KLSE Traders Update and Ideas

Daily Market Update - 1 Dec 2023 (YTLPOWR, ECOWLD)

mplus313
Publish date: Fri, 01 Dec 2023, 08:41 AM
mplus313
0 3,584
This blog provides market updates and trading ideas that I gather from around the web.

M+ Online Morning Market Buzz - 1 Dec 23

Dow Jones: 35,950.89 pts (+520.47pts, +1.47%)
⬆️ Resistance:  36700
⬇️ Support:  34600

FBM KLCI: 1,452.74 pts (+6.67pts, +0.46%)
⬆️ Resistance:  1490
⬇️ Support:  1420

HSI Index: 17,042.88 pts (+49.44pts, +0.29%)
⬆️ Resistance:  18200
⬇️ Support:  16600

Crude Palm Oil: RM3,910 (+RM15, +0.39%)
⬆️ Resistance:  4040
⬇️ Support:  3770

Brent Oil: $83.10 (-$0.27, -0.32%)
⬆️ Resistance:  86.50
⬇️ Support:  77.60

Gold: $2,036.41 (-$7.83, -0.38%)
⬆️ Resistance:  2100
⬇️ Support:  1960

Market update – 1 Dec 23
Wall Street buying interest may spillover

The FBM KLCI finally stalled a 3-day losing streak with a bullish engulfing bar as bargain-hunting activities have emerged. Also, Wall Street ended the month with a solid performance, where 3 of the benchmark indices gained more than 8% with the cooling inflation data; PCE came in within expectations, rising 0.2% MoM and 3.5% YoY. Given the strong boost on Wall Street, we believe the overall market conditions could perform better on the local front. On the commodity markets, the Brent oil prices traded higher towards USD84.5/bbl zone before closing around the USD80/bbl level as the production cuts from OPEC+ with another 1.2m barrel per day were below market’s expectations. 

Sector focus: We expect the technology sector to trade higher for the session, tracking the strong Wall Street performance. Meanwhile, from the final day of corporate earnings, we believe investors will re-assess the quarterly results and could position for window dressing activities. Sectorial wise, we think the O&G sector may head lower with the weaker Brent oil movements. Still, we like the Poultry sector with the solid performance this quarter.

Stocks to watch:

Technology: EG, INARI, UNISEM, UWC
Property: ECOWLD, LBS, SUNWAY
Utilities: YTLPOWR
Financial: RCECAP

M+ Online Technical Trading Stocks - 1 Dec 23

Stock Name: YTLPOWR (6742)
Entry: Buy above RM2.350
Target: RM2.450 (4.3%), RM2.500 (6.4%)
Stop: RM2.280 (-3.0%)
Shariah: No
Technical: Flag-formation breakout

Stock Name: ECOWLD (8206)
Entry: Buy above RM1.050
Target: RM1.100 (4.8%), RM1.120 (6.7%)
Stop: RM1.010 (-3.8%)
Shariah: Yes
Technical: Monitor for 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