M+ Online Morning Market Buzz - 9 Aug 22

Dow Jones: 32,832.54 pts (+29.07pts, +0.09%)
⬆️ Resistance:  33800
⬇️ Support:  31800

FBM KLCI: 1,496.03 pts (-5.52pts, -0.37%)
⬆️ Resistance:  1540
⬇️ Support:  1460

HSI Index: 20,045.77 pts (-156.17pts, -0.77%)
⬆️ Resistance:  20700
⬇️ Support:  19200

Crude Palm Oil: RM4,047 (-RM24, -0.59%)
⬆️ Resistance:  4210
⬇️ Support:  3620

Brent Oil: $96.65 (+$1.73, +1.82%)
⬆️ Resistance:  104.50
⬇️ Support:  91.00

Gold: $1,788.96 (+$13.46, +0.76%)
⬆️ Resistance:  1840
⬇️ Support:  1720

M+ Online Technical Trading Stocks - 9 Aug 22

Stock Name: YTLPOWR (6742)
Entry: Buy above RM0.72
Target: RM0.745 (3.5%), RM0.765 (6.3%)
Stop: RM0.70 (-2.8%)
Shariah: No
Technical: Breakout-pullback-continuation

Stock Name: GUH (3247)
Entry: Buy above RM0.435
Target: RM0.47 (8.0%), RM0.505 (16.1%)
Stop: RM0.40 (-8.0%)
Shariah: Yes
Technical: Bullish engulfing candle

Market update: The FBM KLCI finished lower on the back of cautious undertone ahead of the US inflation data that will be released on the 10th of August. Given the market has rallied over the past two months, investors will be staying sidelines and monitor closely on the CPI data in order to decide on the market directions as well as the FOMC’s interest rate decision moving forward. Also, the development of China’s aggressive drills near Taiwan, may pose downside risk to the stock markets. Nevertheless, investors may start to position themselves ahead of the earnings season. Commodities wise, the Brent oil rebounded mildly above the USD96 per barrel mark, while the CPO price hovered above RM4,000. 

Sector focus: The technology sector may come under pressure following the selldown on Wall Street’s ship giants after Nvidia’s weaker-than-expected revenue. Meanwhile, investors may shift the stance towards defensive sectors such as the consumer, banking, REIT and utilities ahead of the upcoming earnings season.

Stocks to watch: 

Property & REITs: AXREIT, EWEIN, GOB, IGBREIT, SPSETIA, UOAREIT
Construction: GAMUDA, SUNWAY
O&G: COASTAL, DAYANG
Power-related: MFCB, MALAKOF, PESTECH, YTLPOWR
Plantation: BPLANT, SIMEPLT
Finance: CIMB, RHBBANK
Furniture-related: EVERGRN, SIGN
Others: EMETALL, FFB, GTRONIC, HEXTAR, MAGNUM, RESINTC, TASCO

Source: M+ Online

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