KLSE Traders Update and Ideas

Daily Market Update - 24 Nov 2023 (PENSONI, HEXZA)

Publish date: Fri, 24 Nov 2023, 08:42 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 - 24 Nov 23

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

FBM KLCI: 1,453.29 pts (-2.60pts, -0.18%)
⬆️ Resistance: 1500
⬇️ Support: 1430

HSI Index: 17,910.84 pts (+176.24pts, +0.99%)
⬆️ Resistance: 18500
⬇️ Support: 17100

Crude Palm Oil: RM3,944 (-RM7, -0.18%)
⬆️ Resistance: 4110
⬇️ Support: 3840

Brent Oil: $81.96 (-$0.54, -0.66%)
⬆️ Resistance: 84.60
⬇️ Support: 75.80

Gold: $1,992.25 (-$8.12, -0.41%)
⬆️ Resistance: 2050
⬇️ Support: 1930

M+ Online Technical Trading Stocks - 24 Nov 23

Stock Name: PENSONI (9997)
Entry: Buy above RM0.785
Target: RM0.815 (3.8%), RM0.850 (8.3%)
Stop: RM0.760 (-3.2%)
Shariah: Yes
Technical: Short-term consolidation breakout

Stock Name: HEXZA (3298)
Entry: Buy above RM1.010
Target: RM1.050 (4.0%), RM1.080 (6.9%)
Stop: RM0.980 (-3.0%)
Shariah: No
Technical: Uptrend Intact

Source: Bloomberg, M+ Online

Market update – 24 Nov 23
Expecting softer trading activities

The FBM KLCI headed lower for the session, bucking the overall positive momentum shown on the global stock markets. Meanwhile, the US stock markets were closed for Thanksgiving holiday. Although we may anticipate that the trading activities to be slower throughout the Asia trading hours, upside could emerge with the expectation that Beijing would boost policy support to aid the failing sector, where China may allow banks to offer unsecured short-term loans to qualified developers for the first time. This may spur the upside move on the local equities and traders will focus on the ongoing reporting season. On the commodity markets, the Brent oil prices declined near the USD81/bbl as concerns over demand persisted amid rising US inventories and the next OPEC+ meeting will be on 30th Nov.

Sector focus: Based on the momentum that has built up over the past few days, we expect the Healthcare sector to stay in the active list with further continuation of buying interest ahead of the release of Supermax’s results. Meanwhile, we believe the results from Genting-related and YTL-related are solid and could provide trading opportunities within the Tourism and Utilities sectors. Besides, we still favour the Property, Building Material, Construction, and Transportation & Logistics sectors.

Stocks to watch:

Property: AWC, OSK
Technology: EG SMRT
Consumer: CCK, PENSONI
Chemicals: HEXZA
Automotive: MBMR

Source: M+ Online



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