M+ Online Morning Market Buzz - 4 Oct 21

Dow Jones: 34,326.46 pts (+482.54pts, +1.43%)
⬆ Resistance:  35800
⬇ Support:  33200

FBM KLCI: 1,524.48 pts (-13.32pts, -0.87%)
⬆ Resistance:  1590
⬇ Support:  1500

HSI Index: 24,575.64 pts (-87.86pts, -0.36%)
⬆ Resistance:  25200
⬇ Support:  23600

Crude Palm Oil: RM4,505 (-RM90, -1.96%)
⬆ Resistance:  4690
⬇ Support:  4240

Brent Oil: $79.28 (+$0.76, +0.97%)
⬆ Resistance:  82.40
⬇ Support:  760

Gold: $1,760.98 (+$4.03, +0.23%)
⬆ Resistance:  1800
⬇ Support:  1690

M+ Online Technical Focus - 4 Oct 21
Sunway Bhd: Supported by strong property sales

Trading Catalyst
• One of the largest conglomerates in Malaysia that employs more than 16,000 workers and has established geographical presence in more than 50 countries.
• 1HFY21 property sales of RM1.64bn already make up to 74.5% of the group's internal target of RM2.20bn for FY21f.
• Property unbilled sales of approximately RM3.60bn and outstanding construction orderbook of approximately RM4.80bn in 1HFY21 will provide earnings visibility over the next couple of years.
• Technically, traders may anticipate for a breakout above the RM1.73 level to target further upside towards the next resistances at RM1.79-1.82 with long term target at RM1.90.

Technical View

(i) SUNWAY (S: RM1.64, R: RM1.79-1.82, LT TP: RM1.90, CL: RM1.63)

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

Economic Releases For The Week (4/10/2021-8/10/2021):

4/10/2021
US - United States' Factory Orders, 10.00PM

5/10/2021
JP - Japan's Jibun Bank Services PMI, 8.30AM
JP - Japan's Jibun Bank Composite PMI, 8.30AM
EU - Eurozone's Markit Services PMI, 4.00PM
EU - Eurozone's Markit Composite PMI, 4.00PM
UK - United Kingdom's Markit Services PMI, 4.30PM
UK - United Kingdom's Markit Composite PMI, 4.30PM
EU - Eurozone's Producer Price Index, 5.00PM
US - United States' Markit Services PMI, 9.45PM
US - United States' Markit Composite PMI, 9.45PM
US - United States' ISM Non-Manufacturing PMI, 10.00PM

6/10/2021
EU - Eurozone's Retail Sales, 5.00PM

8/10/2021
CN - China's Caixin Services PMI, 9.45AM
CN - China's Caixin Composite PMI, 9.45AM
MY - Malaysia's Unemployment Rate, 12.00PM
US - United States' Unemployment Rate, 8.30PM

Source: Bloomberg, M+ Online

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The content published above shall only be for your sole and personal non-professional use. No guarantee is given on the accuracy or completeness of the information published here. No warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of any person or group of persons acting on such information.

Disclaimer

The content published is solely for information and personal use only. It should not be construed to be, any advice, recommendation, offer or invitation to buy or sell any securities, futures contracts or any other instrument. Readers should seek independent advice from their own professional advisers (including legal, tax, financial and accounting) as to the risks and merits before entering into any transaction pursuant to or in reliance on any information here.

The content published above shall only be for your sole and personal non-professional use. No guarantee is given on the accuracy or completeness of the information published here. No warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of any person or group of persons acting on such information.