M+ Online Morning Market Buzz - 22Sep22

Dow Jones: 30,183.78 pts (-522.45pts, -1.70%)
⬆️ Resistance:  32000
⬇️ Support:  29600

FBM KLCI: 1,447.18 pts (-13.92pts, -0.95%)
⬆️ Resistance:  1510
⬇️ Support:  1420

HSI Index: 18,444.62 pts (-336.80pts, -1.79%)
⬆️ Resistance:  19400
⬇️ Support:  18100

Crude Palm Oil: RM3,837 (-RM50, -1.29%)
⬆️ Resistance:  4000
⬇️ Support:  3560

Brent Oil: $89.83 (-$0.79, -0.87%)
⬆️ Resistance:  96.60
⬇️ Support:  86.80

Gold: $1,673.89 (+$9.00, +0.54%)
⬆️ Resistance:  1740
⬇️ Support:  1630

M+ Online Technical Trading Stocks - 22Sep22 
 
Stock Name: CFM (8044) 
Entry: Buy above RM1.20 
Target: RM1.30 (8.3%), RM1.35 (12.5%) 
Stop: RM1.14 (-5.0%) 
Shariah: Yes 
Technical: Monitor for breakout 
 
Stock Name: FPGROUP (5277) 
Entry: Buy above RM0.595 
Target: RM0.63 (5.9%), RM0.67 (12.6%) 
Stop: RM0.56 (-5.9%) 
Shariah: Yes 
Technical: Bullish engulfing candle 
 

Market update: The FBM KLCI slumped, taking cues from the global stock markets prior to the US FOMC meeting. As investors digested the 75-basis point interest rate hikes and the US Fed’s signals more hawkish tone into end-2022, global sentiment should remain tepid at least over the near term. Nevertheless, bargain hunting activities may emerge in selected sectors as traders may shift their focus to the Budget 2023 beneficiaries. Commodities wise, the Brent crude oil price breached below the USD90 per barrel mark, while CPO price hovered above RM3,800. 

Sector focus: While overall sentiment could remain negative, investors may buy on dips in the banking sector under the interest rate upcycle environment. Meanwhile, the market may favour the renewable energy, construction and building material segments prior to the tabling of Budget 2023. Meanwhile, we still like export-oriented segment such as the packaging industry.

Stocks to watch: 

Finance: MAYBANK, MBSB 
O&G: COASTAL, DAYANG, PANTECH, UZMA, YINSON
Consumer: BJFOOD, PCCS
Packaging: PPHB, TGUAN
Medical: OPTIMAX, SCOMNET
Telco: REDTONE, TIMECOM
Automotive: BAUTO, PECCA 
Building material: EMETALL, YBS
Technology: ATECH, FPGROUP, PENTA, REVENUE, SKPRES
Others: ANCOMNY, POS, SAMAIDEN

Source: M+ Online

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