M+ Online Morning Market Buzz - 19 Oct 22 
 
Dow Jones: 30,523.80 pts (+337.98pts, +1.12%) 
⬆️ Resistance:  31500 
⬇️ Support:  28100 
 
FBM KLCI: 1,400.36 pts (+14.09pts, +1.02%) 
⬆️ Resistance:  1430 
⬇️ Support:  1350 
 
HSI Index: 16,914.58 pts (+301.68pts, +1.82%) 
⬆️ Resistance:  17400 
⬇️ Support:  16000 
 
Crude Palm Oil: RM4,046 (+RM35, +0.87%) 
⬆️ Resistance:  4170 
⬇️ Support:  3530 
 
Brent Oil: $90.03 (-$1.59, -1.74%) 
⬆️ Resistance:  97.10 
⬇️ Support:  87.00 
 
Gold: $1,652.22 (+$2.13, +0.13%) 
⬆️ Resistance:  1720 
⬇️ Support:  1610 
 
M+ Online Technical Focus - 19 Oct 22 
Cnergenz Bhd: Integrated EMS solutions provider 
 
Trading Catalyst 
• Engages as an electronic manufacturing solutions provider, specialising surface mount technology (SMT) manufacturing solutions for the electronics and semiconductor (E&S) industries. 
• Undertaking a large-scale expansion through the construction of a new 3-storey plant with a built-up area of 130,000 sqf that is expected to complete in 4Q23. 
• Riding onto the emergence of a new wave of final electronic products as a result of technological revolution and the shift of operating landscape towards smart factories operations. 
• Technically, traders may anticipate for a potential breakout above RM0.93 to target the next resistances at RM0.99-1.05 with long term target at RM1.15. 
 
Technical View 
 
(i) CNERGEN (S: RM0.81, R: RM0.93-0.99, LT TP: RM1.05, CL: RM0.805) 
 
S: Support, R: Resistance, LT TP: Long term target price, CL: Cut loss 
 
Source: Bloomberg, M+ Online

Market update: The FBM KLCI saw a comeback buoyed by buying momentum from foreign funds following a positive cue from Wall Street. Investors may shrug off some recession fear in the near term to position themselves in the ongoing third quarter reporting season on Wall Street. Meanwhile, we expect sentiment on the local bourse to stablise once the GE15 official date is announced later this week. Commodities wise, the crude oil traded above USD90, while the CPO price sustained above RM4,000. The crude oil price may continue to settle lower on the back of higher US supply and lower fuel demand from China. 

Sector focus: Buying interest may continue to build up in the plantation counters given the sustained CPO price. Besides, the technology sector may extend its rallies as buying interest was noticed in Wall Street Nasdaq. We continue to like solid consumer and healthcare stocks.

Stocks to watch: 

Consumer: AEON, BJFOOD, CYL, FFB, PWROOT
Construction & Building material: AJIYA, EFRAME, PGF, PMBTECH, PMETAL
Technology: AWANTEC, CORAZA, DSONIC, LGMS, SAM
Transportation & Logistics: SYSCORP, WPRTS 
Others: DPHARMA, PCHEM, REDTONE, TAANN

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.