M+ Online Morning Market Buzz - 30Sep22

Dow Jones: 29,225.61 pts (-458.13pts, -1.54%)
⬆️ Resistance:  30600
⬇️ Support:  28400

FBM KLCI: 1,397.50 pts (-4.39pts, -0.31%)
⬆️ Resistance:  1470
⬇️ Support:  1370

HSI Index: 17,165.87 pts (-85.01pts, -0.49%)
⬆️ Resistance:  18600
⬇️ Support:  16800

Crude Palm Oil: RM3,342 (RM0, 0.00%)
⬆️ Resistance:  3940
⬇️ Support:  3160

Brent Oil: $88.49 (-$0.83, -0.93%)
⬆️ Resistance:  92.70
⬇️ Support:  82.00

Gold: $1,660.54 (+$0.57, +0.03%)
⬆️ Resistance:  1710
⬇️ Support:  1590

M+ Online Technical Trading Stocks - 30Sep22

Stock Name: HARNLEN (7501)
Entry: Buy above RM1.70
Target: RM1.78 (4.7%), RM1.86 (9.4%)
Stop: RM1.63 (-4.1%)
Shariah: Yes
Technical: Resistance breakout

Stock Name: CHGP (7187)
Entry: Buy above RM1.03
Target: RM1.07 (3.9%), RM1.10 (6.8%)
Stop: RM1.00 (-2.9%)
Shariah: Yes
Technical: Monitor for breakout

Market update: The FBM KLCI declined below the key 1,400 level as increasing concerns over global recession permeated the local bourse. As Wall Street wiped out its gains from the previous session, we reckon that the local sentiment may remain fragile as investors will adopt a wait-and-see approach amid the rising macroeconomic pressure. Nevertheless, we expect mild buying support on index heavyweights for 3Q window dressing activities and the key index may be supported above 1,400. Commodities wise, crude oil is traded around the USD88 per barrel mark as market anticipated an output cut by OPEC+, while the CPO hovered above RM3,300.  

Sector focus: We expect heavyweights to trade mildly higher for the session on the back of 3Q window dressing activities. Meanwhile, investors may favour the energy sector as crude oil price remains firm around USD88. Besides, sectors such as solar, healthcare, and telecommunication may be in focus ahead of Budget 2023.

Stocks to watch: 

Telco: OCK, TIMECOM
Solar: CYPARK, SAMAIDEN
Plastic: TGUAN
Consumer: LTKM
Property: CHGP
Technology: ATECH, MYEG, PERTAMA, VS
Others: APB, KAB, LBALUM, PECCA, SCOMNET

Source: M+ Online

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