M+ Online Morning Market Buzz - 13 Oct 22

Dow Jones: 29,210.85 pts (-28.34pts, -0.10%)
⬆️ Resistance:  31000
⬇️ Support:  28500

FBM KLCI: 1,380.57 pts (-6.25pts, -0.45%)
⬆️ Resistance:  1460
⬇️ Support:  1350

HSI Index: 16,701.03 pts (-131.33pts, -0.78%)
⬆️ Resistance:  18600
⬇️ Support:  16200

Crude Palm Oil: RM3,738 (+RM2, +0.05%)
⬆️ Resistance:  3930
⬇️ Support:  3550

Brent Oil: $92.45 (-$1.84, -1.95%)
⬆️ Resistance:  100.80
⬇️ Support:  89.80

Gold: $1,673.19 (+$6.85, +0.41%)
⬆️ Resistance:  1770
⬇️ Support:  1630

M+ Online Technical Trading Stocks - 13 Oct 22

Stock Name: KAWAN (7216)
Entry: Buy above RM2.25
Target: RM2.40 (6.7%), RM2.50 (11.1%)
Stop: RM2.15 (-4.4%)
Shariah: Yes
Technical: Monitor for breakout

Stock Name: PELIKAN (5231)
Entry: Buy above RM0.305
Target: RM0.33 (8.2%), RM0.35 (14.8%)
Stop: RM0.28 (-8.2%)
Shariah: Yes
Technical: Resistance breakout

Source: Bloomberg, M+ Online

Market update: The FBM KLCI remained lacklustre as the key index marked its fourth-session decline while the investors were looking around for fresh catalyst. As the final-hour selldown on Wall Street implied persisted concerns over the monthly US CPI data, we believe the global market may remain volatile in the near term. Meanwhile, on the local front, we believe traders are shifting their stance from growth to value stocks and we may expect some rebound in undervalued stocks with solid fundamentals. Commodities wise, the crude oil price staged a pullback to trade above USD92, while the CPO price hovered above RM3,700. 

Sector focus: We believe investors may continue to avoid technology counters ahead of the US CPI data. Meanwhile, buying interest may build up in solid consumer staples stocks such as the F&B counters. Besides, political related stocks may gain traction ahead of the GE15.

Stocks to watch: 

Glove: ADVENTA, HARTA, KOSSAN
Consumer: KAWAN, PADINI, PELIKAN, PWROOT
Technology: AWANTEC, EG
Others: HHGROUP, GAMUDA, MEDIA, PPJACK SYSCORP

Source: M+ Online

Disclaimer

The content published is solely for information and personal use only. It should not be construed to be, any advice, recommendation, offer or invitation to buy or sell any securities, futures contracts or any other instrument. Readers should seek independent advice from their own professional advisers (including legal, tax, financial and accounting) as to the risks and merits before entering into any transaction pursuant to or in reliance on any information here.

The content published above shall only be for your sole and personal non-professional use. No guarantee is given on the accuracy or completeness of the information published here. No warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of any person or group of persons acting on such information.