M+ Online Morning Market Buzz - 14 Dec 22 
 
Dow Jones: 34,108.64 pts (+103.60pts, +0.30%) 
⬆️ Resistance:  35500 
⬇️ Support:  32800 
 
FBM KLCI: 1,470.12 pts (-4.26pts, -0.29%) 
⬆️ Resistance:  1510 
⬇️ Support:  1440 
 
HSI Index: 19,596.20 pts (+132.57pts, +0.68%) 
⬆️ Resistance:  20400 
⬇️ Support:  18500 
 
Crude Palm Oil: RM3,972 (+RM86, +2.21%) 
⬆️ Resistance:  4200 
⬇️ Support:  3650 
 
Brent Oil: $80.68 (+$2.69, +3.45%) 
⬆️ Resistance:  83.00 
⬇️ Support:  73.70 
 
Gold: $1,810.80 (+$29.36, +1.65%) 
⬆️ Resistance:  1870 
⬇️ Support:  1740 
 
M+ Online Technical Focus - 14 Dec 22 
Ranhill Utilities Bhd: Sustainable environment and energy solutions specialist 
 
Trading Catalyst 
• Sustainable environment and energy solutions specialist that involves in the environment, energy and engineering services sectors. 
• Inked a Memorandum of Understanding (MoU) with Malaysian Green Technology and Climate Change Corporation (MGTC) to collaborate in the Ranhill Net Zero Carbon 2050 Roadmap. 
• Impending water tariffs hike for non-domestic sectors in the state of Johor following the Cabinet’s approval in July 2022 bodes well for the environment segment. 
• Technically, traders may anticipate for a potential breakout above RM0.44 to target the next resistances at RM0.465-0.48 with long term target at RM0.515. 
 
Technical View 
 
(i) RANHILL (S: RM0.415, R: RM0.465-0.485, LT TP: RM0.515, CL: RM0.41) 
 
S: Support, R: Resistance, LT TP: Long term target price, CL: Cut loss 
 
Source: Bloomberg, M+ Online

Market update: The FBM KLCI closed lower for the second day prior to the release of US CPI data. With the US posting softer-than-expected CPI print at 7.1% YoY (the Fed’s inflation target is at 2% YoY), the Wall Street has advanced overnight as investors expect either a gradual interest rate hike progress or lower quantum of increase going forward. At this moment, the market believes that the worst of inflation is behind us and the global stock markets may see some recovery. On the commodity markets, the Brent crude oil price settled above USD80 per barrel on the back of OPEC’s falling crude production in November, while the CPO price climbed above RM3,950, and gold price surpassed USD1800.

Sector focus: The oil & gas and plantation counters could be in focus given the rising commodities prices. Besides, the technology sector may extend its gains, tracking the movements in Nasdaq. We continue to like the construction and building material sectors ahead of the revision of Budget 2023.

Stocks to watch: 
Technology: AEMULUS, CORAZA, GENETEC, GHLSYS, INFOTEC, REVENUE
O&G: DELEUM, MHB, PENERGY, UZMA
Utility: RANHILL, YTLPOWR
Consumer: BAUTO, INNATURE, LHI
Property: MAHSING, SPSETIA
Others: AMTEL, MAYBULK, TMCLIFE, WIDAD

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.