M+Online Morning Buzz - 15 Oct 15: Dow-157.14 pts (-0.92%) @ 16,924.75 pts. The U.S. stockmarkets ended in the red overnight as the S&P 500 and the Dow fell by 0.5% and 0.9%, while the Nasdaq closed 0.3% lower. Meanwhile, the decliners on the blue chip stocks was led by Wal-Mart – as the retailer cuts its growth outlook and launched a share buyback program.

Meanwhile, the FBM KLCI managed to extend its gains for the second time for the week on the back of a positive market breadth and improved daily volumes. The MACD Histogram has turned red, but the RSI is hovering above 70 (overbought). The immediate resistance will be envisaged around the 1,700-1,740 levels. Support is pegged around the 1,600-1,660 levels.

Sector Focus: ACE Market, Construction

ACE Market: SYSTECH, PRIVA, ESCERAM, MIKROMB, JHM
Construction: MUDAJYA, MRCB

Others: PENSONI, DNEX

Potential Momentum Stocks:

PRIVA (0123): Price breakout above the RM0.285 level with high volumes. TP: RM0.33-RM0.385. SL: RM0.24.

SYSTECH (0050): Monitor for a breakout above the RM0.255 level. TP: RM0.28-RM0.30. SL: RM0.23.

DNEX (4456): Monitor for a follow-through buying interest above the RM0.255 level. TP: RM0.285-RM0.30. SL: RM0.23.

Source: M+Online

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