M+ Online Morning Market Buzz - 10 Apr 23

Dow Jones: 33,485.29 pts (+2.57pts, +0.01%)
⬆️ Resistance:  34400
⬇️ Support:  32600

FBM KLCI: 1,427.04 pts (+2.15pts, +0.15%)
⬆️ Resistance:  1470
⬇️ Support:  1390

HSI Index: 20,331.20 pts (+56.61pts, +0.28%)
⬆️ Resistance:  20900
⬇️ Support:  19700

Crude Palm Oil: RM3,794 (-RM29, -0.76%)
⬆️ Resistance:  4060
⬇️ Support:  3700

Brent Oil: $85.12 (+$0.13, +0.15%)
⬆️ Resistance:  88.20
⬇️ Support:  81.90

Gold: $2,007.91 (-$12.82, -0.63%)
⬆️ Resistance:  2080
⬇️ Support:  1920

M+ Online Technical Focus - 10 Apr 23
Umedic Bhd: Integrated healthcare supply chain player

Trading Catalyst
• More than 20 years of operational history, having served more than 1,000 customers and offered more than 100 healthcare equipment and accessories.
• Embarking onto the construction of a new factory building with a built-up area of 35,000 sqf in Batu Kawan, Penang in anticipation of higher sales volumes and expanding products offering.
• Recovery of demand for medical tourism as well as improvement in private and public healthcare systems may indirectly drives growth.
• Technically, traders may anticipate for a potential flag-formation breakout above RM0.85 to target the next resistances at RM0.89-0.905 with long term target at RM0.975.

Technical View

(i) UMC (S: RM0.795, R: RM0.89-0.905, LT TP: RM0.975, CL: RM0.79)

S: Support, R: Resistance, LT TP: Long term target price, CL: Cut loss

Economic Releases For The Week (10/4/2023-14/4/2023):

10/4/2023
MY - Malaysia's Unemployment Rate, 12.00PM
JP - Japan's Consumer Confidence, 1.00PM

11/4/2023
CN - China's Inflation Rate, 9.30AM
CN - China's Producer Price Index, 9.30AM
MY - Malaysia's Retail Sales, 12.00PM
MY - Malaysia's Industrial Production, 12.00PM
EU - Eurozone's Retail Sales, 5.00PM

12/4/2023
JP - Japan's Machinery Orders, 7.50AM
JP - Japan's Producer Price Index, 7.50AM
US - United States' Inflation Rate, 8.30PM

13/4/2023
US - United States' FOMC Minutes, 2.00AM
UK - United Kingdom's Industrial Production, 2.00PM
UK - United Kingdom's Manufacturing Production, 2.00PM
EU - Eurozone's Industrial Production, 5.00PM
US - United States' Producer Price Index, 8.30PM

14/4/2023
US - United States' Retail Sales, 8.30PM
US - United States' Industrial Production, 9.15PM
US - United States' Manufacturing Production, 9.15PM

Source: Bloomberg, M+ Online

Market update: The FBM KLCI rebounded as bargain-hunting activities picked up in the final trading hour. Investors may continue to eye the rising tension between the US and China. Meanwhile, the market should focus on the US inflation data and FOMC Minutes which will be released this week to gauge the Fed’s aggressiveness in the future rate hikes. On the local bourse, bargain hunters may continue to dominate. Commodities wise, the Brent crude oil traded above USD85 per barrel, while the CPO price hovered above RM3,950. Gold price sustained above USD2,000. 
 
Sector focus: Given the solid crude oil price, the oil & gas counters may continue to shine across sectors. Besides, investors may favour gold counters amid global uncertainties. Defensive sectors such as telecommunications, utilities and consumer stapled may gain momentum.

Stocks to watch:  
Consumer: FIHB, INNATURE, PWF
Medical-related: DPHARMA, KOSSAN, UMC
O&G: CARIMIN, NAIM, UZMA
Property & REITs: EWINT, HEKTAR, MCT
Others: CAPITALA, MCEHLDG, MCEMENT, PENTA, RCECAP

Source: M+ Online

Disclaimer

The content published is solely for information and personal use only. It should not be construed to be, any advice, recommendation, offer or invitation to buy or sell any securities, futures contracts or any other instrument. Readers should seek independent advice from their own professional advisers (including legal, tax, financial and accounting) as to the risks and merits before entering into any transaction pursuant to or in reliance on any information here.

The content published above shall only be for your sole and personal non-professional use. No guarantee is given on the accuracy or completeness of the information published here. No warranty whatsoever is given and no liability whatsoever is accepted for any loss arising whether directly or indirectly as a result of any person or group of persons acting on such information.