M+ Online Morning Market Buzz - 17 Nov 23

Dow Jones: 34,945.47 pts (-45.74pts, -0.13%)
⬆️ Resistance: 35800
⬇️ Support: 33300

FBM KLCI: 1,464.68 pts (-2.16pts, -0.15%)
⬆️ Resistance: 1500
⬇️ Support: 1400

HSI Index: 17,832.82 pts (-246.18pts, -1.36%)
⬆️ Resistance: 18600
⬇️ Support: 16800

Crude Palm Oil: RM3,949 (-RM49, -1.23%)
⬆️ Resistance: 4130
⬇️ Support: 3670

Brent Oil: $81.18 (-$3.69, -4.55%)
⬆️ Resistance: 85.70
⬇️ Support: 75.10

Gold: $1,980.90 (+$21.05, +1.07%)
⬆️ Resistance: 2030
⬇️ Support: 1900

Market update – 17 Nov 23
Taking a mild pause after the rally

The FBM KLCI ended marginally lower amid profit taking activities following a two-day rally. Similarly, Wall Street traded flat for the session after a significant run as investors reassessed the softer economic data, where the impact from the elevated interest rate hike environment was noticed. We believe the overall market sentiment may slow down further as investors could be eyeing on the home start and building permits data later tonight. Thus, the FBM KLCI may expect further profit taking activities with traders slowing down on their exposure ahead of the weekend break. On the commodity markets, the Brent oil prices traded below the USD78/bbl on the back of rising inventories, slowing demand amid the softer economic activities.

Sector focus: Given the interest rate will be taking a pause for the near term, coupled with the healthy growing earnings, the REIT sector has been traded on a positive note. Meanwhile, we expect traders to avoid the O&G sector amid falling Brent oil prices. Also, we favour the Construction, Property, Building Material, Utilities and Consumer sectors in anticipation of better earnings momentum under a normalised costs and higher demand environment for the respective sectors.

Stocks to watch:

Property: LBS, MAHSING
Construction: IJM
Consumer: MSM, PWF
Solar-related: SLVEST
Building material: WELLCAL
Transportation: PTRANS, SYGROUP
Others: SKBSHUT

Source: M+ Online

M+ Online Technical Trading Stocks - 17 Nov 23

Stock Name: SLVEST (0215)
Entry: Buy above RM1.290
Target: RM1.340 (3.9%), RM1.380 (7.0%)
Stop: RM1.250 (-3.1%)
Shariah: Yes
Technical: Monitor for breakout

Stock Name: LBS (5789)
Entry: Buy above RM0.560
Target: RM0.585 (4.5%), RM0.600 (7.1%)
Stop: RM0.545 (-2.7%)
Shariah: Yes
Technical: Breakout-pullback-continuation

Source: Bloomberg, M+ Online

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