M+ Online Morning Market Buzz - 10 Nov 23

Dow Jones: 33,891.94 pts (-220.33pts, -0.65%)
⬆️ Resistance: 35000
⬇️ Support: 33200

FBM KLCI: 1,452.27 pts (-5.33pts, -0.37%)
⬆️ Resistance: 1500
⬇️ Support: 1420

HSI Index: 17,511.29 pts (-57.17pts, -0.33%)
⬆️ Resistance: 18400
⬇️ Support: 17100

Crude Palm Oil: RM3,754 (+RM11, +0.29%)
⬆️ Resistance: 3890
⬇️ Support: 3640

Brent Oil: $79.54 (+$0.38, +0.48%)
⬆️ Resistance: 89.60
⬇️ Support: 77.70

Gold: $1,958.55 (+$8.35, +0.43%)
⬆️ Resistance: 2050
⬇️ Support: 1910

Market update – 10 Nov 23

The FBM KLCI closed weaker for the third session following the recent breakout above the 1440-1445 zones amid profit taking activities. Following the hawkish comments from the Fed’s chair, Wall Street ended softer for the session and we expect some selling interest to spillover towards the local stock exchange. Hence, upside may be limited for the FBM KLCI for the near term. However, we believe the traders could shift their attention to the ongoing reporting season and look for opportunities on stocks with better growth prospects. On the commodity markets, the Brent oil prices stayed below the USD80/bbl market, while the crude palm oil traded around RM3,750 zone.

Sector focus: Following the release of better results from SWIFT and WPRTS, we believe the trading interest may build up within the Transportation and Logistics sector. Meanwhile, we expect selected O&G stock to decline for the near term, amid softer crude oil prices. Heading into the reporting season, we favour the Construction, Property, Building Material, Utilities and Consumer sectors, especially the Poultry segment.

Stocks to watch:

Technology: ATECH, EG, INARI, ITMAX, MI, SMRT
Solar-related: SLVEST
Property: KSL
Telco: REDTONE
Utilities: YTL

Source: M+ Online

M+ Online Technical Trading Stocks - 10 Nov 23

Stock Name: EG (8907)
Entry: Buy above RM1.500
Target: RM1.570 (4.7%), RM1.620 (8.0%)
Stop: RM1.440 (-4.0%)
Shariah: Yes
Technical: Impending flag-formation breakout

Stock Name: YTL (4677)
Entry: Buy above RM1.530
Target: RM1.600 (4.6%), RM1.670 (9.2%)
Stop: RM1.500 (-2.0%)
Shariah: No
Technical: Flag-formation breakout

Source: Bloomberg, M+ Online

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