M+ Online Morning Market Buzz - 17 Jan 23 
 
Dow Jones: 34,302.61 pts (+112.64pts, +0.33%) 
⬆️ Resistance:  35100 
⬇️ Support:  32800 
 
FBM KLCI: 1,493.56 pts (-1.47pts, -0.10%) 
⬆️ Resistance:  1530 
⬇️ Support:  1460 
 
HSI Index: 21,746.72 pts (+8.06pts, +0.04%) 
⬆️ Resistance:  22400 
⬇️ Support:  20800 
 
Crude Palm Oil: RM3,855 (+RM3, +0.08%) 
⬆️ Resistance:  4190 
⬇️ Support:  3760 
 
Brent Oil: $84.46 (-$0.82, -0.96%) 
⬆️ Resistance:  87.40 
⬇️ Support:  77.30 
 
Gold: $1,916.02 (-$4.21, -0.22%) 
⬆️ Resistance:  1970 
⬇️ Support:  1830 
 
M+ Online Technical Trading Stocks - 17 Jan 23 
 
Stock Name: KERJAYA (7161) 
Entry: Buy above RM1.20 
Target: RM1.25 (4.2%), RM1.33 (10.8%) 
Stop: RM1.16 (-3.3%) 
Shariah: Yes 
Technical: Resistance breakout 
 
Stock Name: AJIYA (7609) 
Entry: Buy above RM1.65 
Target: RM1.75 (6.1%), RM1.79 (8.5%) 
Stop: RM1.60 (-3.0%) 
Shariah: Yes 
Technical: Flag-formation breakout 
 
Source: Bloomberg, M+ Online

Market update: The FBM KLCI staged a minor pullback, snapping three-session winning streak as investors took profit ahead of the Chinese New Year holiday. Investors may take a cautious stance amid the lack of fresh catalysts environment, but overall sentiment could suggest that the downside risk is limited as the Fed is expected to be raising the interest rate at a softer pace going forward following the declining US CPI data. Meanwhile, the market is waiting for BoJ’s interest rate decision, as well as the UK and Eurozone’s inflation rate. Commodities wise, the Brent crude oil traded above USD84, while the CPO price hovered above RM3,850. 

Sector focus: Without any significant catalysts in the market and the holiday mood in the US, we expect the news on China’s Covid situation to take the centre stage, providing a booster to glove stocks in the near term. On the other hand, we believe the traders may lookout and position themselves for China’s reopening theme beneficiary such as the consumer and shipping sectors at least for 1H23.

Stocks to watch: 
Technology: ATECH, ECA, GENETEC
Consumer: BJFOOD, MFLOUR, PRLEXUS
Building material: AJIYA, CMSB
Medical-related: ADVENTA, CENGILD, SCOMNET, TOPGLOV
Automotive: DRBHCOM, PECCA
Finance: ABMB, BIMB
Others: MAHSING, MAYBULK, UZMA, XL

Source: M+ Online

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