M+ Online Morning Market Buzz - 8Sep22

Dow Jones: 31,581.28 pts (+435.98pts, +1.40%)
⬆️ Resistance:  32700
⬇️ Support:  30500

FBM KLCI: 1,491.35 pts (+3.08pts, +0.21%)
⬆️ Resistance:  1540
⬇️ Support:  1460

HSI Index: 19,044.30 pts (-158.43pts, -0.83%)
⬆️ Resistance:  20300
⬇️ Support:  18500

Crude Palm Oil: RM3,707 (+RM17, +0.46%)
⬆️ Resistance:  4310
⬇️ Support:  3580

Brent Oil: $88.00 (-$4.83, -5.20%)
⬆️ Resistance:  99.00
⬇️ Support:  85.70

Gold: $1,718.37 (+$16.23, +0.95%)
⬆️ Resistance:  1770
⬇️ Support:  1660

M+ Online Technical Trading Stocks - 8Sep22

Stock Name: ABMB (2488)
Entry: Buy above RM3.70
Target: RM3.82 (3.2%), RM4.00 (8.1%)
Stop: RM3.60 (-2.7%)
Shariah: No
Technical: Uptrend Intact

Stock Name: AJIYA (7609)
Entry: Buy above RM1.20
Target: RM1.26 (5.0%), RM1.30 (8.3%)
Stop: RM1.14 (-5.0%)
Shariah: Yes
Technical: Monitor for breakout

Market update: The FBM KLCI rebounded from a four-day slide, outperforming most of the regional markets as the industrial products & services and utilities heavyweights led gains. We believe the overall sentiment will turn more positive with the rebound on Wall Street overnight. Meanwhile, Malaysia BNM’s and European Central Bank’s interest rate decision will be in focus today, we believe the market is pricing in a 25-basis-point Overnight Policy Rate (OPR) hike at this juncture. Commodities wise, the crude oil price declined, trading around USD88 as market expected a slower demand from China. Meanwhile, the CPO traded above RM3,700. 

Sector focus: The technology sector may see further bargain hunting activities following a rally in Wall Street Nasdaq overnight. Meanwhile, the banking sector could benefit from the interest rate hike environment. On the contrary, the falling crude oil price following a downbeat Chinese trade data may drag the energy counters at least for the near term.

Stocks to watch: 

Telco & Technology: AGMO, KGB, RAMSSOL, SFPTECH, VIS
Packaging-related: BPPLAS, MASTER, SCIENTX
Consumer: BJFOOD, MILUX, PADINI
Utilities: MALAKOF, YTLPOWR
Agricultural-related: INNO, SENFONG
Others: ABMB, EPMB, FM, PCHEM, PMETAL, SCOMNET 

Source: M+ Online

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