M+ Online Morning Market Buzz - 24 Nov 22

Dow Jones: 34,194.06 pts (+95.96pts, +0.28%)
⬆️ Resistance:  35000
⬇️ Support:  32600

FBM KLCI: 1,443.50 pts (+2.21pts, +0.15%)
⬆️ Resistance:  1490
⬇️ Support:  1400

HSI Index: 17,523.81 pts (+99.40pts, +0.57%)
⬆️ Resistance:  18800
⬇️ Support:  17000

Crude Palm Oil: RM4,049 (-RM56, -1.36%)
⬆️ Resistance:  4210
⬇️ Support:  3720

Brent Oil: $85.41 (-$2.95, -3.34%)
⬆️ Resistance:  94.80
⬇️ Support:  80.70

Gold: $1,749.68 (+$9.43, +0.54%)
⬆️ Resistance:  1820
⬇️ Support:  1700

M+ Online Technical Trading Stocks - 24 Nov 22

Stock Name: SFPTECH (0251)
Entry: Buy above RM1.71
Target: RM1.87 (9.4%), RM1.91 (11.7%)
Stop: RM1.55 (-9.4%)
Shariah: Yes
Technical: Resistance breakout

Stock Name: CENGILD (0243)
Entry: Buy above RM0.45
Target: RM0.48 (6.7%), RM0.495 (10.0%)
Stop: RM0.42 (-6.7%)
Shariah: Yes
Technical: Monitor for breakout

Source: Bloomberg, M+ Online

Market update: The FBM KLCI eked out small gains in a volatile session amid mixed sentiment due to the fluid situation on the political scene. Optimism surrounding the slowdown in rate hikes indicated in the FOMC minutes may spread across the regional markets. Given the UMNO Supreme Council has given the support to a unity government ensuring the stability of the country, we believe the market may turn more positive. Meanwhile, investors could shift their focus from politics to Malaysia’s inflation rate and the on-going reporting season. Commodities wise, the Brent oil tumbled to around USD85/bbl as European Union discussed imposing a price cap on Russian oil between USD65-70. Meanwhile, the CPO price stayed above RM4,000. 

Sector focus: Technology stocks could be on investors’ radar given the uptrend move on Nasdaq. Investors may lookout for decent energy counters with the anticipation of stronger earnings this quarter. Besides, we expect the sin counters to be in the spotlight as the market could be anticipating a PH-led government.  

Stocks to watch: 

Technology: AIMFLEX, FPI, FRONTKN, GENETEC, LGMS, MPI, SFPTECH
Consumer: PTRB, SDS
O&G: CARIMIN, DAYANG, DELEUM
Others: AFFIN, AMTEL, CENGILD, CFM, LCTITAN, SPSETIA, WCT

Source: M+ Online
 

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