KLSE Traders Update and Ideas

Daily Market Update - 6 Oct 2023

Publish date: Fri, 06 Oct 2023, 08:37 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 - 6 Oct 23

Dow Jones: 33,119.57 pts (-9.98pts, -0.03%)
⬆️ Resistance:  34600
⬇️ Support:  32300

FBM KLCI: 1,415.60 pts (-0.24pts, -0.02%)
⬆️ Resistance:  1470
⬇️ Support:  1390

HSI Index: 17,213.87 pts (+18.03pts, +0.10%)
⬆️ Resistance:  18300
⬇️ Support:  16800

Crude Palm Oil: RM3,600 (-RM7, -0.19%)
⬆️ Resistance:  3930
⬇️ Support:  3540

Brent Oil: $84.07 (-$1.74, -2.03%)
⬆️ Resistance:  98.20
⬇️ Support:  82.20

Gold: $1,820.30 (-$1.06, -0.06%)
⬆️ Resistance:  1920
⬇️ Support:  1780

Market update – 6 Oct 23

The FBM KLCI turned flat as the profit taking activities emerged in the first session of trading. Wall Street continues to trade lower overnight, affected by the US Treasury yield environment, while the market could be looking for possible clues in the upcoming Friday’s monthly jobs report to understand the Fed’s interest rate direction going forward. On the local front, we anticipate that the traders may focus on domestic catalysts such as NETR and NIMP for trading opportunities. Commodities wise, the Brent crude oil extended the selldown, closing below the USD85/bbl level due to weak demand for gasoline in the US even as production dropped, while the CPO prices headed lower towards RM3,600/MT level.

Sector focus: The investors may focus on fundamentally solid companies which have earnings growth over the past 2 quarters. Meanwhile, we like stocks that may benefit under the NETR and NIMP blueprints, while the traders may position for the upcoming Budget 2024; namely the renewable energy, construction, property and building materials. However, the Energy sector is likely to be pressured amid falling Brent oil prices. 

Stocks to watch:

Building material: MIKROMB, PWRWELL, WELLCAL
Financial: MNRB
Consumer: APOLLO
Renewables: SLVEST
Construction: HSSEB

Source: M+ Online

M+ Online Technical Focus - 6 Oct 23
Solarvest Holdings Bhd: Gaining traction with RE objectives and NETR blueprints

Trading Catalyst
• Solarvest is a leading clean energy expert which offers clean energy solutions.
• SLVEST’s earnings have been consistently rising towards RM6.7m in 1Q24 from RM0.2m in 1Q22. 
• SLVEST was awarded a new contract from Toyo Tyre Malaysia in end-Aug, while securing 11 solar PV projects in Vietnam last week. As of Jun-23, SLVEST’s orderbook stood at RM457m.
• SLVEST experienced a flag formation breakout. Next resistance is at RM1.43-1.48, with LT target at RM1.55, while the support is located around RM1.28-1.30, with the cut loss set around RM1.26. 

Technical View

(i) SLVEST (S: RM1.28-1.30, R: RM1.43-1.48, LT TP: RM1.55, CL: RM1.26)

S: Support, R: Resistance, LT TP: Long term target price, CL: Cut loss

Source: Bloomberg, M+ Online



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