M+ Online Morning Market Buzz - 30 Aug 22

Dow Jones: 32,098.99 pts (-184.41pts, -0.57%)
⬆️ Resistance:  34100
⬇️ Support:  31400

FBM KLCI: 1,501.57 pts (+1.28pts, +0.09%)
⬆️ Resistance:  1540
⬇️ Support:  1440

HSI Index: 20,023.22 pts (-146.82pts, -0.73%)
⬆️ Resistance:  20600
⬇️ Support:  18900

Crude Palm Oil: RM4,216 (+RM42, +1.01%)
⬆️ Resistance:  4440
⬇️ Support:  3980

Brent Oil: $105.09 (+$4.10, +4.06%)
⬆️ Resistance:  107.60
⬇️ Support:  94.60

Gold: $1,737.09 (-$1.05, -0.06%)
⬆️ Resistance:  1810
⬇️ Support:  1690

M+ Online Technical Trading Stocks - 30 Aug 22

Stock Name: SIGN (7246)
Entry: Buy above RM1.53
Target: RM1.64 (7.2%), RM1.67 (9.2%)
Stop: RM1.43 (-6.5%)
Shariah: Yes
Technical: Bullish engulfing candle

Stock Name: ARMADA (5210)
Entry: Buy above RM0.405
Target: RM0.45 (11.1%), RM0.465 (14.8%)
Stop: RM0.38 (-6.2%)
Shariah: No
Technical: Bottom rebound

Market update: The FBM KLCI eked out marginal gains, outperforming the negative regional markets as selling pressure subsided after the morning session selldown. Still, we expect global market sentiment to remain cautious on the back of persistent concerns over interest rate hikes going forward as the Fed stands firm on its hawkish stance. Meanwhile, on the local front, an increase in Malaysia’s July inflation rate may lead to another Overnight Policy Rate hike by Bank Negara. Commodities wise, the crude oil price surged above USD105 per barrel mark, while the CPO traded above RM4,200. 

Sector focus: As Wall Street remained in the bearish undertone overnight, selling pressure may continue in the technology sector, but bargain hunting might emerge. Meanwhile, under the OPR upcycle environment, it could benefit the banking counters. We also see upside potential in energy sector as crude oil price rebounded above USD105.

Stocks to watch: 

Consumer: BJFOOD, PCCS, UCHITEC
Medical-related: SCOMNET, TMCLIFE
Building material: PMBTECH, YBS
Power-related: MALAKOF, YTLPOWR
O&G: ARMADA, PANTECH, PCHEM, YINSON
Transportation & Logistics: HARBOUR, PTRANS, SYSCORP
Technology & Telco: AGMO, MTAG, OCK 
Others: CFM, INNO, MASTER, MBMR, SIMEPROP 

Source: M+ Online

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