Dow Jones: 27,657.42 pts (-244.56pts, -0.88%)
⬆ Resistance:  29000
⬇ Support:  27000

FBM KLCI: 1,506.63 pts (-6.44pts, -0.43%)
⬆ Resistance:  1580
⬇ Support:  1480

HSI Index: 24,455.41 pts (+114.56pts, +0.47%)
⬆ Resistance:  25400
⬇ Support:  23800

Crude Palm Oil: RM3,080 (+RM105, +3.53%)
⬆ Resistance:  3150
⬇ Support:  2810

Brent Oil: $43.15 (-$0.15, -0.34%)
⬆ Resistance:  44.70
⬇ Support:  38.60

Gold: $1,950.86 (+$6.42, +0.33%)
⬆ Resistance:  2020
⬇ Support:  1900

M+ Online Technical Focus - 21Sep20
Guan Chong Bhd: Resilient demand

Trading Catalyst
• Ranked as the fourth largest cocoa grinder in the world with total cocoa processing capacity of 250,000MT p.a. 
• New cocoa processing plant in Cote D’Ivoire coming on stream in 2H2021 brings additional grinding capacity of 60,000MT p.a.
• Demand expected to remain resilient premised to the improved retail sales spending as economic across the globe begun gradual re-opening of economic activities in 2Q2020.
• Maintained a healthy balance sheet with net gearing standing at 0.3x as of 2QFY20 with prospective decent dividends yields FY21f and FY22f at 2.7-4.0%. 

Technical View

(i) GCB (S: RM3.17, R: RM3.53-3.67, LT TP:RM3.79, CL:RM3.16)

S: Support, R: Resistance, LT TP: Long term target price, CL: Cut loss

Economic Releases For The Week (21/9/2020-25/9/2020):

22/9/2020
US - United States' Existing Home Sales, 10.00PM

23/9/2020
MY - Malaysia's Inflation Rate, 12.00PM

24/9/2020
US - United States' New Home Sales, 10.00PM

Source: Bloomberg, M+ Online

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