KLSE Traders Update and Ideas

Daily Market Update - 29 Nov 2023 (SWIFT, RCECAP)

Publish date: Wed, 29 Nov 2023, 08:35 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 - 29 Nov 23

Dow Jones: 35,416.98 pts (+83.51pts, +0.24%)
⬆️ Resistance: 36300
⬇️ Support: 34500

FBM KLCI: 1,448.02 pts (-0.13pts, -0.01%)
⬆️ Resistance: 1490
⬇️ Support: 1420

HSI Index: 17,354.14 pts (-170.92pts, -0.98%)
⬆️ Resistance: 18300
⬇️ Support: 17000

Crude Palm Oil: RM3,909 (+RM12, +0.31%)
⬆️ Resistance: 4110
⬇️ Support: 3780

Brent Oil: $79.98 (+$1.68, +2.10%)
⬆️ Resistance: 84.40
⬇️ Support: 76.90

Gold: $2,040.97 (+$26.84, +1.33%)
⬆️ Resistance: 2090
⬇️ Support: 1950

Market update – 29 Nov 23
Rebound may emerge on the local front

The FBM KLCI ended flat for the session as traders traded cautiously in line with the weak regional market sentiment. However, Wall Street continued to charge higher despite the mixed statements from several Fed’s officials, with the help of consumer confidence index. Investors will continue to monitor the upcoming core PCE and ISM Manufacturing PMI data later this week. We expect some buying interest to spillover to stocks on the local front, following the surge on Wall Street. On the commodity markets, the Brent oil prices ended positively above the USD81/bbl in view of further production cuts to be seen in the OPEC+ meeting on 30th Nov. Besides, the gold extended the gains above the USD2k level.

Sector focus: Traders may focus on the Technology sector with the strong rebound on Wall Street. On the release of financial results, we expect the Consumer and Poultry sectors could rally another round on the back of growing earnings from Leong Hup International, Farm Fresh Berhad and LTKM. Besides, we still favour the Building Material, Utilities, Property and Construction sectors in this earnings season.

Stocks to watch:

Transportation & Logistics: SWIFT, SYGROUP
Building material: PWRWELL
Finance-related: RCECAP
Property: LBS
Consumer: PENSONI
Others: SMRT, YTL

Source: M+ Online

M+ Online Technical Trading Stocks - 29 Nov 23

Stock Name: SWIFT (5303)
Entry: Buy above RM0.555
Target: RM0.575 (3.6%), RM0.590 (6.3%)
Stop: RM0.540 (-2.7%)
Shariah: Yes
Technical: Breakout-pullback-continuation

Stock Name: RCECAP (9296)
Entry: Buy above RM2.670
Target: RM2.750 (3.0%), RM2.800 (4.9%)
Stop: RM2.600 (-2.6%)
Shariah: Yes
Technical: Impending flag-formation breakout

Source: Bloomberg, M+ Online



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