M+ Online Morning Market Buzz - 29 Jul 22

Dow Jones: 32,529.63 pts (+332.04pts, +1.03%)
⬆️ Resistance:  33300
⬇️ Support:  31100

FBM KLCI: 1,491.20 pts (+20.49pts, +1.39%)
⬆️ Resistance:  1530
⬇️ Support:  1430

HSI Index: 20,622.68 pts (-47.36pts, -0.23%)
⬆️ Resistance:  21400
⬇️ Support:  20000

Crude Palm Oil: RM4,044 (+RM87, +2.20%)
⬆️ Resistance:  4110
⬇️ Support:  3550

Brent Oil: $107.14 (+$0.52, +0.49%)
⬆️ Resistance:  111.30
⬇️ Support:  99.70

Gold: $1,755.84 (+$21.65, +1.25%)
⬆️ Resistance:  1800
⬇️ Support:  1680

M+ Online Technical Trading Stocks - 29 Jul 22

Stock Name: PANTECH (5125)
Entry: Buy above RM0.60
Target: RM0.645 (7.5%), RM0.70 (16.7%)
Stop: RM0.565 (-5.8%)
Shariah: Yes
Technical: Resistance breakout

Stock Name: GTRONIC (7022)
Entry: Buy above RM1.19
Target: RM1.27 (6.7%), RM1.33 (11.8%)
Stop: RM1.12 (-5.9%)
Shariah: Yes
Technical: Resistance breakout

Market update: The FBM KLCI rallied in a constructive Thursday session in tandem with the regional peers, taking cue from the strong gains on Wall Street. We believe the narrative that the US Fed will slow down the pace of interest rate hikes will continue to send positive signal to the regional and local bourses despite the contraction of GDP in the US. Meanwhile, Indonesia’s decision to lift its restrictions on the entry of its workforce into Malaysia starting 1st August 2022 should benefit the manufacturing and plantation sectors in Malaysia. Commodities wise, the crude oil price increased above USD107 per barrel mark, while the CPO price was traded above the RM4,000 level. Gold price has seen some uptick movement.  

Sector focus: The technology sector should continue to trend higher, in line with the overnight gains on Nasdaq, coupled with the solid results from UNISEM, FRONTKN, and VITROX released yesterday. Besides, the energy sector may continue to shine amid the firm crude oil prices.

Stocks to watch: 

Technology: ATECH, DSONIC, GTRONIC, KGB, KOBAY, MI, UCHITEC, VS
Finance: AFFIN, ABMB, CIMB
O&G: HIBISCS, PANTECH, PETRONM, RL
Building material: ANNJOO, CHINWEL, EMETALL, PMBTECH
Consumer: BONIA, SDS
Healthcare: KPJ, PHARMA, SCOMNET
Power-related: MALAKOF, YTLPOWR
Plantation: BPLANT, CEPAT
Property: ECOWLD, KSL
Others: ECOMATE, MEDIA, SLVEST, TASCO, TEXCHEM

Source: M+ Online

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