M+ Online Morning Market Buzz - 22 Feb 23  
  
Dow Jones: 33,129.59 pts (−697.10pts, -2.06%)  
⬆ Resistance: 35000  
⬇ Support: 32800  
  
FBM KLCI: 1,474.01 pts (+0.55pts, +0.04%)  
⬆ Resistance: 1489  
⬇ Support: 1435  
  
HSI: 20,529.49 pts (-357.47pts, -1.71%)  
⬆ Resistance: 21200  
⬇ Support: 20100  
  
Crude Palm Oil: RM4,166.00 (+RM25.00, +0.60%)  
⬆ Resistance: 4270  
⬇ Support: 3850  
  
Brent Oil: $83.05 (-$1.02 -1.21%)  
⬆ Resistance: 87  
⬇ Support: 81  
  
Gold: $1,835.07 (-$0.02, -0.00%)  
⬆ Resistance: 1891  
⬇ Support: 1809  
  
M+ Online Technical Focus - 22 Feb 23  
Kawan Food Bhd: Beefing up export presence  
  
Trading Catalyst  
• One of Malaysia’s leading exporter and largest manufacturer of frozen Asian food delicacies worldwide that operates 3 factories, of which products are exported to 37 countries globally that are sold in local groceries and supermarkets.  
• Aims to step up diversification efforts after acquiring a 32.5% stake in Kejap Food by expanding the number of outlets.  
• To further enhanced their export markets across the US, Europe and Southeast Asia following the easing of container shortages.  
• Technically, traders may anticipate for a potential breakout above RM2.23 to target the next resistances at RM2.33-2.40 with long term target at RM2.60.  
  
Technical View  
  
(i) KAWAN (S: RM2.15, R: RM2.33-2.40, LT TP: RM2.60, CL: RM2.14)  
  
S: Support, R: Resistance, LT TP: Long term target price, CL: Cut loss  
  
Source: Bloomberg, M+ Online

Market update: The FBM KLCI ended marginally higher as the key index reversed earlier rally into the afternoon session amidst mixed regional markets. Following the heavy plunge on Wall Street overnight, we believe investors may stay on the sidelines as concerns over the interest rate hikes expectation continues to pressure the market sentiment. Nevertheless, the US FOMC meeting minutes will remain in focus and should provide more clues going forward. Commodities wise, the Brent crude oil traded above USD83, while the CPO price hovered above RM4,150 level.
 
Sector focus: The commodities related counters such as plantation and energy may stay focused with Brent oil and CPO prices remained firm. Besides, traders could trade on renewable energy, EV, and construction sectors ahead of the re-tabling of Budget 2023. Also, the poultry and egg sectors may have upside potential as the prices of chicken and eggs are expected to be floated after June.  However, the technology sector may suffer from the negative cue from Nasdaq.

Stocks to watch: 
O&G: EATECH, T7GLOBAL, UZMA, WASEONG
Telco: AXIATA, MAXIS, REDTONE
Construction: CGB, GAMUDA, NESTCON, WCEHB
Consumer: PWROOT, YOCB
Automotive: GLOTEC, PECCA
Others: KESM, PGF, TROP

Source: M+ Online

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