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
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