M+ Online Morning Market Buzz - 13 Oct 23

Dow Jones: 33,631.14 pts (-173.73pts, -0.51%)
⬆️ Resistance: 34600
⬇️ Support: 32200

FBM KLCI: 1,443.82 pts (+7.33pts, +0.51%)
⬆️ Resistance: 1480
⬇️ Support: 1390

HSI Index: 18,238.21 pts (+345.11pts, +1.93%)
⬆️ Resistance: 18700
⬇️ Support: 17100

Crude Palm Oil: RM3,616 (-RM22, -0.60%)
⬆️ Resistance: 3750
⬇️ Support: 3450

Brent Oil: $86.00 (+$0.18, +0.21%)
⬆️ Resistance: 90.80
⬇️ Support: 81.80

Gold: $1,868.90 (-$5.46, -0.29%)
⬆️ Resistance: 1930
⬇️ Support: 1780

Market update – 13 Oct 23

The FBM KLCI closed stronger for the fifth session prior to the Budget 2024. Meanwhile, the US stock markets ended in the negative territory, snapping a 4-day winning streak as the US Treasury yield rose following the hotter-than-expected US CPI data. Investors could be pricing in a more hawkish environment from the Fed and tighter-for-longer conditions on the monetary policies going forward. Although selling pressure was seen on Wall Street, we believe the buying interest may persist and traders may be positioning ahead of the Budget 2024 speech. Commodities wise, the Brent crude oil traded along the USD86/bbl level, while the CPO closed higher above RM3,600/MT as demand from China has improved recently.

Sector focus: As we are heading into the Budget 2024, we believe the market to continue banking on the current momentum within the construction, property and building material sectors with the anticipation of more infrastructure projects to be dished out in the event. Also, we like the renewable energy and utilities sector as some of the policies may be pointed towards the NETR and NIMP 2030 blueprints in the Budget 2024.

Stocks to watch:

Technology: ATECH, MI, MYEG
Property: ECOWLD
Construction: MUHIBAH, PWRWELL, SCGBHD, SUNCON
Renewables: SLVEST
Financial: MBSB

Source: M+ Online

M+ Online Technical Trading Stocks - 13 Oct 23

Stock Name: MYEG (0138)
Entry: Buy above RM0.810
Target: RM0.840 (3.7%), RM0.870 (7.4%)
Stop: RM0.790 (-2.5%)
Shariah: Yes
Technical: Short-term consolidation breakout

Stock Name: SLVEST (0215)
Entry: Buy above RM1.340
Target: RM1.390 (3.7%), RM1.430 (6.7%)
Stop: RM1.300 (-3.0%)
Shariah: Yes
Technical: Impending flag-formation breakout

Source: Bloomberg, M+ Online

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