M+ Online Morning Market Buzz - 21 Mar 23
Dow Jones: 32,244.58 pts (+382.60pts, +1.20%)
⬆️ Resistance: 33000
⬇️ Support: 30900
FBM KLCI: 1,401.81 pts (-9.92pts, -0.70%)
⬆️ Resistance: 1450
⬇️ Support: 1370
HSI Index: 19,000.71 pts (-517.88pts, -2.65%)
⬆️ Resistance: 20200
⬇️ Support: 18500
Crude Palm Oil: RM3,850 (+RM65, +1.72%)
⬆️ Resistance: 4150
⬇️ Support: 3700
Brent Oil: $73.79 (+$0.82, +1.12%)
⬆️ Resistance: 82.60
⬇️ Support: 68.80
Gold: $1,978.84 (-$10.41, -0.52%)
⬆️ Resistance: 2050
⬇️ Support: 1850
M+ Online Technical Trading Stocks - 21 Mar 23
Stock Name: EWEIN (7249)
Entry: Buy above RM0.575
Target: RM0.61 (6.1%), RM0.65 (13.0%)
Stop: RM0.54 (-6.1%)
Shariah: Yes
Technical: Resistance breakout
Stock Name: TOYOVEN (7173)
Entry: Buy above RM1.47
Target: RM1.66 (12.9%), RM1.70 (15.6%)
Stop: RM1.32 (-10.2%)
Shariah: Yes
Technical: Breakout-pullback-continuation
Source: Bloomberg, M+ Online
Market update: The FBM KLCI witnessed an intense selloff along with the regional peers as investors remained cautious over the banking turmoil in the US and Switzerland. However, we saw the sentiment improved on Wall Street following the rescue deal for Credit Suisse, while investors may shift their focus to the US Fed’s interest rate decision tomorrow (US time). We believe the local bourse will remain sideways until more clues are given after the conclusion of the FOMC meeting. Commodities wise, the Brent crude oil is hovering above USD73, while the CPO rebounded above RM3,800. Meanwhile, gold prices remained firm above USD1,950.
Sector focus: Given the rebound on Wall Street, we believe the technology sector may see a mild rebound following Nasdaq’s gains. Also, we expect investors to look for defensive stocks within the gold, consumer staples, and telecommunications sectors amidst the uncertain global environment.
Stocks to watch:
Technology: INFOM, PENTA, PIE, PRIVA, UNISEM, VSTECS
Consumer: CAB, FOCUSP, SASBADI
Property: EWEIN, HUAYANG, TANCO
Telco-related: AXIATA, OCK
Others: DPHARMA, TOYOVEN
Source: M+ Online
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