M+ Online Morning Market Buzz - 3 Oct 23

Dow Jones: 33,433.35 pts (-74.15pts, -0.22%)
⬆️ Resistance:  34600
⬇️ Support:  32600

FBM KLCI: 1,418.76 pts (-5.41pts, -0.38%)
⬆️ Resistance:  1480
⬇️ Support:  1400

HSI Index: 17,809.66 pts (+436.63pts, +2.51%)
⬆️ Resistance:  18300
⬇️ Support:  17100

Crude Palm Oil: RM3,729 (+RM25, +0.67%)
⬆️ Resistance:  3930
⬇️ Support:  3610

Brent Oil: $90.71 (-$1.49, -1.62%)
⬆️ Resistance:  99.70
⬇️ Support:  88.60

Gold: $1,828.03 (-$20.60, -1.11%)
⬆️ Resistance:  1960
⬇️ Support:  1800

Market update – 3 Oct 23

The FBM KLCI has extended its pullback below the 1,420 level amid broad-based profit taking activities, but accompanied by a softer overall trading value. Meanwhile, the US stock markets traded mixed led by the technology stocks despite an uptick in 10-year Treasury yield hitting the 16-year high. Also, we think the sentiment was affected by the US Manufacturing PMI data which came in below 50, indicating that the sector continues to contract. On the local front, we believe the market may rebound on the back of bargain hunting activities. Commodities wise, the Brent crude oil tumbled below USD93/bbl level amid rising dollar, while the CPO prices traded below RM3,800/MT level.

Sector focus:  As Wall Street traded mixed with positive Nasdaq movements, we expect the buying support to spillover to technology stocks on the local front. Meanwhile, given the crude oil prices tumbled overnight, profit taking activities may be seen on the O&G stocks. Still, we believe the traders may position themselves ahead of the Budget 2024 (13th of October) within the construction, building materials and renewable energy sectors.

Stocks to watch:

Building material: PWRWELL, ULICORP
Consumer: LHI, PADINI
Technology: GTRONIC, UNISEM
Others: RCECAP, TIMECOM, WELLCAL

Source: M+ Online

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