M+ Online Morning Market Buzz - 20 Apr 23 
 
Dow Jones: 33,897.01 pts (-79.62pts, -0.23%) 
⬆️ Resistance:  34800 
⬇️ Support:  33000 
 
FBM KLCI: 1,425.07 pts (-7.29pts, -0.51%) 
⬆️ Resistance:  1470 
⬇️ Support:  1410 
 
HSI Index: 20,367.76 pts (-282.75pts, -1.37%) 
⬆️ Resistance:  21300 
⬇️ Support:  19500 
 
Crude Palm Oil: RM3,768 (+RM33, +0.88%) 
⬆️ Resistance:  3990 
⬇️ Support:  3500 
 
Brent Oil: $82.84 (-$1.93, -2.28%) 
⬆️ Resistance:  87.30 
⬇️ Support:  81.20 
 
Gold: $1,994.93 (-$10.52, -0.52%) 
⬆️ Resistance:  2090 
⬇️ Support:  1950 
 
M+ Online Technical Trading Stocks - 20 Apr 23 
 
Stock Name: PWF (7134) 
Entry: Buy above RM0.675 
Target: RM0.70 (3.7%), RM0.725 (7.5%) 
Stop: RM0.66 (-2.2%) 
Shariah: Yes 
Technical: Monitor for breakout 
 
Stock Name: RCECAP (9296) 
Entry: Buy above RM1.89 
Target: RM2.00 (5.8%), RM2.10 (11.1%) 
Stop: RM1.83 (-3.2%) 
Shariah: Yes 
Technical: Monitor for breakout 
 
Source: Bloomberg, M+ Online

Market update: The FBM KLCI drifted south, marking the third-session of decline along with the weaker regional markets’ sentiment ahead of the Hari Raya public holiday; foreign funds turned net sellers for the second session with 5-day cumulative net selling value standing at RM46.6m. Meanwhile, given the muted tone on Wall Street, we expect the regional markets and local bourse could continue to trade in a range-bound manner. Commodities wise, Brent crude oil price slid towards USD82 per barrel, CPO traded above RM3,750, while gold price fell below USD2,000 amid strengthening USD.

Sector focus: Given the lower crude oil price, the energy sector may see selldown. Meanwhile, gold related counters may see selling pressure amid weakening gold prices. On the other hand, we expect the defensive nature sectors such as the telecommunication, banking, and consumer stapled sectors may stay focused amid prevailing cautious sentiment.

Stocks to watch:
Utilities: MALAKOF, PETGAS, RANHILL
Consumer: PADINI, LHI, PWF
Property:  MATRIX, IOIPG
Technology:  CTOS, ATECH, CNERGEN
Others: YTLREIT, VLB, MHB, RCECAP, ALCOM

Source: M+ Online

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