M+ Online Morning Market Buzz - 25 Oct 22 
 
Dow Jones: 31,499.62 pts (+417.06pts, +1.34%) 
⬆️ Resistance:  32300 
⬇️ Support:  29700 
 
FBM KLCI: 1,446.42 pts (+8.70pts, +0.61%) 
⬆️ Resistance:  1480 
⬇️ Support:  1370 
 
HSI Index: 15,180.69 pts (-1030.43pts, -6.36%) 
⬆️ Resistance:  17300 
⬇️ Support:  14800 
 
Crude Palm Oil: RM4,101 (+RM5, +0.12%) 
⬆️ Resistance:  4280 
⬇️ Support:  3810 
 
Brent Oil: $93.26 (-$0.24, -0.26%) 
⬆️ Resistance:  96.70 
⬇️ Support:  87.00 
 
Gold: $1,649.78 (-$7.91, -0.48%) 
⬆️ Resistance:  1710 
⬇️ Support:  1590 
 
M+ Online Technical Focus - 25 Oct 22 
Texchem Resources Bhd: Expansions across all segments 
 
Trading Catalyst 
• Started off as a textile chemical trader and now engaged in 5 core business activities. 
• Allocated RM44.0m as CAPEX for the expansion of its existing business operations, riding onto the growth of polymer engineering and food & beverage market. 
• Targets to open 20 kiosks and satellite outlets at petrol stations, hospitals and supermarkets, serving takeaway dishes for its restaurant business. 
• Technically, the extended rebound may likely to lift share price higher to target the next resistances at RM3.30-3.47 with long term target at RM3.92. 
 
Technical View 
 
(i) TEXCHEM (S: RM2.70, R: RM3.30-3.47, LT TP: RM3.92, CL: RM2.69) 
 
S: Support, R: Resistance, LT TP: Long term target price, CL: Cut loss 
 
Economic Releases For The Week (24/10/2022-28/10/2022): 
 
25/10/2022 
US - United States' Consumer Confidence, 10.00PM 
 
26/10/2022 
US - United States' New Home Sales, 10.00PM 
 
27/10/2022 
EU - Eurozone's European Central Bank's Interest Rate Decision, 8.15PM 
US - United States' 3Q21 GDP Growth Rate (Advance), 8.30PM 
 
28/10/2022 
JP - Japan's Unemployment Rate, 7.30AM 
JP - Japan's Bank of Japan's Interest Rate Decision, 11.00AM 
MY - Malaysia's Producer Price Index, 12.00PM 
EU - Eurozone's Economic Sentiment, 5.00PM 
EU - Eurozone's Industrial Sentiment, 5.00PM 
EU - Eurozone's Services Sentiment, 5.00PM 
EU - Eurozone's Consumer Confidence, 5.00PM 
US - United States' Michigan Consumer Sentiment, 10.00PM 
US - United States' Pending Home Sales, 10.00PM 
 
Source: Bloomberg, M+ Online

Market update: The FBM KLCI advanced on Friday, outperforming the mixed regional stock markets prior to the long weekend break as the official GE15 date was announced. However, investors should remain cautious as persisted worries over possible recession in major economies, which may cap the upside potential over the near term. Meanwhile, traders may focus on the European Central Bank’s interest rate decision which will be released by end of the week. Commodities wise, the crude oil traded above USD93, while the CPO price hovered above RM4,100. 

Sector focus: Investors may favour the technology sector as Nasdaq traded positively towards the 11,000 level. Besides, bargain hunting activities are likely to emerge on the energy and plantation counters following as both the commodity prices remained solid. Also, we like the banking and solid consumer stocks on the back of their defensive characteristic.

Stocks to watch: 

Consumer: KEINHIN, PADINI
Construction & Building material: CHINHIN, EMETALL, PGF, PMETAL
Medical related: DPHARMA
O&G: DAYANG, YINSON
Telco: AXIATA, TM
Chemical: LCTITAN, TEXCHEM
Technology: AWANTEC, DSONIC, KOBAY
Others: AIRPORT, APB, TEXCHEM, TGUAN

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.