M+ Online Morning Market Buzz - 27Sep22

Dow Jones: 29,260.81 pts (-329.60pts, -1.11%)
⬆️ Resistance:  31700
⬇️ Support:  28600

FBM KLCI: 1,413.04 pts (-11.94pts, -0.84%)
⬆️ Resistance:  1500
⬇️ Support:  1390

HSI Index: 17,855.14 pts (-78.13pts, -0.44%)
⬆️ Resistance:  19300
⬇️ Support:  17400

Crude Palm Oil: RM3,513 (-RM28, -0.79%)
⬆️ Resistance:  4000
⬇️ Support:  3370

Brent Oil: $84.06 (-$2.09, -2.43%)
⬆️ Resistance:  95.40
⬇️ Support:  82.00

Gold: $1,622.36 (-$21.58, -1.32%)
⬆️ Resistance:  1730
⬇️ Support:  1590

M+ Online Technical Trading Stocks - 27Sep22

Stock Name: ECOMATE (0239)
Entry: Buy above RM0.83
Target: RM0.865 (4.2%), RM0.90 (8.4%)
Stop: RM0.795 (-4.2%)
Shariah: Yes
Technical: Monitor for breakout

Stock Name: UCHITEC (7100)
Entry: Buy above RM3.28
Target: RM3.37 (2.7%), RM3.45 (5.2%)
Stop: RM3.21 (-2.1%)
Shariah: Yes
Technical: Hammer candle

Market update: The FBM KLCI tumbled as the plantation, telecommunication, and banking heavyweights continued its negative tone amid the persisted bearish sentiment on the global front. We observed that the 5-day foreign net selling stood at RM753.9m. With Wall Street sliding deeper into a bear market, we believe the local bourse is likely to witness heightened volatility on the back of worries over the global economic downturn. Commodities wise, both the crude oil and CPO price extended a downtrend move, hovering around USD84 and RM3,500 respectively. Meanwhile, gold price trended lower, trading around USD1,620 as investors headed for USD.

Sector focus: The energy and plantation sectors could face further selldown as commodity prices extended a downward trending move. On the other hand, with ringgit skidded past RM4.60 against USD, we believe it should benefit the export-oriented companies at least for the near term.
 
Stocks to watch: 

Medical: SCOMNET, UMC
Transportation & Logistics: CAPITALA, FM
Power-related: KAB, TOYOVEN
Furniture-related: ECOMATE, POHUAT
Telco & Technology: ATECH, CNERGEN, MICROLN, PERTAMA, SFPTECH
Others: APB, EMETALL, EPMB, HEXTAR, POHUAT, SDS

Source: M+ Online

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