M+ Online Morning Market Buzz - 6Sep22 
 
Dow Jones: 31,318.44 pts (0.00pts, 0.00%) 
⬆️ Resistance:  32900 
⬇️ Support:  30600 
 
FBM KLCI: 1,489.80 pts (-1.38pts, -0.09%) 
⬆️ Resistance:  1550 
⬇️ Support:  1460 
 
HSI Index: 19,225.70 pts (-226.39pts, -1.16%) 
⬆️ Resistance:  20600 
⬇️ Support:  18700 
 
Crude Palm Oil: RM3,956 (+RM40, +1.02%) 
⬆️ Resistance:  4310 
⬇️ Support:  3770 
 
Brent Oil: $95.74 (+$2.72, +2.92%) 
⬆️ Resistance:  107.60 
⬇️ Support:  90.00 
 
Gold: $1,710.40 (-$1.79, -0.10%) 
⬆️ Resistance:  1780 
⬇️ Support:  1660 
 
M+ Online Technical Trading Stocks - 6Sep22 
 
Stock Name: DELEUM (5132) 
Entry: Buy above RM0.72 
Target: RM0.76 (5.6%), RM0.775 (7.6%) 
Stop: RM0.68 (-5.6%) 
Shariah: No 
Technical: Monitor for breakout 
 
Stock Name: HARBOUR (2062) 
Entry: Buy above RM1.32 
Target: RM1.43 (8.3%), RM1.45 (9.8%) 
Stop: RM1.24 (-6.1%) 
Shariah: Yes 
Technical: Resistance breakout 
 
Market update: The FBM KLCI closed marginally lower, taking cue from the mixed regional markets amid anxiety over energy crisis in Europe as well as ongoing China’s lockdown to curb Covid-19 spread under the “zero-Covid” policy. Moving forward, we opine that the global markets should stay in a consolidation mode, at least until the next CPI data, while the local bourse may turn their focus to the energy sector as OPEC decided to trim production for October 2022, which has driven the Brent oil price slightly above USD95 per barrel. Meanwhile, the CPO price remained below RM4,000. 

Sector focus: We believe investors may continue to avoid technology stocks amid ongoing fears on interest rate hikes ahead of the US CPI data next week. Investors may turn their focus to energy sector in anticipation of a tighter oil market moving forward following OPEC’s decision to cut production. Meanwhile, we remained positive on the banking sector ahead of BNM’s interest rate decision.

Stocks to watch: 

O&G: DELEUM, HIBISCS, PANTECH, UZMA 
Consumer: ABLEGLOB, KAWAN
Telco & Technology: CTOS, KGB, MYEG, OCK, TIMECOM
Construction & Building material: AJIYA, GAMUDA
Others: ABMB, HARBOUR, HEXTAR, MAHSING, PECCA

Source: M+ Online

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