M+ Online Morning Market Buzz - 18 Jan 23 
 
Dow Jones: 33,910.85 pts (-391.76pts, -1.14%) 
⬆️ Resistance:  35100 
⬇️ Support:  33100 
 
FBM KLCI: 1,499.38 pts (+5.82pts, +0.39%) 
⬆️ Resistance:  1530 
⬇️ Support:  1460 
 
HSI Index: 21,577.64 pts (-169.08pts, -0.78%) 
⬆️ Resistance:  22400 
⬇️ Support:  20800 
 
Crude Palm Oil: RM3,807 (+RM12, +0.32%) 
⬆️ Resistance:  4080 
⬇️ Support:  3710 
 
Brent Oil: $85.92 (+$1.46, +1.73%) 
⬆️ Resistance:  88.60 
⬇️ Support:  77.80 
 
Gold: $1,908.69 (-$7.33, -0.38%) 
⬆️ Resistance:  1970 
⬇️ Support:  1830 
 
M+ Online Technical Focus - 18 Jan 23 
Fiamma Holdings Bhd: Riding onto improved consumer spending  
 
Trading Catalyst 
• Established presence of distribution of electrical home appliances, sanitary wear, bathroom accessories, home future and medical devices throughout Peninsular and East Malaysia. 
• Driven by higher disposable income with rising consumer spending, rapid urbanisation and stable population growth. 
• Prospect of higher retail spending following the re-opening of international borders as well as increasing promotional activities will continue to support the recovery in demand. 
• Technically, traders may anticipate for a potential breakout above RM1.09 to target the next resistances at RM1.14-1.19 with long term target at RM1.31. 
 
Technical View 
 
(i) FIAMMA (S: RM1.03, R: RM1.14-1.19, LT TP: RM1.31, CL: RM1.02) 
 
S: Support, R: Resistance, LT TP: Long term target price, CL: Cut loss 
 
Source: Bloomberg, M+ Online

Market update: The FBM KLCI rebounded, buoyed by late buying in telecommunications and industrial products & services heavyweights. We believe the inflation rate in Eurozone, as well as Bank Negara Malaysia and Bank of Japan’s monetary policy decision will remain in focus. Meanwhile, sectors such as manufacturing, construction, plantation, and agriculture may see production activities normalising going forward after the demand for migrant workers will be met under the Relaxation of Employment of Foreign Workers Plan. Commodities wise, the Brent crude oil traded above USD85, while the CPO price consolidated towards RM3,800. 

Sector focus: The technology sector may rebound in line with Wall Street Nasdaq slight uptrend move. Meanwhile, the Relaxation of Employment of Foreign Workers Plan should benefit sectors such as construction and plantation. Besides, the energy sector should gain traction amid rising Brent oil price.

Stocks to watch: 
Technology: CNERGEN, GENETEC, MI
Consumer: FIAMMA, FOCUSP, MFLOUR
Building material: AYS, LIONIND, PMBTECH
O&G: DELEUM, UZMA, WASEONG
Property: SIMEPROP, SPSETIA
Others: DRBHCOM, KENANGA, SCOMNET

Source: M+ Online

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