KLSE Traders Update and Ideas

Daily Market Update - 23 Nov 2023 (MBSB, CCK)

Publish date: Thu, 23 Nov 2023, 08:36 AM
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This blog provides market updates and trading ideas that I gather from around the web.

M+ Online Morning Market Buzz - 23 Nov 23

Dow Jones: 35,273.03 pts (+184.74pts, +0.53%)
⬆️ Resistance: 36100
⬇️ Support: 34200

FBM KLCI: 1,455.89 pts (-7.51pts, -0.51%)
⬆️ Resistance: 1500
⬇️ Support: 1430

HSI Index: 17,734.60 pts (+0.71pts, +0.00%)
⬆️ Resistance: 18600
⬇️ Support: 17100

Crude Palm Oil: RM3,980 (-RM8, -0.20%)
⬆️ Resistance: 4130
⬇️ Support: 3840

Brent Oil: $82.45 (-$0.78, -0.95%)
⬆️ Resistance: 84.60
⬇️ Support: 75.10

Gold: $1,990.17 (-$8.12, -0.41%)
⬆️ Resistance: 2050
⬇️ Support: 1920

Market update – 23 Nov 23
US charging higher ahead of holiday break

The FBM KLCI turned lower for the session, tracking the Wall Street overnight sentiment coupled with the regional benchmark performance. Meanwhile, the US stock markets traded higher ahead of the Thanksgiving Holiday. Given the 10-Year Treasury yield headed lower, coupled with favourable jobs data, we expect the overall trading tone will perform better today, but the upside could be limited as the Japan stock exchange will be closed for holiday. Nonetheless, the trading activities will be focusing on the ongoing reporting season. On the commodity markets, the Brent oil prices fell below USD82/bbl as the OPEC+ meeting was rescheduled to 30th November.

Sector focus: Despite Nvidia ending softer after the strong quarterly results, Nasdaq charged higher, and this should provide upside potential towards the Technology sector on the local front. Meanwhile, it was ripe for the Poultry sector to head higher following the pick-up in momentum yesterday in the second session. For the ongoing reporting season, we favour the Utilities, Property, Building Material, Construction, and Transportation & Logistics sectors. Also, we noticed the Glove sector may continue its rally following a good set of results from KOSSAN and HARTA.

Stocks to watch:

Technology: ATECH, EG, MYEG
Financial-related: MBSB
Consumer: CCK
Transportation & Logistics: SWIFT

Source: M+ Online

M+ Online Technical Trading Stocks - 23 Nov 23

Stock Name: MBSB (1171)
Entry: Buy above RM0.755
Target: RM0.780 (3.3%), RM0.800 (6.0%)
Stop: RM0.735 (-2.6%)
Shariah: Yes
Technical: Monitor for breakout

Stock Name: CCK (7035)
Entry: Buy above RM0.820
Target: RM0.850 (3.7%), RM0.880 (7.3%)
Stop: RM0.805 (-1.8%)
Shariah: Yes
Technical: Monitor for breakout

Source: Bloomberg, M+ Online



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