M+ Online Morning Market Buzz - 3 Jan 23 
 
Dow Jones: 33,147.25 pts (-73.55pts, -0.22%) 
⬆️ Resistance:  34100 
⬇️ Support:  32200 
 
FBM KLCI: 1,495.49 pts (+3.86pts, +0.26%) 
⬆️ Resistance:  1540 
⬇️ Support:  1440 
 
HSI Index: 19,781.41 pts (+40.27pts, +0.20%) 
⬆️ Resistance:  20600 
⬇️ Support:  19200 
 
Crude Palm Oil: RM4,174 (+RM84, +2.05%) 
⬆️ Resistance:  4330 
⬇️ Support:  3920 
 
Brent Oil: $85.91 ($0.00, 0.00%) 
⬆️ Resistance:  87.80 
⬇️ Support:  79.70 
 
Gold: $1,824.02 (+$10.56, +0.59%) 
⬆️ Resistance:  1870 
⬇️ Support:  1770 
 
M+ Online Technical Trading Stocks - 3 Jan 23 
 
Stock Name: AMTEL (7031) 
Entry: Buy above RM0.875 
Target: RM0.905 (3.4%), RM0.935 (6.9%) 
Stop: RM0.86 (-1.7%) 
Shariah: Yes 
Technical: Monitor for breakout 
 
Stock Name: EMETALL (7217) 
Entry: Buy above RM0.73 
Target: RM0.78 (6.8%), RM0.805 (10.3%) 
Stop: RM0.705 (-3.4%) 
Shariah: Yes 
Technical: Monitor for breakout 
 

Market update: The FBM KLCI ended higher on the final trading day as window dressing activities in utilities, banking and telecommunications heavyweights lifted the key index, albeit foreign funds showed an outflow of RM304.1m. After the window dressing activities, we expect local bourse to pullback in the near term, digesting the Covid-19 situation in China. Nevertheless, we believe the reopening of business activities and travel borders in China should be able to avoid the recession risk going forward. Commodities wise, the Brent crude oil traded above USD85 per barrel, while the CPO price hovered above RM4,150. Meanwhile, gold price sustained above USD1,800. 

Sector focus: Trading interest in commodities related sectors such as energy and plantation may sustain given the firm commodities prices. Meanwhile, investors may continue to focus on value and defensive stocks such as banking and telecommunications in order to weather through the challenging environment.

Stocks to watch: 
Consumer: INNATURE, UCHITEC, UMW
Transportation and logistics: AAX, AIRPORT, MISC, WPRTS
Building material: AYS, EMETALL, PMBTECH 
Telco: AMTEL, AXIATA
Others: BIMB, DIALOG, IHH, LCTITAN, SAMAIDEN, TECHBND, TENAGA 

Source: M+ Online

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