M+ Online Morning Market Buzz - 14 Nov 22 
 
Dow Jones: 33,747.86 pts (+32.49pts, +0.10%) 
⬆️ Resistance:  34500 
⬇️ Support:  31800 
 
FBM KLCI: 1,468.21 pts (+18.47pts, +1.27%) 
⬆️ Resistance:  1500 
⬇️ Support:  1410 
 
HSI Index: 17,325.66 pts (+1244.62pts, +7.74%) 
⬆️ Resistance:  17800 
⬇️ Support:  15700 
 
Crude Palm Oil: RM4,287 (+RM109, +2.61%) 
⬆️ Resistance:  4550 
⬇️ Support:  4010 
 
Brent Oil: $95.99 (+$2.32, +2.48%) 
⬆️ Resistance:  101.60 
⬇️ Support:  89.90 
 
Gold: $1,771.24 (+$15.79, +0.90%) 
⬆️ Resistance:  1810 
⬇️ Support:  1640 
 
M+ Online Technical Focus - 14 Nov 22 
SKP Resources Bhd: Improving productivity 
 
Trading Catalyst 
• One of the largest electronic manufacturing services (EMS) providers on Malaysia with over 40 years of experience in the industry. 
• Will be ramping up their plant capacity with a new factory building that sits on an acquired 6.4-ac industrial land in Johor that is already at 60% completion as at end-August 2022. 
• Arrival of new intake of foreign workers and higher seasonal orders toward year-end may improve productivity. 
• Technically, price has formed a short-term flag-formation breakout above RM1.66, targeting the next resistances at RM1.72-RM1.78 with long term target at RM1.83. 
 
Technical View 
 
(i) SKPRES (S: RM1.58, R: RM1.72-1.78, LT TP: RM1.83, CL: RM1.57) 
 
S: Support, R: Resistance, LT TP: Long term target price, CL: Cut loss 
 
Economic Releases For The Week (14/11/2022-18/11/2022): 
 
14/11/2022 
EU - Eurozone's Industrial Production, 6.00PM 
 
15/11/2022 
JP - Japan's 3Q22 GDP Growth Rate (Preliminary), 7.50AM 
CN - China's Industrial Production, 10.00AM 
CN - China's Retail Sales, 10.00AM 
CN - China's Unemployment Rate, 10.00AM 
JP - Japan's Industrial Production, 12.30PM 
UK - United Kingdom's Unemployment Rate, 3.00PM 
EU - Eurozone's 3Q22 GDP Growth Rate (2nd Estimate), 6.00PM 
EU - Eurozone's ZEW Economic Sentiment, 6.00PM 
US - United States' Producer Price Index, 9.30PM 
 
16/11/2022 
JP - Japan's Machinery Orders, 7.50AM 
UK - United Kingdom's Inflation Rate, 3.00PM 
US - United States' Retail Sales, 9.30PM 
US - United States' Industrial Production, 10.15PM 
US - United States' Manufacturing Production, 10.15PM 
 
17/11/2022 
EU - Eurozone's Inflation Rate, 6.00PM 
UK - United Kingdom's Fiscal Statement, 8.30PM 
 
18/11/2022 
JP - Japan's Inflation Rate, 7.30AM 
UK - United Kingdom's Retail Sales, 3.00PM 
US - United States' Existing Home Sales, 11.00PM 
 
Source: Bloomberg, M+ Online

Market update: The FBM KLCI notched higher on Friday, fuelled by optimism over Malaysia’s 3Q2022 economy growth as well as the significant global markets recovery move. We reckon that the local bourse should remain resilient, taking cue from the buoyant Wall Street over the weekend. Still, investors may pay attention to the US economic data such as the US retail sales as well as jobs data as that may provide more insights into the aggressiveness of upcoming rate hikes. Commodities wise, the crude oil price jumped above USD95 as the market cheered the easing of Covid-19 restrictions in China, while the CPO price climbed above RM4,250. 

Sector focus: We believe the technology sector will be on further upward move in tandem with the gains in Nasdaq. Meanwhile, the energy sector could remain attractive for investors following a jump in crude oil price. Besides, the glove sector’s momentum is likely to persist over the near term as the glove ASP outlook is likely to stabilise in the next 6-9 months.

Stocks to watch: 

Technology: INFOTEC, JFTECH, MI, PIE, SKPRES
O&G: COASTAL, HIBISCS
Consumer: FIAMMA, HHGROUP, KAWAN
Building material: CMSB, PMBTECH, PMETAL
Transportation & Logistics: AIRPORT, WPRTS
Medical-related: MGRC, SCOMNET, TOPGLOV
Finance: AFFIN, BURSA 
Others: CEPAT, REDTONE, SPSETIA 

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.