KLSE Traders Update and Ideas

Daily Market Update - 19 Jun 2024 (KENANGA, DSS)

Publish date: Wed, 19 Jun 2024, 09:03 AM
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This blog provides market updates and trading ideas that I gather from around the web.

M+ Morning Market Buzz - 19 Jun 24

Dow Jones: 38,834.86 pts (+56.76pts, +0.15%)
⬆️ Resistance:  40000
⬇️ Support:  37600

FBM KLCI: 1,606.13 pts (-1.19pts, -0.07%)
⬆️ Resistance:  1660
⬇️ Support:  1580

HSI Index: 17,915.55 pts (-20.57pts, -0.11%)
⬆️ Resistance:  18600
⬇️ Support:  17400

Crude Palm Oil: RM3,883 (+RM41, +1.06%)
⬆️ Resistance:  4080
⬇️ Support:  3800

Brent Oil: $85.33 (+$1.08, +1.28%)
⬆️ Resistance:  87.20
⬇️ Support:  80.20

Gold: $2,329.46 (-$0.35, -0.02%)
⬆️ Resistance:  2390
⬇️ Support:  2250

M+ Market update – 19 Jun 24
Market Heading For Consolidation

Profit taking activities emerged on the local front with the FBM KLCI, FBM70 and FBM Small Cap retracing as investors were taking a cautious stance after the recent rally. Nevertheless, in the US, overall sentiment remained positive with retail sales came in below expectation, where the market could be pushing for a rate cut anytime in 2H24. Do note that Nvidia has displaced Microsoft and Apple as the largest market cap companies in the US. On the commodity markets, Brent oil rebounded further above the USD85/bbl level with the expectation that the summer demand may lower oil inventories, while the gold price stabilised around USD2330. The CPO is still trading within a tight range between RM3900-4000.

Sector focus: As profit taking activities are taking place, we believe the trading opportunities will be more selective, focusing on solid fundamental companies within the Technology sector as we believe the data center, AI and cloud will persist as the main catalyst at this juncture. While some of the construction, property and utilities players are consolidating, we may shift our attention to stocks within the Consumer, Shipping, Finance and Packaging for trading opportunities. 

Stocks to watch: 

Finance: KENANGA
Shipping: SYGROUP
Consumer: ORGABIO
Building Material: PMETAL
Packaging: DSS

Source: M+

M+ Technical Trading Stocks - 19 Jun 24

Stock Name: KENANGA (6483)
Entry: Buy above RM1.250
Target: RM1.300 (4.0%), RM1.350 (8.0%)
Stop: RM1.220 (-2.4%)
Shariah: No
Technical: Uptrend Intact

Stock Name: DSS (0269)
Entry: Buy above RM0.410
Target: RM0.435 (6.1%), RM0.460 (12.2%)
Stop: RM0.390 (-4.9%)
Shariah: Yes
Technical: Monitor for breakout

Source: Bloomberg, M+



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