M+ Online Morning Market Buzz - 16 Nov 23

Dow Jones: 34,991.21 pts (+163.51pts, +0.47%)
⬆️ Resistance: 35800
⬇️ Support: 33200

FBM KLCI: 1,466.84 pts (+15.12pts, +1.04%)
⬆️ Resistance: 1500
⬇️ Support: 1400

HSI Index: 18,079.00 pts (+682.14pts, +3.92%)
⬆️ Resistance: 18500
⬇️ Support: 16800

Crude Palm Oil: RM3,999 (-RM19, -0.47%)
⬆️ Resistance: 4080
⬇️ Support: 3660

Brent Oil: $82.47 (-$1.40, -1.70%)
⬆️ Resistance: 85.70
⬇️ Support: 77.90

Gold: $1,959.85 (-$4.44, -0.23%)
⬆️ Resistance: 2020
⬇️ Support: 1900

Market update – 16 Nov 23
Softer PPI data could fuel further rally

Following the volatile move last Friday, the FBM KLCI closed significantly higher for the second session straight amid solid buying interest after the cooling of the inflationary pressure in the US. Also, Wall Street gained momentum with the anticipation of a potential rate hike pause going forward with the slowdown in consumption activities. Meanwhile, the US-China meeting has said they have made “real progress”, with discussions aimed at easing friction between the two superpowers over military conflicts, drug-trafficking and artificial intelligence. We believe this will be boosting the stock markets to higher levels at least for the near term. On the commodity markets, the Brent oil prices traded lower around USD81/bbl.

Sector focus: Likely, the trading interest will be noted within the Technology sector following the softer-than-expected inflation CPI and PPI data from the US. Meanwhile, the glove sector may get a boost from better-than-expected KOSSAN’s results. As we are heading into the full-blown reporting season soon, we favour the Construction, Property, Building Material, Utilities and Consumer sectors.

Stocks to watch:

Utilities: YTL, YTLPOWR
Property: MAHSING, OSK
Technology: MYEG
Glove: KOSSAN
Construction: EPICON
Shipping: SYGROUP
Building materials: HIAPTEK
O&G: PANTECH

Source: M+ Online

M+ Online Technical Trading Stocks - 16 Nov 23

Stock Name: YTLPOWR (6742)
Entry: Buy above RM2.290
Target: RM2.350 (2.6%), RM2.400 (4.8%)
Stop: RM2.240 (-2.2%)
Shariah: No
Technical: Flag-formation breakout

Stock Name: MAHSING (8583)
Entry: Buy above RM0.845
Target: RM0.880 (4.1%), RM0.920 (8.9%)
Stop: RM0.825 (-2.4%)
Shariah: Yes
Technical: Impending flag-formation breakout

Source: Bloomberg, M+ Online

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