M+ Online Morning Market Buzz - 26Sep22

Dow Jones: 29,590.41 pts (-486.27pts, -1.62%)
⬆️ Resistance:  31700
⬇️ Support:  28700

FBM KLCI: 1,424.98 pts (-14.18pts, -0.99%)
⬆️ Resistance:  1500
⬇️ Support:  1400

HSI Index: 17,933.27 pts (-214.68pts, -1.18%)
⬆️ Resistance:  19300
⬇️ Support:  17600

Crude Palm Oil: RM3,736 (-RM90, -2.35%)
⬆️ Resistance:  4000
⬇️ Support:  3560

Brent Oil: $86.15 (-$4.31, -4.76%)
⬆️ Resistance:  95.40
⬇️ Support:  83.80

Gold: $1,643.94 (-$27.28, -1.63%)
⬆️ Resistance:  1730
⬇️ Support:  1610

M+ Online Technical Focus - 26Sep22
Focus Point Holdings Bhd: Capitalising onto improved retail spending

Trading Catalyst
• Registered in Malaysia Book of Records as the largest optical retail chain store in Malaysia and also the first and only optical retail chain store to be listed in Bursa Malaysia. 
• Plans for another 7 new optical retail chain outlets in 2H22 in bid to expand their market reach.
• Recent opening of new Komugi outlet at Mahkota Cheras bumped the number of stores to 11 across Klang Valley and Negeri Sembilan.
• Technically, traders may anticipate for a potential breakout above RM0.78 to target the next resistances at RM0.82-RM0.85 with long term target at RM0.92.
Technical View

(i) FOCUSP (S: RM0.745, R: RM0.82-0.85, LT TP: RM0.92, CL: RM0.74)

S: Support, R: Resistance, LT TP: Long term target price, CL: Cut loss

Economic Releases For The Week (26/9/2022-30/9/2022):

27/9/2022
US - United States' New Home Sales, 10.00PM

28/9/2022
US - United States' Pending Home Sales, 10.00PM

29/9/2022
MY - Malaysia's Producer Price Index, 12.00PM
EU - Eurozone's Economic Sentiment, 5.00PM
EU - Eurozone's Industrial Sentiment, 5.00PM
EU - Eurozone's Services Sentiment, 5.00PM
EU - Eurozone's Consumer Confidence, 5.00PM

30/9/2022
JP - Japan's Unemployment Rate, 7.30AM
JP - Japan's Retail Sales, 7.50AM
CN - China's NBS Manufacturing PMI, 9.30AM
CN - China's Non-Manufacturing PMI, 9.30AM
CN - China's Caixin Manufacturing PMI, 9.45AM
EU - Eurozone's Unemployment Rate, 5.00PM
US - United States' Michigan Consumer Sentiment, 10.00PM

Market update: The FBM KLCI tumbled as persistent risk-off undertone, coupled with foreign fund outflow (5-day cumulative stood at RM562.5m) led to a broad-based selldown on the local bourse. While the cautious sentiment is likely to continue, we may see milder selling pressure as investors could pick up undervalued stocks and trade ahead of the tabling of the Budget 2023 in October 2022. Commodities wise, the crude oil price slumped to trade around the USD86 per barrel mark, while the CPO price continue to consolidate around RM3,700.  
 
Sector focus: As the crude oil price tumbled on recession fears, the energy sector may follow the pullback move. Meanwhile, we believe the technology sector may continue to move lower in tandem with Wall Street’s sentiment. With the thinking that investors may shift their focus on Budget 2023, sectors that traders may focus will be construction, building materials, and telecommunications. 
  
Stocks to watch:  
 
Consumer: BJFOOD, KAWAN, KEINHIN, PWROOT 
Packaging: PPHB, TGUAN 
Construction & Building material: EIB, EMETALL, YBS 
Transportation & Logistics: CAPITALA, FM, POS 
Automotive: EPMB, PECCA 
O&G: COASTAL, YINSON 
Telco & Technology: MYEG, PENTA, SAM, TIMECOM 
Others: CHGP, SAMAIDEN, SCOMNET, SIGN  
 
Source: M+ Online

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