M+ Online Morning Market Buzz - 9 Jan 23 
 
Dow Jones: 33,630.61 pts (+700.53pts, +2.13%) 
⬆️ Resistance:  34400 
⬇️ Support:  32200 
 
FBM KLCI: 1,480.55 pts (-0.38pts, -0.03%) 
⬆️ Resistance:  1520 
⬇️ Support:  1450 
 
HSI Index: 20,991.64 pts (-60.53pts, -0.29%) 
⬆️ Resistance:  21900 
⬇️ Support:  19000 
 
Crude Palm Oil: RM4,052 (-RM38, -0.93%) 
⬆️ Resistance:  4370 
⬇️ Support:  3960 
 
Brent Oil: $78.57 (-$0.12, -0.15%) 
⬆️ Resistance:  88.80 
⬇️ Support:  76.10 
 
Gold: $1,865.69 (+$32.80, +1.79%) 
⬆️ Resistance:  1910 
⬇️ Support:  1790 
 
M+ Online Technical Focus - 9 Jan 23 
FM Global Logistics Holdings Bhd: Trade activities should turn robust from China’s re-opening 
 
Trading Catalyst 
• An integrated international logistics provider, offering complete multimodal international freight services covering sea, rail and air freight. 
• Acquisition of 3 US freight forwarders, collectively known as IOS companies, for USD2.2m (RM9.2m) will provide an opportunity to tap into the US market and is expected to strengthen the overseas contribution. 
• Re-opening of China’s economic activities and borders bodes well, given that China was Malaysia’s largest trading partner for more than a decade. 
• Technically, traders may anticipate for a potential breakout above RM0.575 to target the resistances at RM0.60-0.62 with long term target set at RM0.66. 
 
Technical View 
 
(i) FM (S: RM0.545, R: RM0.60-0.62, LT TP: RM0.66, CL: RM0.54) 
 
S: Support, R: Resistance, LT TP: Long term target price, CL: Cut loss 
 
Economic Releases For The Week (9/1/2023-13/1/2023): 
 
9/1/2023 
EU - Eurozone's Unemployment Rate, 6.00PM 
 
10/1/2023 
MY - Malaysia's Unemployment Rate, 12.00PM 
 
11/1/2023 
MY - Malaysia's Industrial Production, 12.00PM 
MY - Malaysia's Retail Sales, 12.00PM 
 
12/1/2023 
CN - China's Inflation Rate, 9.30AM 
CN - China's Producer Price Index, 9.30AM 
US - United States' Inflation Rate, 9.30PM 
 
13/1/2023 
UK - United Kingdom's Industrial Production, 3.00PM 
UK - United Kingdom's Manufacturing Production, 3.00PM 
EU - Eurozone's Industrial Production, 6.00PM 
 
Source: Bloomberg, M+ Online

Market update: The FBM KLCI ended marginally lower amidst the mixed regional markets sentiment, paring most of its intraday losses as bargain hunting activities emerged. We believe the jump on Wall Street on Friday, coupled with the reopening of China’s border could spark a rally on the regional markets as well as on the local bourse. We believe the market is more positive-biased on the inflationary pressure as the US December 2022 payroll came in greater than expected, but the slowdown in wage growth could indicate that the Fed’s battle against inflation may have an impact. Commodities wise, the Brent crude oil is traded above USD78, while the CPO is priced above RM4,000. 

Sector focus: Given the China’s reopening of border is under the limelight; investors may focus on the tourism and leisure related sectors as well as the consumer sector with higher consumption activities amid the return of tourists. The technology sector may track the significant jump on Nasdaq.

Stocks to watch: 
Consumer: BJFOOD, CCK, GCB, MFLOUR
Medical: CENGILD, TMCLIFE
Building material: EFRAME, MASTEEL
Transportation & Logistics: FM, PTRANS, SWIFT
Technology: CNERGEN, GTRONIC, JFTECH, L&PBHD, MTAG, PENTA
Others: AXIATA, HARNLEN, HEXTAR, YEWLEE

Source: M+ Online
 

Disclaimer

The content published is solely for information and personal use only. It should not be construed to be, any advice, recommendation, offer or invitation to buy or sell any securities, futures contracts or any other instrument. Readers should seek independent advice from their own professional advisers (including legal, tax, financial and accounting) as to the risks and merits before entering into any transaction pursuant to or in reliance on any information here.

The content published above shall only be for your sole and personal non-professional use. No guarantee is given on the accuracy or completeness of the information published here. No warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of any person or group of persons acting on such information.