M+ Online Morning Market Buzz - 23Sep22

Dow Jones: 30,076.68 pts (-107.10pts, -0.35%)
⬆️ Resistance:  31700
⬇️ Support:  29400

FBM KLCI: 1,439.16 pts (-8.02pts, -0.55%)
⬆️ Resistance:  1500
⬇️ Support:  1410

HSI Index: 18,147.95 pts (-296.67pts, -1.61%)
⬆️ Resistance:  19300
⬇️ Support:  17700

Crude Palm Oil: RM3,791 (-RM35, -0.91%)
⬆️ Resistance:  4000
⬇️ Support:  3560

Brent Oil: $90.46 (+$0.63, +0.70%)
⬆️ Resistance:  95.40
⬇️ Support:  86.80

Gold: $1,671.22 (-$2.67, -0.16%)
⬆️ Resistance:  1730
⬇️ Support:  1630

M+ Online Technical Trading Stocks - 23Sep22

Stock Name: MMSV (0113)
Entry: Buy above RM0.76
Target: RM0.825 (8.6%), RM0.86 (13.2%)
Stop: RM0.74 (-2.6%)
Shariah: Yes
Technical: Bullish engulfing candle

Stock Name: PWROOT (7237)
Entry: Buy above RM1.98
Target: RM2.12 (7.1%), RM2.20 (11.1%)
Stop: RM1.89 (-4.5%)
Shariah: Yes
Technical: Breakout-pullback-continuation

Market update: The FBM KLCI tumbled on the back of weaker sentiment which caused a selldown globally triggered by the ongoing hawkish tone by the Fed. As investors continued to price in more aggressive interest rate hike going forward, we believe the local bourse is likely to stay cautious and remain downward bias. Meanwhile, investors may watch for Malaysia’s inflation rate to gauge the upcoming OPR outlook by the BNM. Commodities wise, the crude oil price likely to be ranging around USD90 over the near term, while the CPO price hovered below RM3,800. 

Sector focus: We remained positive on the banking sector in an interest rate upcycle environment. We expect, the telco, solar-related, construction and building material related sectors may see some buying interest ahead of Budget 2023. Meanwhile, O&G stocks could perform in the near term as earnings have been steadily growing over the past quarters.

Stocks to watch: 

Technology: ATECH, FPGROUP, LGMS, MI, MYTECH, PENTA, SAM, UWC
O&G: COASTAL, DAYANG, UZMA, YINSON
Packaging: BPPLAS, TGUAN
Furniture: ECOMATE, SIGN, TAFI
Building material: EMETALL, YBS
Others: ANCOMNY, KEINHIN, PECCA, SAMAIDEN, TIMECOM

Source: M+ Online

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