M+ Online Morning Market Buzz - 14 Oct 22

Dow Jones: 30,038.72 pts (+827.87pts, +2.83%)
⬆️ Resistance:  30800
⬇️ Support:  28100

FBM KLCI: 1,373.36 pts (-7.21pts, -0.52%)
⬆️ Resistance:  1460
⬇️ Support:  1350

HSI Index: 16,389.11 pts (-311.92pts, -1.87%)
⬆️ Resistance:  18300
⬇️ Support:  16100

Crude Palm Oil: RM3,724 (+RM59, +1.61%)
⬆️ Resistance:  3930
⬇️ Support:  3590

Brent Oil: $94.57 (+$2.12, +2.29%)
⬆️ Resistance:  100.80
⬇️ Support:  89.30

Gold: $1,666.37 (-$6.82, -0.41%)
⬆️ Resistance:  1750
⬇️ Support:  1610

M+ Online Technical Trading Stocks - 14 Oct 22

Stock Name: AJIYA (7609)
Entry: Buy above RM1.16
Target: RM1.22 (5.2%), RM1.25 (7.8%)
Stop: RM1.12 (-3.4%)
Shariah: Yes
Technical: Monitor for breakout

Stock Name: LTKM (7085)
Entry: Buy above RM1.38
Target: RM1.43 (3.6%), RM1.49 (8.0%)
Stop: RM1.35 (-2.2%)
Shariah: Yes
Technical: Monitor for breakout

Source: Bloomberg, M+ Online

Market update: The FBM KLCI fell for another session as it struggled to find its footing amid broad-based selldown prior to the US CPI data. However, given the Wall Street rebounded strongly from its intraday low following the US CPI print, we believe the short-term bargain hunting activities may emerge on the local bourse and regional markets. Nevertheless, as we think the inflation remains high and still far from the 2% inflation target of the Fed, we opine that the rebound will be short-lived. Global investors should remain wary in anticipation of further interest rate hikes in the US. Commodities wise, the crude oil price regained momentum, trading above USD94, while the CPO price hovered above RM3,700. 

Sector focus: Investors may pour into safe havens like banking and consumer stocks given the heightened volatility in the market. Besides, with the rebound in Wall Street, we expect the bargain hunting activities to emerge within the technology sector and healthcare stocks may take a breather for today.

Stocks to watch: 

Glove: KOSSAN, SUPERMX
Consumer: BJFOOD, KAWAN, PELIKAN
Construction: EIB, SCGBHD
Technology: DSONIC, PERTAMA
Others: HEXTECH, MICROLN, PPJACK, ULICORP

Source: M+ Online

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