168)
Entry: Buy above RM2.100
Target: RM2.260 (7.6%), RM2.340 (11.4%)
Stop: RM2.030 (-3.3%)
Shariah: Yes
Technical: Short-term consolidation breakout

Stock Name: KOSSAN (7153)
Entry: Buy above RM1.400
Target: RM1.500 (7.1%), RM1.580 (12.9%)
Stop: RM1.340 (-4.3%)
Shariah: Yes
Technical: Bullish engulfing candle

Source: Bloomberg, M+ Online

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