M+ Online Morning Market Buzz - 20 Mar 23 
 
Dow Jones: 31,861.98 pts (-384.57pts, -1.19%) 
⬆️ Resistance:  33000 
⬇️ Support:  30900 
 
FBM KLCI: 1,411.73 pts (+20.13pts, +1.45%) 
⬆️ Resistance:  1460 
⬇️ Support:  1370 
 
HSI Index: 19,518.59 pts (+314.68pts, +1.64%) 
⬆️ Resistance:  20200 
⬇️ Support:  18800 
 
Crude Palm Oil: RM3,920 (-RM13, -0.33%) 
⬆️ Resistance:  4220 
⬇️ Support:  3820 
 
Brent Oil: $72.97 (-$1.73, -2.32%) 
⬆️ Resistance:  85.20 
⬇️ Support:  70.00 
 
Gold: $1,989.25 (+$69.73, +3.63%) 
⬆️ Resistance:  2030 
⬇️ Support:  1840 
 
M+ Online Technical Focus - 20 Mar 23 
Poh Kong Holdings Bhd: Hedging against market volatility 
 
Trading Catalyst 
• One of the largest distributor and supplier of jewelry, precious stones, semi-precious stones and gold ornament in Malaysia. 
• Upcoming Malaysia International Jewellery Fair taking place from 31st March 2023 to 3rd April 2023 may boost demand and sales of gold and jewelries. 
• Renewed volatility in riskier asset classes and prospects of less hawkish US Federal Reserve move has provided support for the recent rally in gold prices. 
• Technically, traders may anticipate for a breakout above RM0.88 to target the next resistances at RM0.915-0.93 with long term target set at RM0.99. 
 
Technical View 
 
(i) POHKONG (S: RM0.825, R: RM0.915-0.93, LT TP: RM0.99, CL: RM0.82) 
 
S: Support, R: Resistance, LT TP: Long term target price, CL: Cut loss 
 
Economic Releases For The Week (20/3/2023-24/3/2023): 
 
21/03/2023 
EU - Eurozone's ZEW Economic Sentiment Index, 6.00PM 
US - United States' Existing Home Sales, 10.00PM 
 
22/03/2023 
UK - United Kingdom's Inflation Rate, 3.00PM 
 
23/03/2023 
US - United States' Fed Interest Rate Decision, 2.00AM 
US - United States' FOMC Economic Projections, 2.00AM 
UK - United Kingdom's Bank of England Interest Rate Decision, 8.00PM 
US - United States' New Home Sales, 10.00PM 
 
24/03/2023 
JP - Japan's Inflation Rate, 7.30AM 
MY - Malaysia's Inflation Rate, 12.00PM 
UK - United Kingdom's Retail Sales, 3.00PM 
 
Source: Bloomberg, M+ Online

Market update: The FBM KLCI bounced higher along with the regional markets amid a relief rally in view of a rescue plan for the US banking sector. Although the volatility may persist on the local bourse following Wall Street’s retreat amid lingering concern over the US banking turmoil and Credit Suisse crises, we expect the market to stay calmer as UBS announced to take over Credit Suisse just this morning. Meanwhile, traders will monitor on the US Federal Reserve interest rate decision this week. Commodities wise, the Brent crude oil is still hovering above USD72 per barrel, while the CPO price is trading below RM4,000. Gold prices surged, trading just below USD1,990 as investors rush for safe haven asset.
 
Sector focus: The gold related counters may gain momentum as turmoil in US banking sector has brought interest in gold, spurring the commodities prices. Besides, other defensive sectors such as telecommunications, consumer staples, and health care sectors may shine amidst fragile sentiment in the market.

Stocks to watch: 
Consumer: CIHLDG, LEESK
Medical-related: AHEALTH, KPJ, LYC
Property: EWEIN, TANCO
Technology: GENETEC, VSTECS
Gold-related: POHKONG, TOMEI
Others: DANCO, FIHB, GAMUDA, MCEHLDG

Source: M+ Online

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