M+ Online Morning Market Buzz - 17 Nov 22

Dow Jones: 33,553.83 pts (-39.09pts, -0.12%)
⬆️ Resistance:  34700
⬇️ Support:  32600

FBM KLCI: 1,448.38 pts (-2.16pts, -0.15%)
⬆️ Resistance:  1500
⬇️ Support:  1420

HSI Index: 18,256.48 pts (-86.64pts, -0.47%)
⬆️ Resistance:  18800
⬇️ Support:  15700

Crude Palm Oil: RM3,970 (-RM52, -1.29%)
⬆️ Resistance:  4420
⬇️ Support:  3930

Brent Oil: $92.86 (-$1.00, -1.07%)
⬆️ Resistance:  98.90
⬇️ Support:  89.70

Gold: $1,773.87 (-$5.07, -0.29%)
⬆️ Resistance:  1830
⬇️ Support:  1670

M+ Online Technical Trading Stocks - 17 Nov 22

Stock Name: SYSCORP (5173)
Entry: Buy above RM0.755
Target: RM0.80 (6.0%), RM0.825 (9.3%)
Stop: RM0.715 (-5.3%)
Shariah: Yes
Technical: Breakout-pullback-continuation

Stock Name: CYL (7157)
Entry: Buy above RM0.87
Target: RM0.92 (5.7%), RM0.95 (9.2%)
Stop: RM0.82 (-5.7%)
Shariah: Yes
Technical: Monitor for breakout

Source: Bloomberg, M+ Online

Market update: The FBM KLCI ended on a downbeat note amid weakness in selected banking and plantation heavyweights, as the market sentiment remained cautious ahead of the GE15. With the softer market performance on Wall Street, we reckon that the market tone may stay tepid at least for the near term, as the key focus is shifted towards the outcome of the GE15, where it is still uncertain which party is having a lead at this juncture. Commodities wise, the crude oil price hovered above the USD92 per barrel mark, while the CPO price declined below RM4,000. 

Sector focus: Investors may favour defensive stocks in the consumer, telecommunications and utilities stocks amid increased market volatility environment. Besides, buying momentum in steel players following China’s 16-point plan should sustain. As the economy has been improving as shown in our 3Q GDP, we expect broad based recovery may happen after GE15.

Stocks to watch: 

Consumer: MYNEWS, PELIKAN, QL, SDS
Property: ECOWLD, TANCO, TELADAN
Building material: EFRAME, PMETAL
Technology: FRONTKN, JFTECH
Furniture-related: ECOMATE, EVERGRN
Others: AFFIN, ASTRO, NESTCON, PANTECH, PHARMA

Source: M+ Online

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