M+ Online Morning Market Buzz - 21 Nov 22

Dow Jones: 33,745.69 pts (+199.37pts, +0.59%)
⬆️ Resistance:  34700
⬇️ Support:  32600

FBM KLCI: 1,449.32 pts (+0.94pts, +0.06%)
⬆️ Resistance:  1500
⬇️ Support:  1420

HSI Index: 17,992.54 pts (-53.12pts, -0.29%)
⬆️ Resistance:  18800
⬇️ Support:  17200

Crude Palm Oil: RM3,850 (-RM172, -4.28%)
⬆️ Resistance:  4380
⬇️ Support:  3750

Brent Oil: $87.62 (-$2.16, -2.41%)
⬆️ Resistance:  98.90
⬇️ Support:  84.10

Gold: $1,750.68 (-$13.43, -0.75%)
⬆️ Resistance:  1830
⬇️ Support:  1720

M+ Online Technical Focus - 21 Nov 22
Unisem (M) Bhd: Expansion of new factory to drive growth

Trading Catalyst
• Regarded as a global provider of semiconductor assembly and test services, supported by approximately 7,000 employees worldwide with 2 factory locations in Ipoh, Malaysia and Chengdu, China.
• Construction of new semiconductor production facility in Gopeng, Perak with Phase 1 comprising 57,000 sqm built-up area to be completed in April 2023.
• Expect the upliftment of Covid-19 restrictions in China bodes well for operations at Chengdu.
• Technically, traders may anticipate for a potential flag-formation breakout above RM2.63, targeting the next resistances at RM2.77-2.88 with long term target at RM3.10.

Technical View

(i) UNISEM (S: RM2.48, R: RM2.77-2.88, LT TP: RM3.10, CL: RM2.47)

S: Support, R: Resistance, LT TP: Long term target price, CL: Cut loss
Economic Releases For The Week (21/11/2022-25/11/2022):

23/11/2022
US - United States' New Home Sales, 11.00PM
US - United States' Michigan Consumer Sentiment, 11.00PM

24/11/2022
US - United States' FOMC Minutes, 3.00AM

25/11/2022
MY - Malaysia's Inflation Rate, 12.00PM

Market update: The FBM KLCI eked out marginal gains on Thursday as buying interest emerged in the final hour ahead of the GE15. As Malaysia faced with a hung Parliament scenario after none of the coalitions won enough seats to form a majority, key focus is now on the outcome of the negotiations among various parties in today’s afternoon. Market sentiment may remain tepid and trade negatively before the submission of PM candidate name to Istana Negara at 2pm. Commodities wise, the crude oil price tumbled due to concern about weakened demand in China, trading around USD87, while the CPO price hovered around RM3,850.

Sector focus: Investors are likely to remain cautious while awaiting for the final outcome of GE15. Sectors with solid fundamental and defensive in nature such as, utilities, telecommunications, renewable energy and consumer are likely to be in focus. Meanwhile, negative tone could be noticed within the energy counters following a slump in crude oil price.

Stocks to watch:

Building material: ANNJOO, AYS, CHINHIN, EFRAME, MSC, PMETAL, WELLCAL
Technology: FPI, FRONTKN, GENETEC
Consumer: MFLOUR
Others: ECOMATE, LITRAK, NESTCON, TELADAN

Source: M+ Online

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