KLSE Traders Update and Ideas

Daily Market Update - 23 Aug 2022 (BPPLAS, CWG)

Publish date: Tue, 23 Aug 2022, 08:42 AM
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This blog provides market updates and trading ideas that I gather from around the web.

M+ Online Morning Market Buzz - 23 Aug 22

Dow Jones: 33,063.61 pts (-643.13pts, -1.91%)
⬆️ Resistance:  35000
⬇️ Support:  32400

FBM KLCI: 1,487.37 pts (-17.07pts, -1.13%)
⬆️ Resistance:  1560
⬇️ Support:  1460

HSI Index: 19,656.98 pts (-116.05pts, -0.59%)
⬆️ Resistance:  20600
⬇️ Support:  19200

Crude Palm Oil: RM4,165 (+RM5, +0.12%)
⬆️ Resistance:  4420
⬇️ Support:  3920

Brent Oil: $96.48 (-$0.24, -0.25%)
⬆️ Resistance:  99.90
⬇️ Support:  89.70

Gold: $1,736.30 (-$10.76, -0.62%)
⬆️ Resistance:  1820
⬇️ Support:  1700

M+ Online Technical Trading Stocks - 23 Aug 22

Stock Name: BPPLAS (5100)
Entry: Buy above RM1.43
Target: RM1.50 (4.9%), RM1.60 (11.9%)
Stop: RM1.36 (-4.9%)
Shariah: Yes
Technical: Monitor for breakout

Stock Name: CWG (9423)
Entry: Buy above RM0.365
Target: RM0.39 (6.8%), RM0.41 (12.3%)
Stop: RM0.34 (-6.8%)
Shariah: Yes
Technical: Monitor for breakout

Market update: Global uncertainties arising from fears over additional interest rate hikes from the US Fed have sent the FBM KLCI below the 1,500 zone. Global sentiment should remain negative as investors braced for the US Fed Chairman’s speech in the Jackson Hole meeting which could signal further aggressive stance in taming the inflation. Nevertheless, we expect buying interest to emerge on stocks with solid results amid the ongoing reporting season on the local bourse. Commodities wise, the crude oil continued to trade around USD96 amid potential of more Iranian barrels entering the market, while the CPO traded above RM4,150.

Sector focus: The technology sector may see further decline as Nasdaq led losses on Wall Street overnight. Meanwhile, news regarding potential speed-up of revival of KL-Singapore High Speed Railway (HSR) may benefit the construction sector. Investors may favour utilities, consumer, and REIT amid global uncertainties and transportation & logistics sector on the back of strong results.

Stocks to watch: 

Transportation & Logistics: FM, HARBOUR, MAYBULK
Building material: CMSB, PMBTECH
Consumer: BJFOOD
Furniture-related: ECOMATE, SIGN, SERNKOU
Property: GOB, KSL

Source: M+ Online



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