KLSE Traders Update and Ideas

Daily Market Update - 4 Jan 2023 (AYS, MHB)

Publish date: Wed, 04 Jan 2023, 08:36 AM
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This blog provides market updates and trading ideas that I gather from around the web.

M+ Online Morning Market Buzz - 4 Jan 23 
Dow Jones: 33,136.37 pts (-10.88pts, -0.03%) 
⬆️ Resistance:  34100 
⬇️ Support:  32200 
FBM KLCI: 1,473.99 pts (-21.50pts, -1.44%) 
⬆️ Resistance:  1540 
⬇️ Support:  1440 
HSI Index: 20,145.29 pts (+363.88pts, +1.84%) 
⬆️ Resistance:  20700 
⬇️ Support:  19000 
Crude Palm Oil: RM4,236 (-RM17, -0.40%) 
⬆️ Resistance:  4370 
⬇️ Support:  3930 
Brent Oil: $82.10 (-$3.81, -4.43%) 
⬆️ Resistance:  88.80 
⬇️ Support:  79.70 
Gold: $1,839.48 (+$15.46, +0.85%) 
⬆️ Resistance:  1890 
⬇️ Support:  1770 
Market update: The FBM KLCI kicked off the first trading day in 2023 in the negative territory as market digested recent gains buoyed by year-end window dressing activities. We believe the pullback could be deemed as a healthy pullback and bargain hunting activities should pick up in undervalued stocks despite worries over the Covid-19 sub-variants may continue to weigh on investors’ sentiment. Still, we believe the reopening of China’s travel borders may provide decent growth for most of the global economies with another round of pent-up demand. Commodities wise, the Brent crude oil traded around USD82, while the CPO price hovered above RM4,200.  
Sector focus: We remain positive stance on the oil & gas and plantation sectors as both the underlying commodity prices remain firm and should lift the sectors, respectively. Besides, tourism sector may see a turnaround with traveling activities picking up amid the reopening of China’s borders. Besides, the healthcare sector could see some trading interest on anxiety over the Covid-19 variants. 
Stocks to watch:  
Transportation and logistics: AAX, CAPITALA 
Building material: AYS, CMSB, LBALUM 
Tourism: GENM, OWG 
Technology: SCICOM, SFPTECH 
Source: M+ Online

M+ Online Technical Trading Stocks - 4 Jan 23

Stock Name: AYS (5021)
Entry: Buy above RM0.43
Target: RM0.455 (5.8%), RM0.47 (9.3%)
Stop: RM0.415 (-3.5%)
Shariah: Yes
Technical: Impending flag-formation breakout

Stock Name: MHB (5186)
Entry: Buy above RM0.615
Target: RM0.65 (5.7%), RM0.67 (8.9%)
Stop: RM0.595 (-3.3%)
Shariah: Yes
Technical: Flag-formation breakout

Source: Bloomberg, M+ Online



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