M+ Online Morning Market Buzz - 30 Oct 23

Dow Jones: 32,417.59 pts (-366.71pts, -1.12%)
⬆️ Resistance:  34000
⬇️ Support:  31700

FBM KLCI: 1,441.90 pts (+1.30pts, +0.09%)
⬆️ Resistance:  1480
⬇️ Support:  1410

HSI Index: 17,398.73 pts (+354.12pts, +2.08%)
⬆️ Resistance:  17900
⬇️ Support:  16600

Crude Palm Oil: RM3,775 (+RM13, +0.35%)
⬆️ Resistance:  3870
⬇️ Support:  3560

Brent Oil: $90.48 (-$1.13, -1.25%)
⬆️ Resistance:  94.30
⬇️ Support:  85.00

Gold: $2,006.37 (+$21.66, +1.09%)
⬆️ Resistance:  2050
⬇️ Support:  1920

Market update – 30 Oct 23

The FBM KLCI closed marginally higher, in tandem with the regional sentiment. Meanwhile, Wall Street traded mixed with the technology stocks rebounding, leading to a positive close on Nasdaq. This week, we will be having (i) China Manufacturing PMI, (ii) ISM Manufacturing PMI, and (iii) jobs data. Hence, the trading activities may turn slightly cautious in the US. Also, another main event to watch out for will be the FOMC meeting that will be held on 31-Oct to 1-Nov. Closer to home, we believe bargain hunting activities to extend on the FBM Small Cap and it is ripe for on FBM KLCI heading into the reporting season month. Given the widening of geopolitical tension, we believe the oil prices could remain elevated above USD86. Meanwhile, the FCPO prices turned higher last Friday nearing RM3800/tonne. 

Sector focus: With the Nasdaq rebounding, the buying interest may be seen within the Technology sector. Meanwhile, the strengthening of USD against the ringgit could provide buying support for the export-related segment, where gloves, and furniture stocks may be under the limelight in the near term. Also, we expect the O&G sector to continue its uptrend tone with the elevated oil prices.

Stocks to watch:

Consumer: PWF
Building material: MCEMENT
Construction: HSSEB, WCEHB
O&G: PCHEM, T7GLOBAL
Technology: MI
Property: OSK

M+ Online Technical Trading Stocks - 30 Oct 23

Stock Name: WCEHB (3565)
Entry: Buy above RM0.770
Target: RM0.820 (6.5%), RM0.850 (10.4%)
Stop: RM0.750 (-2.6%)
Shariah: No
Technical: Short-term consolidation breakout

Stock Name: MCEMENT (3794)
Entry: Buy above RM3.620
Target: RM3.740 (3.3%), RM3.840 (6.1%)
Stop: RM3.530 (-2.5%)
Shariah: Yes
Technical: Monitor for 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.