M+ Online Morning Market Buzz - 19 Apr 23 
 
Dow Jones: 33,976.63 pts (-10.55pts, -0.03%) 
⬆️ Resistance:  34800 
⬇️ Support:  33000 
 
FBM KLCI: 1,432.36 pts (-2.54pts, -0.18%) 
⬆️ Resistance:  1470 
⬇️ Support:  1410 
 
HSI Index: 20,650.51 pts (-131.94pts, -0.63%) 
⬆️ Resistance:  21300 
⬇️ Support:  19500 
 
Crude Palm Oil: RM3,811 (+RM22, +0.58%) 
⬆️ Resistance:  3990 
⬇️ Support:  3500 
 
Brent Oil: $84.77 (+$0.01, +0.01%) 
⬆️ Resistance:  89.30 
⬇️ Support:  82.20 
 
Gold: $2,005.45 (+$10.26, +0.51%) 
⬆️ Resistance:  2090 
⬇️ Support:  1950 
 
M+ Online Technical Focus - 19 Apr 23 
Malakoff Corporation Bhd: Beefing up the renewable portfolio 
 
Trading Catalyst 
• Engages as a multinational power, water and environmental solutions provider with core focus in thermal power generation, renewable energy, environmental solutions and water desalination. 
• Growth to be boosted by additions of 3 hydropower plants in Kelantan and is expected to increase renewable portfolio by additional 84MW. 
• Smoother operations after Tanjung Bin Energy (TBE) power plant underwent a 55-day scheduled outage and a 17-day forced outage in October 2022 and December 2022 respectively. 
• Technically, traders may anticipate for a resistance breakout above RM0.715 to target the next resistances at RM0.74-0.76 with long term target at RM0.785. 
 
Technical View 
 
(i) MALAKOF (S: RM0.68, R: RM0.74-0.76, LT TP: RM0.785, CL: RM0.675) 
 
S: Support, R: Resistance, LT TP: Long term target price, CL: Cut loss 
 
Source: Bloomberg, M+ Online

Market update: The FBM KLCI extended its decline along with most of the regional markets as the sentiment remained weak despite positive China’s GDP growth. The local bourse may see further consolidation on the global front during the earnings season as the corporate results may be impacted from the interest rate hike environment. Meanwhile, we believe the mixed sentiment may persist on the local front as traders may be on the sidelines ahead of the special holiday on Friday. Commodities wise, the crude oil price hovered above USD84, while the CPO price climbed above RM3,800. Again, the gold price notched higher above USD2,000.  

Sector focus: The plantation sector could be under the limelight given the solid CPO price. Meanwhile, investors may pile into gold counters as gold prices remained strong above USD2,000. Also, we expect investors to favour telecommunications, utilities, and consumer stocks under this uncertain environment.  

Stocks to watch:
Telco: CDB, MAXIS
Plantation: TAANN, HSPLANT, JTIASA
Healthcare: DPHARMA, UMC, CENGILD
Construction:  GAMUDA, WCEHB
Others: ARMADA, YBS, OWG, PPJACK, MALAKOF, PECCA, VSTECS

Source: M+ Online

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