M+ Online Morning Market Buzz - 16 Aug 22

Dow Jones: 33,912.44 pts (+151.39pts, +0.45%)
⬆️ Resistance:  34700
⬇️ Support:  32100

FBM KLCI: 1,504.01 pts (-2.18pts, -0.14%)
⬆️ Resistance:  1550
⬇️ Support:  1470

HSI Index: 20,040.86 pts (-134.76pts, -0.67%)
⬆️ Resistance:  20700
⬇️ Support:  19100

Crude Palm Oil: RM4,240 (+RM102, +2.46%)
⬆️ Resistance:  4590
⬇️ Support:  3940

Brent Oil: $95.10 (-$3.05, -3.11%)
⬆️ Resistance:  102.40
⬇️ Support:  91.00

Gold: $1,779.71 (-$22.69, -1.26%)
⬆️ Resistance:  1850
⬇️ Support:  1740

M+ Online Technical Trading Stocks - 16 Aug 22

Stock Name: YOCB (5159)
Entry: Buy above RM1.15
Target: RM1.26 (9.6%), RM1.30 (13.0%)
Stop: RM1.08 (-6.1%)
Shariah: No
Technical: Monitor for breakout

Stock Name: HSSEB (0185)
Entry: Buy above RM0.505
Target: RM0.545 (7.9%), RM0.575 (13.9%)
Stop: RM0.47 (-6.9%)
Shariah: Yes
Technical: Monitor for breakout

Market update: The FBM KLCI retreated amid worries over China’s economic slowdown, which led to an unexpected lending rate cut. While the market may trade in a positive-biased mode and looking forward to a brighter outlook in the ongoing earnings season, China’s economic slowdown may indicate risk and a spike in recession fears. Commodities wise, the crude oil price declined amid expectation on China’s lower demand outlook, trading around the USD95 per barrel mark, while the CPO traded above RM4,200. 

Sector focus: Traders may reduce exposure in the energy stocks along with the softer oil prices triggered by potential slowing demand from China. On the other hand, investors may accumulate solid consumer, plastics, and REIT as earnings season kicked off, in view of the improving GDP earlier. Meanwhile, we expect technology stocks to be traded actively on the back of positive Wall Street performance.

Stocks to watch: 

Technology & Telco: CTOS, KGB, MAXIS, VS, WONG
Building material: AYS, CMSB
Consumer: AEON, BJFOOD, BONIA, CSCENIC, GCB
Furniture-related: EVERGRN, SIGN, TAFI 
Transportation & Logistics: CJCEN, PTRANS
Others:  CENGILD, CIMB, IGBREIT, MALAKOF, PANTECH, RGTBHD, TEXCHEM, TSH 

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.