M+ Online Morning Market Buzz - 18 Oct 23

Dow Jones: 33,997.65 pts (+13.11pts, +0.04%)
⬆️ Resistance: 34900
⬇️ Support: 32800

FBM KLCI: 1,444.13 pts (+5.17pts, +0.36%)
⬆️ Resistance: 1480
⬇️ Support: 1410

HSI Index: 17,773.34 pts (+132.98pts, +0.75%)
⬆️ Resistance: 18700
⬇️ Support: 17300

Crude Palm Oil: RM3,792 (+RM8, +0.21%)
⬆️ Resistance: 3890
⬇️ Support: 3470

Brent Oil: $89.90 (+$0.25, +0.28%)
⬆️ Resistance: 93.30
⬇️ Support: 83.50

Gold: $1,923.18 (+$2.98, +0.16%)
⬆️ Resistance: 1980
⬇️ Support: 1830

Market update – 18 Oct 23

The FBM KLCI rebounded with the support from plantation heavyweights amid rising crude palm oil prices. On Wall Street, the overall trading sentiment was mixed, but the technology-heavy Nasdaq index declined as the Biden administration may halt the shipments of advanced AI chips to China. Meanwhile, closer to home, we expect the buying support to return as investors could focus on the Budget 2024 catalysts after mild profit taking on Monday. Commodities wise, the Brent crude oil still remains above the USD90/bbl amid the ongoing concerns on the geopolitical tension, while the CPO maintained around the RM3,800/MT.

Sector focus: Despite the negative tone in the technology sector on Wall Street, we expect the follow-through buying support may be seen today on the local front. Traders may focus on the construction, property, building material, and solar-related sectors re-assessing the Budget 2024 on the infrastructure project, coupled with the policies crafted around the EVs and Renewable energy.

Stocks to watch:

Technology: EG, MI, INFOM
Building material: HIAPTEK
Property: KSL, ECOWLD
Solar: CYPARK, SLVEST
O&G: HIBISCS, SEALINK

Source: M+ Online

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