M+ Online Morning Market Buzz - 10 Mar 23

Dow Jones: 32,254.86 pts (-543.54pts, -1.66%)
⬆️ Resistance:  34300
⬇️ Support:  31600

FBM KLCI: 1,449.53 pts (-5.13pts, -0.35%)
⬆️ Resistance:  1500
⬇️ Support:  1420

HSI Index: 19,925.74 pts (-125.51pts, -0.63%)
⬆️ Resistance:  21500
⬇️ Support:  19600

Crude Palm Oil: RM4,227 (+RM22, +0.52%)
⬆️ Resistance:  4450
⬇️ Support:  4030

Brent Oil: $81.59 (-$1.07, -1.29%)
⬆️ Resistance:  88.50
⬇️ Support:  79.80

Gold: $1,831.03 (+$17.23, +0.95%)
⬆️ Resistance:  1900
⬇️ Support:  1780

M+ Online Technical Trading Stocks - 10 Mar 23

Stock Name: AHEALTH (7090)
Entry: Buy above RM3.86
Target: RM3.96 (2.6%), RM4.00 (3.6%)
Stop: RM3.80 (-1.6%)
Shariah: Yes
Technical: Breakout-pullback-continuation

Stock Name: COSMOS (0261)
Entry: Buy above RM0.57
Target: RM0.625 (9.6%), RM0.645 (13.2%)
Stop: RM0.54 (-5.3%)
Shariah: Yes
Technical: Monitor for breakout

Market update: The FBM KLCI declined further into the negative territory as the Bank Negara Malaysia’s decision to maintain the Overnight Policy Rate were within expectation, while the focus was shifted towards the concerns of bigger rate hikes in the US and weakness in the regional markets; 5-day foreign net selling stood at RM427.3m. Global sentiment shall remain on edge while awaiting key payroll reports from the US later today. Given the negative sentiment abroad, we believe the local stock market may trade cautiously amid intensifying global risk. Commodities wise, the Brent crude oil has declined nearer to USD81, while the CPO price is still hovering above RM4,200. 
 
Sector focus: The negative performance on Wall Street may lead to further selldown in the technology stocks on the local front. Meanwhile, we expect banking stocks sentiment may be affected given the weakness from the US. However, the tourism and aviation sectors may gain traction amid the reopening theme. 

Stocks to watch: 
O&G: CARIMIN, DELEUM, T7GLOBAL
Consumer: FIAMMA, FOCUSP, MFLOUR, PWF
Technology: PIE, VSTECS
Construction & Building materials: DANCO, MUHIBAH
Power-related:  RANHILL, TEXCYCL
Others: EWEIN, GESHEN, KPS, MCEHLDG, VOLCANO

Source: M+ Online

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