KLSE Traders Update and Ideas

Daily Market Update - 29 Sept 2023 (MUHIBAH, SYGROUP)

Publish date: Fri, 29 Sep 2023, 08:53 AM
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This blog provides market updates and trading ideas that I gather from around the web.

M+ Online Morning Market Buzz - 29Sep23

Dow Jones: 33,666.34 pts (+116.07pts, +0.35%)
⬆️ Resistance:  34900
⬇️ Support:  32700

FBM KLCI: 1,440.11 pts (-5.44pts, -0.38%)
⬆️ Resistance:  1480
⬇️ Support:  1410

HSI Index: 17,373.03 pts (-238.84pts, -1.36%)
⬆️ Resistance:  18500
⬇️ Support:  17100

Crude Palm Oil: RM3,771 (+RM79, +2.14%)
⬆️ Resistance:  3890
⬇️ Support:  3580

Brent Oil: $95.38 (-$1.17, -1.21%)
⬆️ Resistance:  99.70
⬇️ Support:  90.00

Gold: $1,864.87 (-$10.25, -0.55%)
⬆️ Resistance:  1970
⬇️ Support:  1830

Market update – 29Sep23 

The FBM KLCI traded in the negative territory prior to the public holiday, while investors were focusing on the Energy sector amid the rebound in Brent oil prices. In the US stock markets, buying interest emerged within Nasdaq or growth stocks after the 10-year US Treasury yield dropped from its 15-year high. Also, traders will be looking at the Personal Consumption Expenditure that will be released later tonight for more clues from the Fed on its tone going forward. Besides, we believe the upside on Wall Street may be limited as the US government is facing a shutdown if the US Congress is not able to pass a funding plan by end-Sep. Commodities wise, the Brent crude oil traded on a volatile manner within the range of USD93-95/bbl level, while the CPO prices rebounded strongly near the RM3,800/MT level.

Sector focus: Given the rebound on Wall Street led by growth stocks, we expect trading interest to be seen on the technology stocks. Meanwhile, the news on EKOVEST streamlining most of the business segments could spur trading interest within the construction, property, and plantation sectors. Also, traders will be focusing on trading opportunities ahead of the Budget 2024, such as the industrial products and consumer sectors.

Stocks to watch:

Consumer: KTC, LHI
Building material: HIAPTEK, HUMEIND,
Shipping: SYGROUP
Others: KUB

Source: M+ Online

M+ Online Technical Trading Stocks - 29Sep23

Stock Name: MUHIBAH (5703)
Entry: Buy above RM0.760
Target: RM0.800 (5.3%), RM0.825 (8.6%)
Stop: RM0.730 (-3.9%)
Shariah: Yes
Technical: Monitor for breakout

Stock Name: SYGROUP (5173)
Entry: Buy above RM0.670
Target: RM0.705 (5.2%), RM0.730 (9.0%)
Stop: RM0.645 (-3.7%)
Shariah: Yes
Technical: Breakout-pullback-continuation

Source: Bloomberg, M+ Online



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