M+ Online Morning Market Buzz - 18 Aug 22

Dow Jones: 33,980.32 pts (-171.69pts, -0.50%)
⬆️ Resistance:  35000
⬇️ Support:  32700

FBM KLCI: 1,518.16 pts (-0.62pts, -0.04%)
⬆️ Resistance:  1560
⬇️ Support:  1470

HSI Index: 19,922.45 pts (+91.93pts, +0.46%)
⬆️ Resistance:  20700
⬇️ Support:  19300

Crude Palm Oil: RM4,118 (-RM75, -1.79%)
⬆️ Resistance:  4590
⬇️ Support:  4020

Brent Oil: $93.65 (+$1.31, +1.42%)
⬆️ Resistance:  102.40
⬇️ Support:  89.70

Gold: $1,761.77 (-$13.92, -0.78%)
⬆️ Resistance:  1840
⬇️ Support:  1730

M+ Online Technical Trading Stocks - 18 Aug 22

Stock Name: ILB (5614)
Entry: Buy above RM0.52
Target: RM0.56 (7.7%), RM0.595 (14.4%)
Stop: RM0.49 (-5.8%)
Shariah: No
Technical: Resistance breakout

Stock Name: ECOMATE (0239)
Entry: Buy above RM0.620
Target: RM0.680 (9.7%), RM0.705 (13.7%)
Stop: RM0.575 (-7.3%)
Shariah: Yes
Technical: Monitor for breakout

Market update: The FBM KLCI saw a mild setback despite a bullish momentum across the regional markets; KLCI’s earlier gains faded in the afternoon session. In view of the softer Wall Street performance, sentiment on the local bourse may turn cautious as attention shifted back to the US Fed’s interest rate policy following the release of the Fed’s July meeting minutes. Nevertheless, investors may look out on the upcoming earnings season, stocks with solid earnings growth under this environment will be on the focus. Commodities wise, the crude oil rose above USD93, while the CPO continued to hover above RM4,100. 

Sector focus: The technology sector may see a pullback as Nasdaq led the sentiment lower on Wall Street. Healthcare sector, could be a low base buying opportunity given the climactic volume may have achieved and could be a pivot point on the glove stocks. Meanwhile, sectors such as transportation & logistics, consumer and REIT are likely to remain bullish.

Stocks to watch: 

Transportation & Logistics: CAPITALA, ILB, MAYBULK, SYSCORP
Consumer: AEON, FFB, KAWAN, MRDIY, PADINI
Technology & Telco: KRONO, SKPRES, YBS
Furniture-related: ECOMATE
O&G: DIALOG, PANTECH 
Others:  ANCOMNY, CIMB, CHINHIN, PEKAT, RESINTC, SCOMNET

Source: Bloomberg, M+ Online

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