M+ Online Morning Buzz - 8 Jan 16: Dow -392.41 pts (-2.32%) @ 16,514.10 pts. Following the sharp fall in the Chinese stockmarkets, the U.S. stockmarkets registered three consecutive session of losses as ten out of the ten main sectors on the S&P 500 fell into the red. Technology and financial sectors were the biggest losers overnight which subsequently dragged the Nasdaq Composite to record the steepest decline yesterday.

Meanwhile, the FBM KLCI fell into the red yesterday on the back of a drop in crude oil prices and negative regional market sentiment. The MACD Histogram has extended another red bar, but the RSI still hovers above the 50 level. The immediate resistance will be envisaged around the 1,700 level. Support is pegged around the 1,600-1,630 levels.

Sector: Consumer, Properties

Consumer: YEN, PARAGON, FIAMMA
Properties: MATRIX, IOIPG

Others: LEONFB, GPHAROS, ESCERAM, WANGZNG 

Potential Momentum Stocks:

ESCERAM (0100): Price experienced a breakout above RM0.50 with high volumes. TP: RM0.53-RM0.55. SL: RM0.46.

MATRIX (5236): Follow-through buying interest was seen above the RM2.49 level with slight improvement in volumes. TP: RM2.66-RM2.81. SL: RM2.43.

YEN (7184): Monitor for a breakout above the RM0.45 level with high volumes. TP: RM0.55-RM0.57. SL: RM0.425.

Source: M+ Online

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