M+ Online Morning Market Buzz - 9 Feb 23

Dow Jones: 33,949.01 pts (-207.61pts, -0.61%)
⬆️ Resistance: 34700
⬇️ Support: 32700

FBM KLCI: 1,470.75 pts (-5.63pts, -0.38%)
⬆️ Resistance: 1500
⬇️ Support: 1441

HSI: 21,283.52 pts (-15.18pts, -0.07%)
⬆️ Resistance: 22100
⬇️ Support: 20700

Crude Palm Oil: RM3,981.00 (-RM16.00, -0.40%)
⬆️ Resistance: 4000
⬇️ Support: 3670

Brent Oil: $85.15 (+$1.46, +1.47%)
⬆️ Resistance: 88
⬇️ Support: 78

Gold: $1,875.49 (+$2.39, +0.13%)
⬆️ Resistance: 1946
⬇️ Support: 1839

M+ Online Technical Trading Stocks - 9 Feb 23

Stock Name: VIS (0120)
Entry: Buy above RM0.775
Target: RM0.82 (5.8%), RM0.86 (11.0%)
Stop: RM0.74 (-4.5%)
Shariah: Yes
Technical: Resistance breakout

Stock Name: EMETALL (7217)
Entry: Buy above RM0.665
Target: RM0.705 (6.0%), RM0.73 (9.8%)
Stop: RM0.63 (-5.3%)
Shariah: Yes
Technical: Monitor for breakout

Market update: The FBM KLCI trended lower amid selling pressure in banking and industrial products & services heavyweights. Meanwhile, the local bourse continued to see net selling activities from foreign investors (5-day cumulative net selling: -RM407.0m). While the bargain hunting activities may emerge following a two-day selldown, overall market undertone will remain cautious amid the overnight negative performance on Wall Street amid the persisted worries over the US interest rate hikes. Commodities wise, the crude oil price stayed above USD83, while the CPO price hovered closer to RM4,000 zone. 

Sector focus: Volatility may continue within the technology sector, as Nasdaq fell below the critical 12,000 level overnight. Investors may focus on defensive sectors such as REIT and utilities to withstand the near-term volatility. Besides, we still expect the O&G sector to stay firm amid the elevated crude oil price.

Stocks to watch: 
O&G: DAYANG, MHB, T7GLOBAL 
Solar-related: SAMAIDEN, SLVEST
Consumer: GCB, MFLOUR, SDS
Building material: EMETALL, PA
Technology: KGB, MPI, NOTION, SYSTECH, VIS
Others: APB, GENTING, MAXIS, MCEHLDG, WCEHB, WCT, YSPSAH

Source: M+ Online

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