M+ Online Morning Market Buzz - 3 Feb 23 
 
Dow Jones: 34,053.94 pts (-39.02pts, -0.11%) 
⬆️ Resistance:  35100 
⬇️ Support:  33000 
 
FBM KLCI: 1,489.80 pts (+4.30pts, +0.29%) 
⬆️ Resistance:  1540 
⬇️ Support:  1460 
 
HSI Index: 21,958.36 pts (-113.82pts, -0.52%) 
⬆️ Resistance:  23200 
⬇️ Support:  21200 
 
Crude Palm Oil: RM3,737 (-RM14, -0.37%) 
⬆️ Resistance:  4080 
⬇️ Support:  3660 
 
Brent Oil: $82.17 (-$0.67, -0.81%) 
⬆️ Resistance:  90.80 
⬇️ Support:  79.70 
 
Gold: $1,912.72 (-$37.80, -1.94%) 
⬆️ Resistance:  2000 
⬇️ Support:  1870 
 
M+ Online Technical Trading Stocks - 3 Feb 23 
 
Stock Name: CNERGEN (0246) 
Entry: Buy above RM0.945 
Target: RM1.01 (6.9%), RM1.06 (12.2%) 
Stop: RM0.890 (-5.8%) 
Shariah: Yes 
Technical: Flag-formation breakout 
 
Stock Name: HIBISCS (5199) 
Entry: Buy above RM1.16 
Target: RM1.26 (8.6%), RM1.33 (14.7%) 
Stop: RM1.10 (-5.2%) 
Shariah: Yes 
Technical: Monitor for breakout 
 
Source: Bloomberg, M+ Online

Market update: The FBM KLCI rebounded as the market sentiment was buoyed by the upbeat performances on Wall Street overnight following the less hawkish tone on the interest rate direction from the Fed as the CPI numbers in the recent months have been declining. Given Wall Street is in a relief rally environment, we believe the global sentiment may turn positive and buying interest may spillover to the stocks on the local front. In the meantime, we believe investors will be positioning themselves for the upcoming reporting season as well as the re-tabling of Budget 2023 on 24th of Feb. Commodities wise, the Brent crude oil traded above USD82, while the CPO price hovered below RM3,800. Gold price remained above USD1,900. 

Sector focus: With the Nasdaq index surging above the key 12,000 level, we believe the technology sector will be under the spotlight and expect to trade higher for another session. Meanwhile, we remained positive on the earnings momentum within the O&G stocks, hence traders may position themselves ahead of the event.

Stocks to watch: 
Technology: CNERGEN, FPGROUP, JFTECH, JHM, QES
O&G: DELEUM, PGB, UZMA
Solar-related: PEKAT, SUNVIEW
Property: ECOWLD, EWINT
Others: ANCOMNY, KOTRA, REDTONE, WPRTS, XL, YBS

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.