M+ Morning Market Buzz - 23 May 24

Dow Jones: 39,671.04 pts (-201.95pts, -0.51%)
⬆️ Resistance:  40900
⬇️ Support:  38800

FBM KLCI: #N/A Requesting Data... pts (-5.41pts, #N/A Requesting Data...%)
⬆️ Resistance:  1670
⬇️ Support:  1580

HSI Index: 19,195.60 pts (-25.02pts, -0.13%)
⬆️ Resistance:  20200
⬇️ Support:  18800

Crude Palm Oil: RM3,868 (-RM53, -1.35%)
⬆️ Resistance:  4050
⬇️ Support:  3720

Brent Oil: $81.90 (-$0.98, -1.18%)
⬆️ Resistance:  86.20
⬇️ Support:  80.00

Gold: $2,378.85 (+$2.55, +0.11%)
⬆️ Resistance:  2500
⬇️ Support:  2330

M+ Market update – 23 May 24
Healthy Consolidation Move In The Uptrend Phase

The profit taking activities gained momentum after hitting above the 1,620 level and the FBM KLCI snapped a 3-day winning streak. Meanwhile, in the US, the overall market sentiment turned negative after the Fed meeting minutes indicated that the inflationary pressure remained sticky and the market is pricing in that the Fed may stay hawkish over the near term. Following NVIDIA’s release of 1Q25 results, where it has beat analysts’ expectations; NVIDIA hit above USD1k in the post-market trading. On the commodity markets, Brent oil traded lower after the Fed’s minutes, while the gold price pulled back below the USD2,400 zone. For CPO, it trended on a volatile move and closed below the RM3,900 level. 

Sectors focus: Despite Wall Street ending lower, the post-market positive vibe emerged from NVIDIA’s results, coupled with the US imposing higher tariffs on China products should provide decent buying support in the stock market and may bode well for the Technology and EMS sectors. Also, we opine that the Construction, Building Materials, Property, and Solar industries may trade higher in view of the potential revival of mega infra projects like the KL-SG HSR as well as optimism over the execution of NETR and NIMP master plans.

Stocks to watch: 

Technology: INFOTEC, NATGATE, OCK
Consumer: LEESK, MYNEWS, SDS
Industrial Products: TECHBND, WELLCAL
O&G: PANTECH, WASCO

Source: M+

M+ Technical Trading Stocks - 23 May 24

Stock Name: INFOTEC (0253)
Entry: Buy above RM0.855
Target: RM0.885 (3.5%), RM0.900 (5.3%)
Stop: RM0.840 (-1.8%)
Shariah: No
Technical: Monitor for breakout

Stock Name: SDS (0212)
Entry: Buy above RM0.905
Target: RM0.930 (2.8%), RM0.955 (5.5%)
Stop: RM0.890 (-1.7%)
Shariah: Yes
Technical: Monitor for breakout

Source: Bloomberg, M+
 

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.