M+ Online Morning Market Buzz - 17 Apr 23 
 
Dow Jones: 33,886.47 pts (-143.22pts, -0.42%) 
⬆️ Resistance:  34800 
⬇️ Support:  32700 
 
FBM KLCI: 1,435.13 pts (+0.91pts, +0.06%) 
⬆️ Resistance:  1470 
⬇️ Support:  1400 
 
HSI Index: 20,438.81 pts (+94.33pts, +0.46%) 
⬆️ Resistance:  21200 
⬇️ Support:  19500 
 
Crude Palm Oil: RM3,566 (-RM30, -0.83%) 
⬆️ Resistance:  4000 
⬇️ Support:  3580 
 
Brent Oil: $86.31 (+$0.22, +0.26%) 
⬆️ Resistance:  89.30 
⬇️ Support:  82.10 
 
Gold: $2,004.17 (-$36.05, -1.77%) 
⬆️ Resistance:  2090 
⬇️ Support:  1950 
 
M+ Online Technical Focus - 17 Apr 23 
Betamek Bhd: Boosted by robust Perodua sales 
 
Trading Catalyst 
• Engages as a one-stop solution for developing and manufacturing electronic products, with comprehensive onsite R&D facilities, production engineering and manufacturing. 
• Expansion into the development of a battery management system-on-a-chip for electric vehicles. 
• Partnered ManagePay Systems Bhd to incorporate solar energy at its electronic products manufacturing facility in Rawang, Selangor over a 25-year period. 
• Technically, price has formed a flag-formation breakout above RM0.52 and may target the next resistances at RM0.56-0.585 with long term target at RM0.645. 
 
Technical View 
 
(i) BETA (S: RM0.475, R: RM0.56-0.585, LT TP: RM0.645, CL: RM0.47) 
 
S: Support, R: Resistance, LT TP: Long term target price, CL: Cut loss 
 
Economic Releases For The Week (17/4/2023-21/4/2023): 
 
18/4/2023 
CN - China's 1Q23 GDP Growth Rate, 10.00AM 
CN - China's Industrial Production, 10.00AM 
CN - China's Retail Sales, 10.00AM 
CN - China's Unemployment Rate, 10.00AM 
CN - China's 1Q23 Industrial Capacity Utilisation, 10.00AM 
UK - United Kingdom's Unemployment Rate, 2.00PM 
EU - Eurozone's ZEW Economic Sentiment, 5.00PM 
 
19/4/2023 
JP - Japan's Industrial Production, 12.30PM 
UK - United Kingdom's Inflation Rate, 2.00PM 
EU - Eurozone's Inflation Rate, 5.00PM 
 
20/4/2023 
MY - Malaysia's Inflation Rate, 12.00PM 
US - United States' Existing Home Sales, 10.00PM 
 
21/4/2023 
UK - United Kingdom's Retail Sales, 2.00PM 
 
Source: Bloomberg, M+ Online

Market update: The FBM KLCI posted mild gains amidst the positive regional markets sentiment as investors anticipated a less-aggressive rate hike by the US Fed. Following the pullback on Wall Street, investors may trade on a cautiously positive mode prior to the Hari Raya Aidilfitri festive celebration, while all eyes will be on Eurozone’s and Malaysia’s inflation rate this week. Commodities wise, the Brent crude oil traded above USD86 per barrel mark, while the crude oil price hovered above RM3,550. Gold price remained resilient above USD2,000. 
 
Sector focus: We reckon that the commodities related sectors such as energy and plantation may outperform given the solid crude oil and CPO prices. Meanwhile, investors may continue to like gold related counters as safety havens while turning away from technology sector amid risk-off mode.

Stocks to watch:  
Technology: 
Stocks to watch:
Telco: MAXIS, BINACOM, OCK
Utilities: YTLPOWR, TENAGA, RANHILL
Automotive: MCEHLDG, BETA
Technology: CORAZA, PENTA, KGB
Others: PPHB, RGB, SASBADI, FOCUSP, AIRPORT

Source: M+ Online

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