M+ Online Morning Market Buzz - 30 Nov 23

Dow Jones: 35,430.42 pts (+13.44pts, +0.04%)
⬆️ Resistance:  36300
⬇️ Support:  34600

FBM KLCI: 1,446.07 pts (-1.95pts, -0.13%)
⬆️ Resistance:  1490
⬇️ Support:  1420

HSI Index: 16,993.44 pts (-360.70pts, -2.08%)
⬆️ Resistance:  18300
⬇️ Support:  16600

Crude Palm Oil: RM3,880 (+RM8, +0.21%)
⬆️ Resistance:  4080
⬇️ Support:  3770

Brent Oil: $81.68 (+$1.22, +1.49%)
⬆️ Resistance:  85.00
⬇️ Support:  77.60

Gold: $2,044.24 (+$3.27, +0.16%)
⬆️ Resistance:  2100
⬇️ Support:  1950

Market update – 30 Nov 23
 Softer trading activities expected 

The FBM KLCI has declined for the 3rd consecutive session in line with the sentiment in the regional benchmark indices. Wall Street traded mixed near the resistance zone for all the 3 major indices. We think the declining 10-year US Treasury yield could be indicating that the market is looking at a softer inflationary pressure going forward, which may translate to less likelihood of another rate hike by the Fed. Closer to home, we believe trading activities may turn softer as most of the corporate earnings were not up to expectations. On the commodity markets, the Brent oil prices traded above the USD82/bbl level with the anticipation of further extension of the production cuts to be announced in the OPEC+ meeting on 30th Nov.

Sector focus: We believe the inclusion of YTL and YTLPOWR could spur some trading interest within the Utilities sector, while the traders may look into the Consumer sector with a good set of results from QL and PWF. Besides, the Building Material sector may be seen traded actively with strong earnings growth from MNHLDGS and SCGBHD. On the flip side, the selling pressure could emerge further on glove stocks amid weaker results from SUPERMX.

Stocks to watch:

Building material: MCEMENT, SCGBHD
Technology: ATECH, UNISEM
Transportation & Logistics: SYGROUP
Property: OSK, SIMEPROP
Consumer: CCK

Source: M+ Online

M+ Online Technical Trading Stocks - 30 Nov 23

Stock Name: ATECH (5302)
Entry: Buy above RM2.730
Target: RM2.800 (2.6%), RM2.850 (4.4%)
Stop: RM2.690 (-1.5%)
Shariah: Yes
Technical: Monitor for breakout

Stock Name: MCEMENT (3794)
Entry: Buy above RM4.140
Target: RM4.250 (2.7%), RM4.300 (3.9%)
Stop: RM4.050 (-2.2%)
Shariah: Yes
Technical: Uptrend Intact

Source: Bloomberg, M+ Online

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