M+ Online Morning Market Buzz - 28Sep22

Dow Jones: 29,134.99 pts (-125.82pts, -0.43%)
⬆️ Resistance:  31700
⬇️ Support:  28400

FBM KLCI: 1,410.87 pts (-2.17pts, -0.15%)
⬆️ Resistance:  1490
⬇️ Support:  1390

HSI Index: 17,860.31 pts (+5.17pts, +0.03%)
⬆️ Resistance:  19100
⬇️ Support:  17300

Crude Palm Oil: RM3,530 (+RM7, +0.20%)
⬆️ Resistance:  4000
⬇️ Support:  3370

Brent Oil: $86.27 (+$2.21, +2.63%)
⬆️ Resistance:  95.40
⬇️ Support:  82.00

Gold: $1,628.90 (+$6.54, +0.40%)
⬆️ Resistance:  1730
⬇️ Support:  1590

M+ Online Technical Focus - 28Sep22
Lagenda Properties Bhd: New township to spur growth

Trading Catalyst
• Perak-based property developer two on-going major affordable housing township developments are (i) Bandar Baru Setia Awan Perdana in Sitiawan, Perak and (ii) Lagenda Teluk Intan in Teluk Intan, Perak.
• Recently teamed up with the Selangor government to develop a first large-scale landed affordable township within the state known as Bernam Jaya.
• Riding onto the upcoming Budget 2023 announcement which will continue to place great emphasis on housing affordability.
• Technically, traders may anticipate for a potential breakout above RM1.30 to target the next resistances at RM1.39-RM1.44 with long term target at RM1.56.

Technical View

(i) LAGENDA (S: RM1.23, R: RM1.39-1.44, LT TP: RM1.56, CL: RM1.22)

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

Market update: The FBM KLCI slipped for another session as the key index succumbed to selling pressure in selected banking heavyweights. However, we believe the local bourse is poised for mild recovery as bargain hunting activities emerged in the previous session. Nevertheless, any rebound may be capped by as investors may stay cautious ahead of the potential recession worries. Commodities wise, the crude oil price staged a rebound, trading above USD86 per barrel on concerns Hurricane Ian could disrupt production in the Gulf of Mexico, while the CPO price stayed above RM3,500. 

Sector focus: The technology sector may see some recovery as Nasdaq rebounded overnight. Besides, traders may favour the energy counters in view of a higher crude oil price triggered by production concerns due to Hurricane Ian. Investors could also shift their focus to Budget 2023, we like the healthcare and solar related sectors.

Stocks to watch: 

Technology: AGMO, ATECH, CORAZA, FPGROUP, INFOTEC, LGMS, MYEG, PENTA, SAM, YBS 
Medical: OPTIMAX, SCOMNET UMC
Consumer: KAWAN, SDS
Telco: MICROLN, REDTONE
Automotive: EPMB, PECCA
Others: APB, SAMAIDEN, SIGN

Source: M+ Online

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