M+ Online Morning Market Buzz - 14 Mar 23

Dow Jones: 31,819.14 pts (-90.50pts, -0.28%)
⬆️ Resistance:  34200
⬇️ Support:  31000

FBM KLCI: 1,421.83 pts (-11.25pts, -0.79%)
⬆️ Resistance:  1500
⬇️ Support:  1390

HSI Index: 19,695.97 pts (+376.05pts, +1.95%)
⬆️ Resistance:  21500
⬇️ Support:  18900

Crude Palm Oil: RM4,037 (-RM6, -0.15%)
⬆️ Resistance:  4380
⬇️ Support:  3960

Brent Oil: $80.77 (-$2.01, -2.43%)
⬆️ Resistance:  88.50
⬇️ Support:  76.80

Gold: $1,913.70 (+$45.44, +2.43%)
⬆️ Resistance:  1960
⬇️ Support:  1780

M+ Online Technical Trading Stocks - 14 Mar 23

Stock Name: GCB (5102)
Entry: Buy above RM2.59
Target: RM2.74 (5.8%), RM2.80 (8.1%)
Stop: RM2.45 (-5.4%)
Shariah: Yes
Technical: Monitor for breakout

Stock Name: SUNVIEW (0262)
Entry: Buy above RM0.80
Target: RM0.85 (6.3%), RM0.89 (11.3%)
Stop: RM0.755 (-5.6%)
Shariah: Yes
Technical: Monitor for breakout

Market update: The FBM KLCI declined for the fourth straight session as the turmoil in the US banks weighed on broader market sentiment. We expect investors will be focusing on the consumer price index that will be released later today. While investors may start pricing in the possibility of pausing rate hikes following the banking crisis in the US, volatility may remain in place on fears over potential slowdown in the economic activity going forward. On the local bourse, defensive sectors with solid fundamentals may be set for a rebound. Commodities wise, the Brent crude oil price dropped below USD81, while the CPO is still trading around RM4,000. 
 
Sector focus: In view of the mild rebound on Wall Street, the market could have priced in the near term impact of the banking crisis. Also, the local technology stocks may rebound on bargain hunting activities. Besides, we expect investors to hunt for defensive stocks within the consumer, telco and utilities sectors.

Stocks to watch: 
Consumer: CAB, FOCUSP, KTC, PELIKAN
O&G: ARMADA, WASEONG
Property: PARAMON, SIMEPROP
Gold-related: POHKONG, TOMEI
Utilities-related: RANHILL, TOYOVEN
Others: DANCO, KENANGA, OCK, PIE, SMRT

Source: M+ Online

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