M+ Online Morning Market Buzz - 9 Oct 23

Dow Jones: 33,407.58 pts (+288.01pts, +0.87%)
⬆️ Resistance:  34300
⬇️ Support:  32200

FBM KLCI: 1,416.88 pts (+1.28pts, +0.09%)
⬆️ Resistance:  1460
⬇️ Support:  1390

HSI Index: 17,485.98 pts (+272.11pts, +1.58%)
⬆️ Resistance:  18000
⬇️ Support:  16800

Crude Palm Oil: RM3,600 (-RM7, -0.19%)
⬆️ Resistance:  3850
⬇️ Support:  3500

Brent Oil: $84.58 (+$3.23, +3.82%)
⬆️ Resistance:  95.20
⬇️ Support:  81.80

Gold: $1,833.01 (+$12.71, +0.70%)
⬆️ Resistance:  1890
⬇️ Support:  1780

Market update – 9 Oct 23

The FBM KLCI is still consolidating along the 1,400-1,415 zone without significant buying support last week, while Wall Street has ended higher following the US jobs data. Despite the positive closing last week, we believe the overall situation could flip to the negative side given the rising geopolitical tension in the middle east as Israeli-Palestinian conflict may provide downside risk to global stock markets. Nevertheless, we believe traders should focus on the domestic catalysts on the local front as we are approaching the Budget 2024 this Friday. Commodities wise, the Brent crude oil spiked up more than 3% above USD87/bbl level amid rising geopolitical risk, while the CPO prices are trading along RM3,600/MT level.

Sector focus: With the rising geopolitical tension, we believe traders may look for defensive sectors such as telco, utilities and REIT. Meanwhile, we believe the energy stocks may rebound after the recent sell down on the back of rising Brent oil prices. Also, traders may look at the upcoming Budget 2024 to position into the construction, property and building materials sectors.

Stocks to watch:

Construction & Building material: HIAPTEK, IJM, MRCB
Technology: ATECH
Property: ECOWLD
Telco: TIMECOM
Renewables: SLVEST
Consumer: PWF
Insurance: MNRB, TUNEPRO

Source: M+ Online

M+ Online Technical Trading Stocks - 9 Oct 23

Stock Name: ATECH (5302)
Entry: Buy above RM2.600
Target: RM2.750 (5.8%), RM2.800 (7.7%)
Stop: RM2.530 (-2.7%)
Shariah: Yes
Technical: Monitor for breakout

Stock Name: TIMECOM (5031)
Entry: Buy above RM5.500
Target: RM5.700 (3.6%), RM5.800 (5.5%)
Stop: RM5.400 (-1.8%)
Shariah: Yes
Technical: Flag-formation breakout

Source: Bloomberg, M+ Online

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