M+ Online Morning Market Buzz - 6 Mar 23 
 
Dow Jones: 33,390.97 pts (+387.40pts, +1.17%) 
⬆️ Resistance:  34100 
⬇️ Support:  31900 
 
FBM KLCI: 1,453.55 pts (-1.94pts, -0.13%) 
⬆️ Resistance:  1490 
⬇️ Support:  1420 
 
HSI Index: 20,567.54 pts (+138.08pts, +0.68%) 
⬆️ Resistance:  21200 
⬇️ Support:  19400 
 
Crude Palm Oil: RM4,352 (+RM58, +1.35%) 
⬆️ Resistance:  4520 
⬇️ Support:  4060 
 
Brent Oil: $85.83 (+$1.08, +1.27%) 
⬆️ Resistance:  87.80 
⬇️ Support:  80.10 
 
Gold: $1,856.48 (+$20.61, +1.12%) 
⬆️ Resistance:  1900 
⬇️ Support:  1770 
 
M+ Online Technical Focus - 6 Mar 23 
Malaysia Marine and Heavy Engineering Bhd: Gearing towards more upgrading and retrofitting jobs 
 
Trading Catalyst 
• Regarded as an energy industry and marine solutions provider for a wide range of heavy engineering facilities and vessels, backed by 40 years of track record. 
• Leveraging onto potentially more upgrading and retrofitting jobs as vessel owners intend to comply with Energy Efficiency Existing Ship Index and Carbon Intensity Indicator imposed by the International Maritime Organisation from January 2023. 
• Improvements of dry-docking activities will be supported by the re-opening of China’s borders. 
• Technically, traders may monitor for a potential breakout above RM0.70 to target next resistances at RM0.735-0.755 with long term target set at RM0.80. 
 
Technical View 
 
(i) MHB (S: RM0.655, R: RM0.735-0.755, LT TP: RM0.80, CL: RM0.65) 
 
S: Support, R: Resistance, LT TP: Long term target price, CL: Cut loss 
 
Economic Releases For The Week (6/3/2023-10/3/2023): 
 
6/3/2023 
EU - Eurozone's Retail Sales, 6.00PM 
US - United States' Factory Orders, 11.00PM 
 
8/3/2023 
EU - Eurozone's 4Q22 GDP Growth Rate (3rd Estimate), 6.00PM 
 
9/3/2023 
JP - Japan's 4Q22 GDP Growth Rate, 7.50AM 
CN - China's Inflation Rate, 9.30AM 
CN - China's Producer Price Index, 9.30AM 
MY - Malaysia's Unemployment Rate, 12.00PM 
MY - Malaysia's Bank Negara's Interest Rate Decision, 3.00PM 
 
10/3/2023 
JP - Japan's Producer Price Index, 7.50AM 
JP - Japan's Bank of Japan Interest Rate Decision, 11.00AM 
UK - United Kingdom's Manufacturing Production, 3.00PM 
UK - United Kingdom's Industrial Production, 3.00PM 
US - United States' Unemployment Rate, 9.30PM 
 
Source: Bloomberg, M+ Online

Market update: The FBM KLCI settled lower on Friday as profit-taking activities re-surfaced, bucking the positive performances across regional markets. Global risk appetite improved, but still awaiting comments from the US Fed officials which will provide clues for the future rate hike directions during congressional testimony. Nevertheless, the market has priced in the solid ISM manufacturing data, which should contribute to at least a positive short term trading environment. Meanwhile, investors may keep an eye on Bank Negara Malaysia’s interest rate decision this week. Commodities wise, the Brent oil climbed above USD85 per barrel mark, while the CPO price surged above RM4,350. 
 
Sector focus: The technology sector may be lifted by Wall Street’s movements, while the energy and plantation sectors could be in focus amid rising crude oil and CPO prices. Also, we expect the potential upliftment of the price capping mechanism may bode well for poultry stocks.

Stocks to watch: 
Consumer: CAB, CCK, LHI
O&G: CARIMIN, DANCO, MHB, PERDANA
Packaging: PPHB, VOLCANO
Plantation related: HHGROUP, THPLANT
Transportation & Logistics: AAX, PTRANS
Technology: EG, GENETEC
Others: RANHILL, SAMAIDEN, SIGN

Source: M+ Online

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