M+ Online Morning Market Buzz - 7 Oct 22 
 
Dow Jones: 29,926.94 pts (-346.93pts, -1.15%) 
⬆️ Resistance:  31100 
⬇️ Support:  28200 
 
FBM KLCI: 1,420.43 pts (-0.12pts, -0.01%) 
⬆️ Resistance:  1460 
⬇️ Support:  1360 
 
HSI Index: 18,012.15 pts (-75.82pts, -0.42%) 
⬆️ Resistance:  18600 
⬇️ Support:  16600 
 
Crude Palm Oil: RM3,774 (+RM74, +2.00%) 
⬆️ Resistance:  3890 
⬇️ Support:  3250 
 
Brent Oil: $94.42 (+$1.05, +1.12%) 
⬆️ Resistance:  96.90 
⬇️ Support:  84.70 
 
Gold: $1,712.53 (-$3.73, -0.22%) 
⬆️ Resistance:  1770 
⬇️ Support:  1630 
 
M+ Online Technical Trading Stocks - 7 Oct 22 
 
Stock Name: SCOMNET (0001) 
Entry: Buy above RM1.70 
Target: RM1.82 (7.1%), RM1.93 (13.5%) 
Stop: RM1.60 (-5.9%) 
Shariah: Yes 
Technical: Hammer candle 
 
Stock Name: OCK (0172) 
Entry: Buy above RM0.44 
Target: RM0.46 (4.5%), RM0.475 (8.0%) 
Stop: RM0.42 (-4.5%) 
Shariah: Yes 
Technical: Monitor for breakout 
 
Source: Bloomberg, M+ Online

Market update: The FBM KLCI booked marginal losses as investors took profit in the final hour. Meanwhile, the Wall Street has reversed its course after a few days of rebound. Given the selldown on Wall Street, we expect the market may remain volatile in the global scene, while investors on the local front may trade cautiously ahead of the tabling of Budget 2023. Commodities wise, the crude oil price climbed above USD94 as investors mulled over OPEC+’s decision to cut production, while the CPO price hovered above RM3,750. 

Sector focus: Selected consumer, construction, solar related, and telecommunication stocks may be in focus ahead of the Budget 2023. Meanwhile, buying momentum is likely to sustain in the healthcare sector especially the glove counters given its improving outlook. Also, we opine that the energy sector should see further buying interest following the rise in crude oil price.

Stocks to watch: 

Consumer: CSCENIC, KEINHIN, MYNEWS, PCCS, PELIKAN, PRLEXUS
Solar: PEKAT, SAMAIDEN
Glove: HARTA, KOSSAN
O&G: HIBISCS, PANTECH
Technology: ATECH, D&O, MYEG, SAM, UWC
Others: APB, BAUTO, CAPITALA, HEXTAR, OCK, PMBTECH, PPJACK

Source: M+ Online

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