M+ Online Morning Market Buzz - 13 Apr 22

Dow Jones: 34,220.36 pts (-87.72pts, -0.26%)
⬆ Resistance:  35700
⬇ Support:  33500

FBM KLCI: 1,597.13 pts (-7.48pts, -0.47%)
⬆ Resistance:  1650
⬇ Support:  1570

HSI Index: 21,319.13 pts (+110.83pts, +0.52%)
⬆ Resistance:  22700
⬇ Support:  20600

Crude Palm Oil: RM6,177 (+RM33, +0.53%)
⬆ Resistance:  6310
⬇ Support:  5650

Brent Oil: $104.64 (+$6.16, +6.26%)
⬆ Resistance:  110.90
⬇ Support:  95.70

Gold: $1,966.76 (+$13.24, +0.68%)
⬆ Resistance:  2020
⬇ Support:  1880

M+ Online Technical Focus - 13 Apr 22
Ajiya Bhd: Firm building materials demand to drive growth

Trading Catalyst
• Engaged 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.
• Impending acquisition of 2 plots of lands measuring 15.8-ac in total will centralise its metal roll forming and safety glass manufacturing operations.
• Equipped with a healthy balance sheet with a net cash position of RM144.7m, translating to net cash per share of 47.5 sen (c.40.3% of share price).
• Technically, price has formed a flag-formation breakout above RM1.17, targeting the next resistances at RM1.25-1.30 with long term target set at RM1.40.

Technical View

(i) AJIYA (S: RM1.09, R: RM1.25-1.30, LT TP: RM1.40, CL: RM1.08)

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

Source: Bloomberg, M+ Online

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