M+ Online Morning Market Buzz - 26Sep23

Dow Jones: 34,006.88 pts (+43.04pts, +0.13%)
⬆️ Resistance:  35500
⬇️ Support:  33200

FBM KLCI: 1,443.45 pts (-6.78pts, -0.47%)
⬆️ Resistance:  1490
⬇️ Support:  1420

HSI Index: 17,729.29 pts (-328.16pts, -1.82%)
⬆️ Resistance:  18500
⬇️ Support:  17300

Crude Palm Oil: RM3,688 (-RM28, -0.75%)
⬆️ Resistance:  3840
⬇️ Support:  3570

Brent Oil: $93.29 (+$0.02, +0.02%)
⬆️ Resistance:  97.90
⬇️ Support:  90.40

Gold: $1,915.92 (-$9.31, -0.48%)
⬆️ Resistance:  1990
⬇️ Support:  1880

Market update – 26Sep23 

The FBM KLCI ended lower in tandem with the negative performance from the overnight US stock markets, coupled with heavier profit taking activities within the index heavyweights. Despite Wall Street snapped its 4-day losing streak, we believe traders may remain cautious ahead of the release of the (i) US GDP data (28-Sep), (ii) Jerome Powell speech (29-Sep), (iii) US Core PCE data (29-Sep) as well as (iv) China PMI manufacturing data. Nevertheless, the downside risk should be limited on our local front with the focus on the upcoming Budget 2024. Commodities wise, the Brent crude oil has continued to trade around the USD93/bbl level, while the CPO prices remained below the RM3,700/MT level.

Sector focus: Given the sentiment turning more cautious ahead of the release of economic data, we believe traders could look at more defensive sectors such as Utilities, while stocks with higher dividend may be favoured. Meanwhile, we expect trading activities should build up within the construction and building material ahead of the Budget 2024 with the anticipation of mega infrastructure projects to be announced.

Stocks to watch:

Utilities: RANHILL
Building material: ANNJOO, MASTEEL
Property: KSL, M&G, PARAMON
Construction: HSSEB, MUHIBAH
Financial: MBSB
Automotive: PECCA

Source: M+ Online

M+ Online Technical Trading Stocks - 26Sep23

Stock Name: MBSB (1171)
Entry: Buy above RM0.750
Target: RM0.775 (3.3%), RM0.795 (6.0%)
Stop: RM0.725 (-3.3%)
Shariah: Yes
Technical: Flag-formation breakout

Stock Name: RANHILL (5272)
Entry: Buy above RM0.675
Target: RM0.705 (4.4%), RM0.725 (7.4%)
Stop: RM0.645 (-4.4%)
Shariah: Yes
Technical: Bullish engulfing candle

Source: Bloomberg, M+ Online

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