KLSE Traders Update and Ideas

Daily Market Update - 10 Jan 2023 (PENERGY, UNISEM)

mplus313
Publish date: Tue, 10 Jan 2023, 08:35 AM
mplus313
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This blog provides market updates and trading ideas that I gather from around the web.

M+ Online Morning Market Buzz - 10 Jan 23 
 
Dow Jones: 33,517.65 pts (-112.96pts, -0.34%) 
⬆️ Resistance:  34700 
⬇️ Support:  32200 
 
FBM KLCI: 1,493.42 pts (+12.87pts, +0.87%) 
⬆️ Resistance:  1530 
⬇️ Support:  1450 
 
HSI Index: 21,388.34 pts (+396.70pts, +1.89%) 
⬆️ Resistance:  22000 
⬇️ Support:  19000 
 
Crude Palm Oil: RM4,031 (-RM87, -2.11%) 
⬆️ Resistance:  4370 
⬇️ Support:  3900 
 
Brent Oil: $79.65 (+$1.08, +1.37%) 
⬆️ Resistance:  88.80 
⬇️ Support:  76.10 
 
Gold: $1,871.81 (+$6.12, +0.33%) 
⬆️ Resistance:  1920 
⬇️ Support:  1790 
 
M+ Online Technical Trading Stocks - 10 Jan 23 
 
Stock Name: PENERGY (5133) 
Entry: Buy above RM0.89 
Target: RM0.93 (4.5%), RM0.975 (9.6%) 
Stop: RM0.85 (-4.5%) 
Shariah: Yes 
Technical: Resistance breakout 
 
Stock Name: UNISEM (5005) 
Entry: Buy above RM2.79 
Target: RM2.99 (7.2%), RM3.09 (10.8%) 
Stop: RM2.64 (-5.4%) 
Shariah: Yes 
Technical: Monitor for breakout 
 
Source: Bloomberg, M+ Online

Market update: The FBM KLCI mounted solid recovery in tandem with the regional peers, cheering the positive movements on Wall Street last Friday as reopening of China borders lifted investors’ sentiment. Should the key index sustain above the SMA200 zone, the sentiment will likely to turn more bullish over the near term. However, given the emergence of cautious sentiment on Wall Street overnight due to lingering worries over global inflation, it may cap the upside potential on the local front. Commodities wise, the Brent crude oil price climbed above USD79 per barrel, while the CPO price hovered above RM4,000. 

Sector focus: Buying momentum in technology sector should sustain in tandem with Nasdaq’s gains. Meanwhile, the tourism, aviation, consumer as well as transportation & logistics sectors may see further upside following the China’s reopening theme. Also, we expect O&G stocks to recover in line with rebound in Brent oil price.

Stocks to watch: 
O&G: COASTAL, *MHB*, PANTECH, *PENERGY*
Consumer: MYNEWS, *ORGABIO*, *PWROOT*
Building material: AYS, MSC
Technology: *D&O*, GTRONIC, INFOM, JFTECH
Furniture: *JAYCORP*, SWSCAP, SYF
Construction: EIB, WCT
Others: *HHGROUP*, MAGNI, *MAHSING*, TMCLIFE

Source: M+ Online

 

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