M+ Online Morning Market Buzz - 29 Dec 22
Dow Jones: 32,875.71 pts (-365.85pts, -1.10%)
⬆️ Resistance: 34100
⬇️ Support: 32000
FBM KLCI: 1,480.11 pts (+5.42pts, +0.37%)
⬆️ Resistance: 1510
⬇️ Support: 1440
HSI Index: 19,898.91 pts (+305.85pts, +1.56%)
⬆️ Resistance: 20600
⬇️ Support: 19000
Crude Palm Oil: RM4,036 (-RM51, -1.25%)
⬆️ Resistance: 4220
⬇️ Support: 3740
Brent Oil: $83.26 (-$1.07, -1.27%)
⬆️ Resistance: 87.40
⬇️ Support: 79.10
Gold: $1,804.35 (-$9.34, -0.51%)
⬆️ Resistance: 1870
⬇️ Support: 1750
Market update: The FBM KLCI outperformed the regional peers, driven by year-end window dressing activities and persisting buying from foreign funds (5-day cumulative stood at RM222.3m). Global sentiment might remain tilted to the downside in view of the overnight slump on Wall Street. Nevertheless, the local bourse should continue to be supported by year-end window dressing as well as elevated firmer commodities price. The Brent crude oil price settled above USD83, while the CPO price hovered above RM4,000. Meanwhile, gold price snapped two-day uptrend but stabilised above USD1,800.
Sector focus: Investors may favour big cap stocks amid year-end window dressing activities; the banking and telecommunication sectors could be in the limelight. As commodities prices remained elevated, buying momentum should remain strong in the energy and plantation sector. On the other hand, the technology sector may remain under pressure in tandem with Nasdaq’s overnight losses.
Stocks to watch:
O&G: ARMADA, DIALOG
Plantation: INNO, KMLOONG
Consumer: CTOS, PTRB
Transportation and logistics: AAX, WPRTS
Medical: KPJ, OPTIMAX
Building material: ENGTEX, PMBTECH
Others: BIMB, DIGI, LCTITAN, PECCA, RENEUCO, TAFI
Source: M+ Online
M+ Online Technical Trading Stocks - 29 Dec 22
Stock Name: LCTITAN (5284)
Entry: Buy above RM1.430
Target: RM1.500 (4.9%), RM1.550 (8.4%)
Stop: RM1.380 (-3.5%)
Shariah: Yes
Technical: Bottom rebound
Stock Name: CTOS (5301)
Entry: Buy above RM1.470
Target: RM1.500 (2.0%), RM1.610 (9.5%)
Stop: RM1.410 (-4.1%)
Shariah: Yes
Technical: Monitor for breakout
Source: Bloomberg, M+ Online
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