M+ Online Morning Market Buzz - 20 Oct 21

Dow Jones: 35,457.31 pts (+198.70pts, +0.56%)
⬆ Resistance:  36200
⬇ Support:  33500

FBM KLCI: 1,605.97 pts (+7.69pts, +0.48%)
⬆ Resistance:  1650
⬇ Support:  1560

HSI Index: 25,787.21 pts (+377.46pts, +1.49%)
⬆ Resistance:  26400
⬇ Support:  24500

Crude Palm Oil: RM4,944 (+RM85, +1.75%)
⬆ Resistance:  5140
⬇ Support:  4660

Brent Oil: $85.08 (+$0.75, +0.89%)
⬆ Resistance:  87.80
⬇ Support:  80.60

Gold: $1,769.29 (+$4.43, +0.25%)
⬆ Resistance:  1840
⬇ Support:  1730

M+ Online Technical Focus - 20 Oct 21
Ajiya Bhd: Leveraging on stronger building materials demand

Trading Catalyst
• Engages in the production of metal roll forming and production of high value-added safety glass products with established network of 18 factories or warehouses with offices throughout Malaysia and Thailand.
• Aims to strengthen the technical competencies and the urge to pursue innovation led to the genesis of Ajiya Green Integrated Building System (AGiBS) that is able to reduce construction completion timeline. 
• Equipped with a healthy balance sheet with a net cash position of RM39.9m in 2QFY21, translating to net cash per share of 13.1 sen (c.22.2% of share price).
• Technically, traders may anticipate for a breakout above RM0.595 to target the next resistances at RM0.635-0.675 with long term target set at RM0.77.

Technical View

(i) AJIYA (S: RM0.55, R: RM0.635-0.675, LT TP: RM0.77, CL: RM0.545)

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

Source: Bloomberg, M+ Online

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