M+ Online Morning Market Buzz - 2Sep22

Dow Jones: 31,656.42 pts (+145.99pts, +0.46%)
⬆️ Resistance:  34100
⬇️ Support:  30600

FBM KLCI: 1,491.95 pts (-20.10pts, -1.33%)
⬆️ Resistance:  1550
⬇️ Support:  1460

HSI Index: 19,597.31 pts (-357.08pts, -1.79%)
⬆️ Resistance:  20600
⬇️ Support:  19200

Crude Palm Oil: RM3,931 (-RM63, -1.58%)
⬆️ Resistance:  4400
⬇️ Support:  3910

Brent Oil: $92.36 (-$3.28, -3.43%)
⬆️ Resistance:  107.60
⬇️ Support:  90.00

Gold: $1,697.52 (-$13.52, -0.79%)
⬆️ Resistance:  1800
⬇️ Support:  1660

M+ Online Technical Trading Stocks - 2Sep22

Stock Name: MALAKOF (5264)
Entry: Buy above RM0.70
Target: RM0.75 (7.1%), RM0.765 (9.3%)
Stop: RM0.67 (-4.3%)
Shariah: Yes
Technical: Monitor for breakout

Stock Name: YB (5048)
Entry: Buy above RM0.43
Target: RM0.465 (8.1%), RM0.475 (10.5%)
Stop: RM0.405 (-5.8%)
Shariah: Yes
Technical: Monitor for breakout

Market update: The FBM KLCI violated the 1,500 psychological level as profit-taking emerged amid a persistent downtrend on Wall Street. We believe the uncertainties on the global front, coupled with the falling commodity prices will continue to weigh on investors’ sentiment over the near term. Despite the Dow Jones has turned mildly higher, we expect bargain hunting activities may only emerge on counters with defensive nature and solid earnings that were released recently. The crude oil price hovered around USD92 per barrel mark, while the CPO was traded below RM4,000. Meanwhile, gold price fell below USD1,700 level.  

Sector focus: Investors should remain cautious in technology sector as Nasdaq remained in a downtrend move. Meanwhile, the energy and plantation sectors may face some selling pressure amid declining commodity prices. We keep our positive stance on sectors such as export-oriented, consumer, banking, and telecommunications amid the global uncertainties.

Stocks to watch: 

Consumer: FIAMMA, KAWAN, PCCS, PWROOT
Automotive-related: DRBHCOM, MBMR
Furniture-related: ECOMATE, SERNKOU, SIGN
Medical-related: SCOMNET, TMCLIFE
Property: BDB, TELADAN
Others: CIMB, DSONIC, MALAKOF, PMBTECH, WTK

Source: M+ Online

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