M+ Online Morning Market Buzz - 1 Mar 23

Dow Jones: 32,656.70 pts (-232.39pts, -0.71%)
⬆️ Resistance:  34000
⬇️ Support:  32000

FBM KLCI: 1,454.19 pts (-1.31pts, -0.09%)
⬆️ Resistance:  1510
⬇️ Support:  1420

HSI Index: 19,785.94 pts (-157.57pts, -0.79%)
⬆️ Resistance:  21100
⬇️ Support:  19400

Crude Palm Oil: RM4,141 (-RM1, -0.02%)
⬆️ Resistance:  4360
⬇️ Support:  4060

Brent Oil: $83.45 (+$1.41, +1.72%)
⬆️ Resistance:  85.90
⬇️ Support:  78.80

Gold: $1,826.92 (+$9.78, +0.54%)
⬆️ Resistance:  1890
⬇️ Support:  1770

Market update: The FBM KLCI registered a mild loss, extending its declining streak for the fifth straight session amid pervasive external negative sentiment. On the global front, Wall Street wobbled into the negative territory on the final day of February 2023 as consumer confidence came in below expectation. Also, as the outlook from the Fed remains hawkish, the upside on the global stocks market could be limited for now. Meanwhile, we reckon the local bourse may trade in a cautious tone amid the tail-end of the earnings season as well as the lack of fresh catalysts environment. Commodities wise, the Brent crude oil traded above USD83, while the CPO price hovered above RM4,100. 

Sector focus: The energy sector may still stay in focus and may rebound following a steep selldown yesterday in view of the elevated crude oil price. Investors may favour sectors with solid fundamentals such as banking and telecommunications amid global uncertainties.

Stocks to watch: 
O&G: T7GLOBAL, YINSON
Consumer: CCK, MFLOUR, PELIKAN, PWROOT
Technology: EG, GENETEC, PENTA, VITROX
Others: AHEALTH, DIGI, GLOTEC, YTLPOWR

Source: M+ Online

M+ Online Technical Focus - 1 Mar 23
CTOS Digital Bhd: Leveraging onto rising BNPL transactions

Trading Catalyst
• Solutions and services are widely used by various industries as well as consumers for self-checking credit scores.
• Will be leveraging onto the rising adoption of buy now pay later or Buy Now Pay later (BNPL) activities and introduction of digital banks.
• Inclusion into the FTSE4Good Bursa and FTSE4Good Bursa Syariah (F4GBMS) indexes since end-December 2022 may attract larger pool of institutional investors.
• Technically, traders may monitor for a potential breakout above RM1.46 to target next resistances at RM1.52-1.57 with long term target set at RM1.66.

Technical View

(i) CTOS (S: RM1.38, R: RM1.52-1.57, LT TP: RM1.66, CL: RM1.37)

S: Support, R: Resistance, LT TP: Long term target price, CL: Cut loss

Source: Bloomberg, 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.