M+ Online Morning Market Buzz - 25 Jul 22 
 
Dow Jones: 31,899.29 pts (-137.61pts, -0.43%) 
⬆️ Resistance:  32900 
⬇️ Support:  30400 
 
FBM KLCI: 1,465.80 pts (+15.48pts, +1.07%) 
⬆️ Resistance:  1500 
⬇️ Support:  1390 
 
HSI Index: 20,609.14 pts (+34.51pts, +0.17%) 
⬆️ Resistance:  21600 
⬇️ Support:  19900 
 
Crude Palm Oil: RM3,704 (-RM16, -0.43%) 
⬆️ Resistance:  4160 
⬇️ Support:  3580 
 
Brent Oil: $103.20 (-$0.66, -0.64%) 
⬆️ Resistance:  109.80 
⬇️ Support:  97.50 
 
Gold: $1,727.64 (+$8.83, +0.51%) 
⬆️ Resistance:  1780 
⬇️ Support:  1650 
 
M+ Online Technical Focus - 25 Jul 22
Harbour-Link Group Bhd: Shipping activities still buoyant

Trading Catalyst
• An integrated logistics services provider, shipping and engages in construction works, heavy lifting and haulage as well as property development with established footprint extends across the Intra-Asia region.
• Although global freight rates have come off from their peak, we reckon that the weakness will be partially offset by the higher freight volumes.
• Equipped with a healthy balance sheet with a net cash position of RM135.5m, translating to net cash per share of 33.8 sen (c.31.6% of share price).
• Technically, traders may anticipate for a potential breakout above RM1.08 to target next resistances at RM1.15-1.24 with long term target set at RM1.43.

Technical View

(i) HARBOUR (S: RM1.01, R: RM1.08-1.15, LT TP: RM1.24, CL: RM1.00)

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

Economic Releases For The Week (25/7/2022-29/7/2022):

26/7/2022
US - United States' New Home Sales, 10.00PM

27/7/2022
MY - Malaysia's Producer Price Index, 12.00PM
US - United States' Pending Home Sales, 10.00PM

28/7/2022
US - United States' Federal Reserve Interest Rate Decision, 2.00AM
EU - Eurozone's Business Confidence, 5.00PM
EU - Eurozone's Services Sentiment, 5.00PM
EU - Eurozone's Economic Sentiment, 5.00PM
EU - Eurozone's Industrial Sentiment, 5.00PM
US - United States' 2Q22 GDP Growth Rate (Advance Reading), 8.30PM

29/7/2022
JP - Japan's Unemployment Rate, 7.30AM
JP - Japan's Retail Sales, 7.50AM
JP - Japan's Consumer Confidence, 1.00PM
EU - Eurozone's 2Q22 GDP Growth Rate (Flash), 5.00PM
US - United States' Chicago PMI, 9.45PM

Market update: The FBM KLCI ended on a positive note last Friday amid the return of foreign funds which noted gains accelerated on the banking heavyweights. However, we believe the key index may succumb to mild profit taking activities following the overnight pullback on Wall Street. Nevertheless, the broader market may stay positive-bias over the near term as it has dropped significantly lower over the past 2 weeks into the oversold region. This week, investors will be watching closely on the US Fed’s interest rate decision. Meanwhile, commodities wise, the crude oil stabilised around USD103, while the CPO traded above RM3,700. 

Sector focus: The technology sector may see some consolidation due to the drop in Nasdaq overnight and concerns over the interest rate hike in the US this week. Meanwhile, investors may favour the banking and solid consumer stocks prior to the August reporting season.

Stocks to watch: 

Telco & Technology: GENETEC, MAXIS, OPCOM
Consumer: AEON, FIAMMA, KAWAN
Property: ECOWLD, GOB, KSL
Construction & Building material: AJIYA, ANNJOO, EFRAME, EMETALL, GAMUDA
Finance: AFFIN, CIMB, MAYBANK
Power-related: MALAKOF, YTLPOWR
Transportation & Logistics: HARBOUR, MAYBULK
Others: GENTING, HEXTAR 

Source: M+ Online

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