M+ Online Morning Market Buzz - 25Sep23

Dow Jones: 33,963.84 pts (-106.58pts, -0.31%)
⬆️ Resistance:  35500
⬇️ Support:  33300

FBM KLCI: 1,450.23 pts (+2.02pts, +0.14%)
⬆️ Resistance:  1490
⬇️ Support:  1420

HSI Index: 18,057.45 pts (+402.04pts, +2.28%)
⬆️ Resistance:  18500
⬇️ Support:  17300

Crude Palm Oil: RM3,681 (+RM3, +0.08%)
⬆️ Resistance:  3870
⬇️ Support:  3570

Brent Oil: $93.27 (+$0.45, +0.48%)
⬆️ Resistance:  97.90
⬇️ Support:  90.40

Gold: $1,925.23 (+$5.21, +0.27%)
⬆️ Resistance:  1990
⬇️ Support:  1880

Market update – 25Sep23

The FBM KLCI rebounded from the intraday low and closed above the 1,450 level last Friday. However, Wall Street continues to stay in the negative region for the fourth session with the expectation of slightly hawkish tone from the Fed, coupled with the concern over a government shutdown in the US. We believe the selling pressure may spillover to stocks on the local front. Nevertheless, we opine that the downside risk should be limited as investors may focus on the NETR and NIMP blueprints, as well as the Budget 2024 in the upcoming month. Commodities wise, the Brent crude oil has continued retraced from the recent high and traded below the USD93/bbl level, while the CPO prices extended its pullback formation below the RM3,700/MT level.

Sector focus: Again, we expect the overall local bourse to trade on a negative tone taking cues from Wall Street overnight. Meanwhile, we expect trading activities to revolve around the Property and Construction sectors ahead of the Budget 2024, where traders may position for mega infrastructure projects to be announced. Also, we favour industrial products, renewable energy as well as building materials which are related to NETR and NIMP blueprints.

Stocks to watch:

Building material: HUMEIND, MUHIBAH
Property: SUNSURIA
Consumer: CCK, PARKSON
O&G: DAYANG, SAMAIDEN, T7GLOBAL
Others: CDB, SPTOTO

Source: M+ Online

M+ Online Technical Trading Stocks - 25Sep23

Stock Name: MUHIBAH (5703)
Entry: Buy above RM0.760
Target: RM0.800 (5.3%), RM0.820 (7.9%)
Stop: RM0.735 (-3.3%)
Shariah: Yes
Technical: Monitor for breakout

Stock Name: PARKSON (5657)
Entry: Buy above RM0.300
Target: RM0.325 (8.3%), RM0.350 (16.7%)
Stop: RM0.285 (-5.0%)
Shariah: Yes
Technical: Breakout-pullback-continuation

Source: Bloomberg, M+ Online

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