M+ Online Morning Market Buzz - 15 Jul 22

Dow Jones: 30,630.17 pts (-142.62pts, -0.46%)
⬆️ Resistance:  32200
⬇️ Support:  29600

FBM KLCI: 1,420.06 pts (+8.74pts, +0.62%)
⬆️ Resistance:  1460
⬇️ Support:  1390

HSI Index: 20,751.21 pts (-46.74pts, -0.22%)
⬆️ Resistance:  22500
⬇️ Support:  20200

Crude Palm Oil: RM3,651 (+RM83, +2.33%)
⬆️ Resistance:  4410
⬇️ Support:  3420

Brent Oil: $99.10 (-$0.47, -0.47%)
⬆️ Resistance:  109.90
⬇️ Support:  92.70

Gold: $1,709.94 (-$25.57, -1.47%)
⬆️ Resistance:  1790
⬇️ Support:  1670

M+ Online Technical Trading Stocks - 15 Jul 22

Stock Name: EMETALL (7217)
Entry: Buy above RM0.585
Target: RM0.63 (7.7%), RM0.645 (10.3%)
Stop: RM0.545 (-6.8%)
Shariah: Yes
Technical: Flag-formation breakout

Stock Name: FIAMMA (6939)
Entry: Buy above RM0.84
Target: RM0.91 (8.3%), RM0.96 (14.3%)
Stop: RM0.80 (-4.8%)
Shariah: Yes
Technical: Consolidation breakout

Market Update: The FBM KLCI bounced off 52-week low to outperform the mixed regional markets, supported by bargain hunting activities in selected index heavyweights. Nevertheless, we believe the local bourse may remain sour over the near term, taking cue from the mixed sentiment on Wall Street amid dismal earnings from banks, as well as the selloff in banking stocks in China which spread over from the developer stocks. Commodities wise, the crude oil price stabilised below USD100 per barrel mark, while the CPO price continues to tank; trading around RM3,650. 

Sector focus: Investors may tune into stocks with minimal borrowings under the consumer and REIT sectors in view of the interest rate upcycle environment. Besides, investors may see cherry pick in energy stocks amid stabilising crude oil price below USD100. Meanwhile, labour shortage remained as a major hurdle to the plantation sector.

Stocks to watch:

Finance: PPBANK AFFIN
Consumer: KAWAN QL FIAMMA
Building materials: EMETALL LEONFB AYS
Chemicals: HEXTAR SAMCHEM
Healthcare: HARTA DHARMA KPJ
Power & utilities related: GASMSIA MALAKOF MFCB JSB
Others: ANNUM CAPITALA

Source: M+ Online

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