M+ Online Morning Market Buzz - 10 Oct 23

Dow Jones: 33,604.65 pts (+197.07pts, +0.59%)
⬆️ Resistance:  34400
⬇️ Support:  32200

FBM KLCI: 1,417.26 pts (+0.38pts, +0.03%)
⬆️ Resistance:  1460
⬇️ Support:  1390

HSI Index: 17,517.40 pts (+31.42pts, +0.18%)
⬆️ Resistance:  18000
⬇️ Support:  16800

Crude Palm Oil: RM3,591 (-RM14, -0.39%)
⬆️ Resistance:  3840
⬇️ Support:  3500

Brent Oil: $88.15 (+$3.57, +4.22%)
⬆️ Resistance:  93.40
⬇️ Support:  81.80

Gold: $1,861.41 (+$28.40, +1.55%)
⬆️ Resistance:  1910
⬇️ Support:  1780

Market update – 10 Oct 23

Despite the rising concerns over the Middle East conflict, the FBM KLCI ended on a flattish tone, while the traders in the US stock markets were scooping up shares related to the oil and defence industries. Also, we believe the market could be focusing on the economy and earnings season that will be starting this week with the banking heavyweights. Given the strong rebound on Wall Street, the buying interest may emerge on the local front, focusing on the NETR and NIMP as well as the upcoming Budget 2024 this Friday. Commodities wise, the Brent crude oil spiked up more than 4% above USD88/bbl level amid rising geopolitical concerns, while the CPO prices are trading below RM3,600/MT level.

Sector focus: With the spike in the Brent oil and gold prices following the Israeli-Palestinian conflict, we think traders may focus on the O&G and gold-related sector and buying support should persist for the near term. Besides, traders may position into the construction, property and building materials sectors ahead of the Budget 2024.
Stocks to watch:

Construction: EPICON
Consumer: LHI, TEOSENG
Finance: MBSB, MNRB
O&G: SEALINK
Technology: ATECH
Property: UEMS
Building material MCEMENT, ULICORP

Source: M+ Online

M+ Online Technical Trading Stocks - 10 Oct 23

Stock Name: SEALINK (5145)
Entry: Buy above RM0.235
Target: RM0.260 (10.6%), RM0.280 (19.1%)
Stop: RM0.220 (-6.4%)
Shariah: Yes
Technical: Flag-formation breakout

Stock Name: TEOSENG (7252)
Entry: Buy above RM1.230
Target: RM1.280 (4.1%), RM1.320 (7.3%)
Stop: RM1.200 (-2.4%)
Shariah: No
Technical: Monitor for breakout

Source: Bloomberg, M+ Online

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