KLSE Traders Update and Ideas

Daily Market Update - 5 Jan 2023 (AJIYA, SDS)

Publish date: Thu, 05 Jan 2023, 08:45 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 - 5 Jan 23 
Dow Jones: 33,269.77 pts (+133.40pts, +0.40%) 
⬆️ Resistance:  34100 
⬇️ Support:  32200 
FBM KLCI: 1,469.55 pts (-4.44pts, -0.30%) 
⬆️ Resistance:  1540 
⬇️ Support:  1450 
HSI Index: 20,793.11 pts (+647.82pts, +3.22%) 
⬆️ Resistance:  21300 
⬇️ Support:  19000 
Crude Palm Oil: RM4,167 (-RM2, -0.05%) 
⬆️ Resistance:  4370 
⬇️ Support:  3930 
Brent Oil: $77.84 (-$4.26, -5.19%) 
⬆️ Resistance:  88.80 
⬇️ Support:  76.20 
Gold: $1,854.56 (+$15.08, +0.82%) 
⬆️ Resistance:  1910 
⬇️ Support:  1770 
Market update: The FBM KLCI wobbled into the negative territory as lack of fresh catalyst coupled with the persisted fears over global recession prompted the cautious trading environment.  We believe the subdued trading tone could be temporary as the local bourse should poised for recovery on bargain-hunting activities as Malaysia government re-iterated that it will only tighten the Covid-19 SOP without discriminating against any nation; this should provide a boost towards our economic activities. Commodities wise, the Brent crude oil tumbled towards USD77 due to intensifying concerns over global crude oil demand amid soaring Covid-19 cases in China. Meanwhile, the CPO price steadied above RM4,150.  
Sector focus: The technology sector may be due for a rebound following the overnight gains on Wall Street. Besides, the tourism and aviation sectors may gain momentum with the reopening of China’s borders. On the other hand, the energy sector may see some pullback due to a slump in crude oil prices. 
Stocks to watch:  
Building material: AJIYA, AYS, CMSB, LBALUM, PGF 
Source: M+ Online

M+ Online Technical Trading Stocks - 5 Jan 23

Stock Name: AJIYA (7609)
Entry: Buy above RM1.590
Target: RM1.680 (5.7%), RM1.740 (9.4%)
Stop: RM1.550 (-2.5%)
Shariah: Yes
Technical: Monitor for breakout

Stock Name: SDS (0212)
Entry: Buy above RM0.760
Target: RM0.800 (5.3%), RM0.845 (11.2%)
Stop: RM0.730 (-3.9%)
Shariah: Yes
Technical: Monitor for breakout

Source: Bloomberg, M+ Online



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