M+ Online Morning Market Buzz - 30 May 22

Dow Jones: 33,212.96 pts (+575.77pts, +1.76%)
⬆ Resistance:  33900
⬇ Support:  30800

FBM KLCI: 1,546.76 pts (+5.61pts, +0.36%)
⬆ Resistance:  1590
⬇ Support:  1510

HSI Index: 20,697.36 pts (+581.16pts, +2.89%)
⬆ Resistance:  21200
⬇ Support:  19500

Crude Palm Oil: RM6,353 (-RM180, -2.76%)
⬆ Resistance:  6840
⬇ Support:  6000

Brent Oil: $119.43 (+$2.03, +1.73%)
⬆ Resistance:  122.20
⬇ Support:  109.50

Gold: $1,853.72 (+$3.09, +0.17%)
⬆ Resistance:  1910
⬇ Support:  1810

M+ Online Technical Focus - 30 May 22
Sunway Construction Group Bhd: Largest pure play contractor

Trading Catalyst
• Malaysia’s largest pure play construction company listed on Bursa Malaysia, capable of delivering integrated construction services works with over the past 40 years of experience.
• Outstanding orderbook of RM4.4bn (as of end-1Q22) comprising 70 projects will underpin earnings visibility over the next 3 years.
• Will be actively participating in KVMRT 3 tender in June 2022 and award is expected by end-2022.
• Technically, price has formed a short-term consolidation breakout above RM1.61, potentially targeting the next resistances at RM1.66-1.72 with long term target at RM1.87.

Technical View

(i) SUNCON (S: RM1.55, R: RM1.66-1.72, LT TP: RM1.87, CL: RM1.54)

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

Economic Releases For The Week (30/5/2022-3/6/2022):

30/5/2022
EU - Eurozone's Economic Sentiment, 5:00PM
EU - Eurozone's Industrial Sentiment, 5:00PM
EU - Eurozone's Services Sentiment, 5:00PM
EU - Eurozone's Consumer Confidence, 5:00PM

31/5/2022
JP - Japan's Unemployment Rate, 7.30AM
JP - Japan's Industrial Production, 7.50AM
JP - Japan's Retail Sales, 7.50AM
CN - China's NBS Manufacturing PMI, 9:00AM
CN - China's Non-Manufacturing PMI, 9:00AM
MY - Malaysia's Producer Price Index, 12:00PM
JP - Japan's Consumer Confidence, 1:00PM

1/6/2022
JP - Japan's Jibun Bank Manufacturing PMI, 8:30AM
MY - Malaysia's S&P Global Manufacturing PMI, 8:30AM
CN - China's Caixin Manufacturing PMI, 8:30AM
EU - Eurozone's S&P Global Manufacturing PMI, 4:00PM
UK - United Kingdom's S&P Global Manufacturing PMI, 4:30PM
EU - Eurozone's Unemployment Rate, 5:00PM
US - United States' S&P Global Manufacturing PMI, 9.45PM
US - United States' ISM Manufacturing PMI, 10:00PM

2/6/2022
EU - Eurozone's Producer Price Index, 5:00PM
US - United States' Factory Orders, 10:00PM

3/6/2022
JP - Japan's Jibun Bank Services PMI, 8:30AM
JP - Japan's Jibun Bank Composite PMI, 8:30AM
EU - Eurozone's S&P Global Services PMI, 4:00PM
EU - Eurozone's S&P Global Composite PMI, 4:00PM
EU - Eurozone's Retail Sales, 5:00PM
US - United States' Unemployment Rate, 8:30PM
US - United States' S&P Global Services PMI, 9:45PM
US - United States' S&P Global Composite PMI, 9:45PM
US - United States' ISM Non-Manufacturing PMI, 10:00PM

Source: Bloomberg, M+ Online

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.