KLSE Traders Update and Ideas

Daily Market Update - 27 Nov 2023 (ILB, LHI)

mplus313
Publish date: Mon, 27 Nov 2023, 08:37 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 - 27 Nov 23

Dow Jones: 35,390.15 pts (+117.12pts, +0.33%)
⬆️ Resistance: 36200
⬇️ Support: 34300

FBM KLCI: 1,453.92 pts (+0.63pts, +0.04%)
⬆️ Resistance: 1500
⬇️ Support: 1430

HSI Index: 17,559.42 pts (-351.42pts, -1.96%)
⬆️ Resistance: 18500
⬇️ Support: 17200

Crude Palm Oil: RM3,890 (-RM61, -1.54%)
⬆️ Resistance: 4110
⬇️ Support: 3810

Brent Oil: $80.58 (-$0.84, -1.03%)
⬆️ Resistance: 84.60
⬇️ Support: 76.90

Gold: $2,000.82 (+$2.08, +0.10%)
⬆️ Resistance: 2050
⬇️ Support: 1930

Market update – 27 Nov 23
Tracking the more positive Wall Street

Last week, the FBM KLCI ended softer as profit taking activities kicked in on several index heavyweights as Wall Street traded on a shortened session. However, we noticed the US stock markets closed positively, with a 4-week winning streak as the market could be pricing in no more rate hike from the Fed going forward as inflationary pressure and jobs data were cooling off. Meanwhile, we believe the overall Hang Seng Index may turn upwards with several firms from China looking at HK Stock Exchange for IPO listing. Back on the local front, we believe the traders will be focusing on the final week of the November reporting season and may position ahead of the window dressing activities in December. On the commodity markets, the Brent oil prices fell near USD80/bbl ahead of the OPEC+ meeting on 30th Nov.

Sector focus: Given the positive move on Wall Street, there might be follow through buying support into the Technology sector. Meanwhile, the release of YTL-related earnings was not able to excite the Utilities sector higher and we think there might be more profit taking going forward. Hence, we think traders may stay neutral on Utilities and focus on the Construction, Property, Building Material, Transportation & Logistics as well as Poultry sectors.

Stocks to watch:

Property: ECOWLD, OSK, SUNWAY
Consumer: LHI, PWF
Transportation & Logistics: ILB
Financial-related: MBSB
Building material: MCEMENT

Source: M+ Online

M+ Online Technical Trading Stocks - 27 Nov 23

Stock Name: ILB (5614)
Entry: Buy above RM0.785
Target: RM0.815 (3.8%), RM0.850 (8.3%)
Stop: RM0.760 (-3.2%)
Shariah: No
Technical: Flag-formation breakout

Stock Name: LHI (6633)
Entry: Buy above RM0.710
Target: RM0.750 (5.6%), RM0.780 (9.9%)
Stop: RM0.690 (-2.8%)
Shariah: No
Technical: Monitor for breakout

Source: Bloomberg, M+ Online

 

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