M+ Online Morning Market Buzz - 12 Oct 22

Dow Jones: 29,239.19 pts (+36.31pts, +0.12%)
⬆️ Resistance:  31100
⬇️ Support:  28500

FBM KLCI: 1,386.82 pts (-19.18pts, -1.36%)
⬆️ Resistance:  1460
⬇️ Support:  1360

HSI Index: 16,832.36 pts (-384.30pts, -2.23%)
⬆️ Resistance:  18600
⬇️ Support:  16500

Crude Palm Oil: RM3,745 (+RM53, +1.44%)
⬆️ Resistance:  3930
⬇️ Support:  3550

Brent Oil: $94.29 (-$1.90, -1.98%)
⬆️ Resistance:  100.80
⬇️ Support:  89.00

Gold: $1,666.34 (-$2.27, -0.14%)
⬆️ Resistance:  1770
⬇️ Support:  1630

M+ Online Technical Trading Stocks - 12 Oct 22

Stock Name: NESTCON (0235)
Entry: Buy above RM0.43
Target: RM0.45 (4.7%), RM0.465 (8.1%)
Stop: RM0.41 (-4.7%)
Shariah: Yes
Technical: Monitor for breakout

Stock Name: CYL (7157)
Entry: Buy above RM0.68
Target: RM0.74 (8.8%), RM0.765 (12.5%)
Stop: RM0.63 (-7.4%)
Shariah: Yes
Technical: Monitor for breakout

Source: Bloomberg, M+ Online

Market update: The FBM KLCI closed near the 52-week low, taking cue from the negative regional markets on the back of persisted worries over impact of ongoing rate hikes as well as the dissolution of parliament effective on 10th of October. As the global investors remained cautious ahead of the US inflation data on the 13th of October, we reckon the local bourse will likely to stay negative bias at this juncture without any fresh catalysts. Commodities wise, the crude oil traded above USD94 per barrel mark, while the CPO price hovered slightly below RM3,750. 

Sector focus: We believe mild bargain hunting may emerge following the recent selldown as traders could look at defensive consumer stocks to weather through the volatility on the global front. Meanwhile, construction sector may stay focus in the anticipation of the GE15. On the technology sector, it may track the negative performance on Nasdaq and trade on softer tone.  

Stocks to watch: 

Construction & Building material: AJIYA, GAMUDA, NESTCON, SCGBHD 
Consumer: MYNEWS, PELIKAN, QL
Finance related: CIMB, PPJACK
Technology: AWANTEC, EG 
Others: CYL, MICROLN, SYSCORP, PCHEM

Source: M+ Online

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