M+ Online Morning Market Buzz - 23 Oct 23

Dow Jones: 33,127.28 pts (-286.89pts, -0.86%)
⬆️ Resistance:  34900
⬇️ Support:  32500

FBM KLCI: 1,441.04 pts (-1.62pts, -0.11%)
⬆️ Resistance:  1480
⬇️ Support:  1410

HSI Index: 17,172.13 pts (-123.76pts, -0.72%)
⬆️ Resistance:  18300
⬇️ Support:  16800

Crude Palm Oil: RM3,771 (+RM13, +0.35%)
⬆️ Resistance:  3920
⬇️ Support:  3640

Brent Oil: $92.16 (-$0.31, -0.34%)
⬆️ Resistance:  95.70
⬇️ Support:  87.20

Gold: $1,981.40 (+$6.94, +0.35%)
⬆️ Resistance:  2040
⬇️ Support:  1880

Market update – 23 Oct 23

The FBM KLCI was down in tandem with the regional stock markets sentiment. Meanwhile, Wall Street ended lower for the fourth session amid elevated US Treasury yields, coupled with the ongoing Middle East geopolitical tensions as well as hawkish Fed’s outlook. We believe all these negative catalysts could persist and limit the upside potential on the local front at least for the near term. We expect the sentiment will remain weak without any emergence of fresh catalysts, and traders could position ahead of the earnings season next month. Commodities wise, the Brent crude oil maintained around USD92bbl on the back of the ongoing Middle East conflict, while the CPO traded slightly below RM3,800/MT.

Sector focus: Despite negative tone from Wall Street, we noticed some of the Technology stocks are ripe to head higher. Meanwhile, we favour the Energy sector amid the firm Brent oil prices. Besides, we think investors may pick defensive nature stocks within the Telco, Utilities, and Consumer sectors.

Stocks to watch:

Technology: FRONTKN, MI
O&G: WASCO 
Automotive: BAUTO
Consumer: LHI 
Furniture: EVERGRN, HOMERIZ
Others: MIKROMB

Source: M+ Online

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