KLSE Traders Update and Ideas

Daily Market Update - 22 Dec 2022 (ECOWLD, CORAZA)

Publish date: Thu, 22 Dec 2022, 08:42 AM
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This blog provides market updates and trading ideas that I gather from around the web.

M+ Online Technical Trading Stocks - 22 Dec 22 
Stock Name: ECOWLD (8206) 
Entry: Buy above RM0.68 
Target: RM0.72 (5.9%), RM0.75 (10.3%) 
Stop: RM0.645 (-5.1%) 
Shariah: Yes 
Technical: Consolidation breakout 
Stock Name: CORAZA (0240) 
Entry: Buy above RM0.84 
Target: RM0.88 (4.8%), RM0.90 (7.1%) 
Stop: RM0.80 (-4.8%) 
Shariah: Yes 
Technical: Flag-formation breakout 
Source: Bloomberg, M+ Online

Market update: The FBM KLCI fell amid subdued trading as lingering worries over the recession concerns persisted. However, foreign investors have turned net buyer following the recent selldown. Given the strong rebound on Wall Street overnight, we believe the buying interest may spill over to the regional markets as well as the local bourse amid improving consumer confidence environment in the US Commodities wise, the Brent crude oil price rose above USD82 after the EIA reported an inventory draw of 5.9m barrels last week, while the CPO price hovered above RM3,950.  
Sector focus: The technology sector could stage a rebound following a strong surge on Nasdaq overnight. Besides, we expect buying interest to emerge on the oil & gas sector amid firmer Brent oil price. Investors may also focus on the construction and building material sectors as the ECRL project will continue at a lower cost. 
Stocks to watch:  
Financial-related: AMBANK, ELKDESA 
Building material: ANNJOO, PGF 
Source: M+ Online



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