M+ Online Morning Market Buzz - 25 Oct 23

Dow Jones: 33,141.38 pts (+204.97pts, +0.62%)
⬆️ Resistance:  34700
⬇️ Support:  32300

FBM KLCI: 1,435.65 pts (-2.47pts, -0.17%)
⬆️ Resistance:  1480
⬇️ Support:  1410

HSI Index: 16,991.53 pts (-180.60pts, -1.05%)
⬆️ Resistance:  18200
⬇️ Support:  16600

Crude Palm Oil: RM3,684 (+RM17, +0.46%)
⬆️ Resistance:  3920
⬇️ Support:  3580

Brent Oil: $88.07 (-$1.76, -1.96%)
⬆️ Resistance:  95.70
⬇️ Support:  85.70

Gold: $1,970.97 (-$1.88, -0.10%)
⬆️ Resistance:  2040
⬇️ Support:  1890

Market update – 25 Oct 23

The FBM KLCI ended lower for the fourth session, but the overall market conditions improved with the buying support within the small cap and lower liners. Meanwhile, Wall Street’s sentiment turned positive as the investors turned their focus on the earnings season as some of the mega cap corporates beat estimates, coupled with a stronger guidance from the management. Given the oversold environment, the US 10-year Treasury yields continue to decline, and investors will be shifting their focus back on the earnings amid the heightened inflationary pressure, we believe overall trading mood will remain positive at least for the near term. Commodities wise, the Brent crude oil declined towards USD87/bbl zone as Israel continues to hold off from an invasion of the Gaza Strip, while the CPO traded below RM3,700/MT.

Sector focus: With the buying interest resumed on Wall Street, it might spillover to stocks on the local front, especially the Technology sector. Besides, the Brent oil prices have declined significantly as traders could be pricing in lower war premium, the Energy stocks may be impacted negatively in the near term. Meanwhile, we like the Construction, Property, and Utilities sectors as the momentum has returned.

Stocks to watch:

Construction: GAMUDA, KERJAYA
Finance-related: MBSB, PPJACK
O&G: WASCO
Property: KSL
Consumer: EVERGRN, LHI, PADINI
Technology: EG

Source: M+ Online

M+ Online Technical Trading Stocks - 25 Oct 23

Stock Name: GAMUDA (5398)
Entry: Buy above RM4.600
Target: RM4.750 (3.3%), RM4.850 (5.4%)
Stop: RM4.500 (-2.2%)
Shariah: Yes
Technical: Flag-formation breakout

Stock Name: PPJACK (0242)
Entry: Buy above RM0.990
Target: RM1.050 (6.1%), RM1.100 (11.1%)
Stop: RM0.965 (-2.5%)
Shariah: No
Technical: Consolidation breakout

Source: Bloomberg, M+ Online

Disclaimer

The content published is solely for information and personal use only. It should not be construed to be, any advice, recommendation, offer or invitation to buy or sell any securities, futures contracts or any other instrument. Readers should seek independent advice from their own professional advisers (including legal, tax, financial and accounting) as to the risks and merits before entering into any transaction pursuant to or in reliance on any information here.

The content published above shall only be for your sole and personal non-professional use. No guarantee is given on the accuracy or completeness of the information published here. No warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of any person or group of persons acting on such information.