KLSE Traders Update and Ideas

Daily Market Update - 29 Nov 2023 (SWIFT, RCECAP)

mplus313
Publish date: Wed, 29 Nov 2023, 08:35 AM
mplus313
0 3,582
This blog provides market updates and trading ideas that I gather from around the web.

M+ Online Morning Market Buzz - 29 Nov 23

Dow Jones: 35,416.98 pts (+83.51pts, +0.24%)
⬆️ Resistance: 36300
⬇️ Support: 34500

FBM KLCI: 1,448.02 pts (-0.13pts, -0.01%)
⬆️ Resistance: 1490
⬇️ Support: 1420

HSI Index: 17,354.14 pts (-170.92pts, -0.98%)
⬆️ Resistance: 18300
⬇️ Support: 17000

Crude Palm Oil: RM3,909 (+RM12, +0.31%)
⬆️ Resistance: 4110
⬇️ Support: 3780

Brent Oil: $79.98 (+$1.68, +2.10%)
⬆️ Resistance: 84.40
⬇️ Support: 76.90

Gold: $2,040.97 (+$26.84, +1.33%)
⬆️ Resistance: 2090
⬇️ Support: 1950

Market update – 29 Nov 23
Rebound may emerge on the local front

The FBM KLCI ended flat for the session as traders traded cautiously in line with the weak regional market sentiment. However, Wall Street continued to charge higher despite the mixed statements from several Fed’s officials, with the help of consumer confidence index. Investors will continue to monitor the upcoming core PCE and ISM Manufacturing PMI data later this week. We expect some buying interest to spillover to stocks on the local front, following the surge on Wall Street. On the commodity markets, the Brent oil prices ended positively above the USD81/bbl in view of further production cuts to be seen in the OPEC+ meeting on 30th Nov. Besides, the gold extended the gains above the USD2k level.

Sector focus: Traders may focus on the Technology sector with the strong rebound on Wall Street. On the release of financial results, we expect the Consumer and Poultry sectors could rally another round on the back of growing earnings from Leong Hup International, Farm Fresh Berhad and LTKM. Besides, we still favour the Building Material, Utilities, Property and Construction sectors in this earnings season.

Stocks to watch:

Transportation & Logistics: SWIFT, SYGROUP
Building material: PWRWELL
Finance-related: RCECAP
Property: LBS
Consumer: PENSONI
Others: SMRT, YTL

Source: M+ Online

M+ Online Technical Trading Stocks - 29 Nov 23

Stock Name: SWIFT (5303)
Entry: Buy above RM0.555
Target: RM0.575 (3.6%), RM0.590 (6.3%)
Stop: RM0.540 (-2.7%)
Shariah: Yes
Technical: Breakout-pullback-continuation

Stock Name: RCECAP (9296)
Entry: Buy above RM2.670
Target: RM2.750 (3.0%), RM2.800 (4.9%)
Stop: RM2.600 (-2.6%)
Shariah: Yes
Technical: Impending flag-formation 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.

More articles on KLSE Traders Update and Ideas
Discussions
Be the first to like this. Showing 0 of 0 comments

Post a Comment