M+ Online Morning Market Buzz - 2 Nov 23

Dow Jones: 33,274.58 pts (+221.71pts, +0.67%)
⬆️ Resistance: 34100
⬇️ Support: 31700

FBM KLCI: 1,435.33 pts (-6.81pts, -0.47%)
⬆️ Resistance: 1480
⬇️ Support: 1410

HSI Index: 17,101.78 pts (-10.70pts, -0.06%)
⬆️ Resistance: 17900
⬇️ Support: 16600

Crude Palm Oil: RM3,706 (+RM18, +0.49%)
⬆️ Resistance: 3890
⬇️ Support: 3590

Brent Oil: $84.63 (-$0.39, -0.46%)
⬆️ Resistance: 92.60
⬇️ Support: 82.90

Gold: $1,982.53 (-$1.35, -0.07%)
⬆️ Resistance: 2050
⬇️ Support: 1940

Market update – 2 Nov 23

The FBM KLCI turned lower following the softer PMI data in October, despite sentiment across the regional markets were more positive. Meanwhile, the US stock markets gained further overnight as the Federal Reserve kept the interest rate unchanged and the 10-year Treasury yield eased further. Given the positive trading tone from Wall Street, the buying interest may spillover towards stocks on the local front. However, we expect softer trading activities ahead of the BNM MPC meeting, where the Monetary Policy Statement will be released by 3pm, providing clues on the interest rate direction. On the commodity markets, the Brent oil prices reversed earlier gains from USD87 to below USD85.

Sector focus: As the sentiment has turned more positively in the global scene, we expect buying interest to spill over on the Technology sector. Besides, the news on YTLPOWR-RANHILL may spur trading activities within the Utilities sector. As we are heading into the reporting season, we favour the Construction and Property sectors amid more manageable building material costs as compared to previous years.

Stocks to watch:

Consumer: KTC, MESB, PWF
Construction: WCEHB
Building material: MCEMENT, MIKROMB
Financial: MNRB, PPJACK

Source: M+ Online

M+ Online Technical Trading Stocks - 2 Nov 23

Stock Name: WCEHB (3565)
Entry: Buy above RM0.780
Target: RM0.820 (5.1%), RM0.835 (7.1%)
Stop: RM0.750 (-3.8%)
Shariah: No
Technical: Flag-formation breakout

Stock Name: MCEMENT (3794)
Entry: Buy above RM3.660
Target: RM3.840 (4.9%), RM3.900 (6.6%)
Stop: RM3.600 (-1.6%)
Shariah: Yes
Technical: Consolidation breakout

Source: Bloomberg, M+ Online

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