M+ Online Morning Market Buzz - 18 Jul 22 
 
Dow Jones: 31,288.26 pts (+658.09pts, +2.15%) 
⬆️ Resistance:  32000 
⬇️ Support:  29600 
 
FBM KLCI: 1,418.44 pts (-1.62pts, -0.11%) 
⬆️ Resistance:  1460 
⬇️ Support:  1390 
 
HSI Index: 20,297.72 pts (-453.49pts, -2.19%) 
⬆️ Resistance:  22000 
⬇️ Support:  19900 
 
Crude Palm Oil: RM3,629 (+RM9, +0.25%) 
⬆️ Resistance:  4370 
⬇️ Support:  3420 
 
Brent Oil: $101.16 (+$2.06, +2.08%) 
⬆️ Resistance:  109.90 
⬇️ Support:  92.70 
 
Gold: $1,708.17 (-$1.77, -0.10%) 
⬆️ Resistance:  1790 
⬇️ Support:  1670 
 
M+ Online Technical Focus - 18 Jul 22 
Inari Amertron Bhd: Riding onto resilient semiconductor chip demand 
 
Trading Catalyst 
• One of the leading outsourced semiconductor assembly and test (OSAT) & electronics manufacturing services (EMS) providers in Malaysia. 
• Expanding presence in China through a joint venture (JV) with China Fortune-Tech Capital Co Ltd (CFTC). 
• Ramping up its radio frequency (RF) business for a smartphone launch in the US in September 2022. 
• Technically, price is forming a bottoming out formation with potential further recovery to take place, targeting the next resistances at RM2.67-2.87 with long term target at RM3.23. 
 
Technical View 
 
(i) INARI (S: RM2.36, R: RM2.67-2.87, LT TP: RM3.23, CL: RM2.35) 
 
S: Support, R: Resistance, LT TP: Long term target price, CL: Cut loss 

Economic Releases For The Week (18/7/2022-22/7/2022): 
 
19/7/2022 
UK - United Kingdom's Unemployment Rate, 2.00PM 
EU - Eurozone's Inflation Rate, 5.00PM 
 
20/7/2022 
UK - United Kingdom's Inflation Rate, 2.00PM 
US - United States' Existing Home Sales, 10.00PM 
 
21/7/2022 
JP - Japan's Bank of Japan's Interest Rate Decision, 11.00AM 
EU - Eurozone's European Central Bank's Interest Rate Decision, 7.45PM 
 
22/7/2022 
JP - Japan's Inflation Rate, 7.30AM 
MY - Malaysia's Inflation Rate, 12.00PM 
UK - United Kingdom's Retail Sales, 2.00PM 

Market update: The FBM KLCI ended the week with marginal losses as quick profit taking activities emerged on selected heavyweights. While the local bourse may be poised for a rebound following the strong gains on Wall Street, we believe recession fears will continue to permeate investors’ sentiment in the near term. Meanwhile, investors may be watching the European Central Bank’s meeting and Malaysia’s inflation data later this week. On the commodity markets, the crude oil rebounded, trading above USD101 per barrel mark, while the CPO price hovered around RM3,600. 

Sector focus: We expect the technology sector to track the overnight gains in Nasdaq. Meanwhile, selected consumer stocks and REITs may be viewed defensive and outperform during the volatile stock market environment. Traders may trade cautiously within the energy sector as oil price was pressured due to recession fears, albeit the Brent oil has rebounded above the USD100 level.

Stocks to watch: 

Telco & Technology: D&O, DSONIC, DUFU, FRONTKN, GREATEC, INARI, TM
Consumer: FFB, FIAMMA, LAYHONG
Construction & Building materials: GAMUDA, MYCRON
Pharmaceutical: DPHARMA, PHARMA
Others: ECOMATE, KLCC, PGF, POS, PPJACK, TOYOVEN

Source: 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.