M+ Online Morning Market Buzz - 24 Feb 23

Dow Jones: 33,153.91 pts (+108.82pts, +0.33%)
⬆ Resistance: 35000
⬇ Support: 32800

FBM KLCI: 1,457.65 pts (-6.35pts, -0.43%)
⬆ Resistance: 1489
⬇ Support: 1428

HSI: 20,351.35 pts (-72.49pts, -0.35%)
⬆ Resistance: 21000
⬇ Support: 19900

Crude Palm Oil: RM4,255.00 (+RM20.00, +0.47%)
⬆ Resistance: 4310
⬇ Support: 3980

Brent Oil: $82.45 (+$1.85 +2.30%)
⬆ Resistance: 87
⬇ Support: 81

Gold: $1,822.30 (-$3.01, -0.16%)
⬆ Resistance: 1891
⬇ Support: 1809

M+ Online Technical Trading Stocks - 24 Feb 23

Stock Name: SFPTECH (0251)
Entry: Buy above RM2.66
Target: RM2.80 (5.3%), RM2.95 (10.9%)
Stop: RM2.54 (-4.5%)
Shariah: Yes
Technical: Flag-formation breakout

Stock Name: MNRB (6459)
Entry: Buy above RM0.985
Target: RM1.05 (6.6%), RM1.08 (9.6%)
Stop: RM0.95 (-3.6%)
Shariah: Yes
Technical: Resistance breakout

Source: Bloomberg, M+ Online

Market update: Intensified selling pressure dragged the FBM KLCI into the negative territory yesterday, taking cues from the regional losses. While the Wall Street staged a rebound overnight signalled the emergence of the positive sentiment, volatility might not abate over the near term without slowing down the interest rate upcycle. Back home, the re-tabling of Malaysia Budget 2023 will be taking the centre stage and investors may also keep an eye on Malaysia’s inflation rate today. Commodities wise, the Brent crude oil traded above USD82, while the CPO price hovered above RM4,250. 
 
Sector focus: The renewable energy, EV related, and construction sectors could be back in focus ahead of the re-tabling of Budget 2023. Besides, bargain hunting activities may return in the technology sector following the positive close on Wall Street. Also, solid commodities prices may point to buying interest in plantation and oil & gas stocks.

Stocks to watch: 
O&G: ARMADA, PENERGY
Technology: PENTA, VSTECS
Construction: WCEHB, WCT
Pharmaceutical: KOTRA, YSPSAH
Telco: AXIATA, REDTONE
Building material: ALCOM, EFRAME
Others: MNRB, PWROOT, TROP, UMW 

Source: M+ Online

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