M+ Online Morning Market Buzz - 25 Apr 23

Dow Jones: 33,875.40 pts (+66.44pts, +0.22%)
⬆️ Resistance:  34800
⬇️ Support:  33000

FBM KLCI: 1,422.11 pts (-2.96pts, -0.21%)
⬆️ Resistance:  1460
⬇️ Support:  1410

HSI Index: 19,959.94 pts (-115.79pts, -0.58%)
⬆️ Resistance:  21200
⬇️ Support:  19500

Crude Palm Oil: RM3,705 (-RM30, -0.80%)
⬆️ Resistance:  3990
⬇️ Support:  3500

Brent Oil: $82.73 (+$1.07, +1.31%)
⬆️ Resistance:  87.30
⬇️ Support:  80.00

Gold: $1,989.14 (+$6.08, +0.31%)
⬆️ Resistance:  2090
⬇️ Support:  1950

M+ Online Technical Focus - 25 Apr 23
Only World Group Bhd: Benefitting from recovery of tourism activities 

Trading Catalyst
• Incorporated since 1973 and engaged in the provision of management services of leisure and hospitality services under the operation of food service outlets, water amusement parks and family attractions and other services.
• Influx of international tourist arrivals, particularly from China following the borders reopening to boost growth.
• Delivered a turnaround in the past 2 quarters alongside with improved revenue that was driven by higher traffic footfalls.
• Technically, the recovery above daily EMA9 and the re-establishment of uptrend formation may lift share price higher towards the next resistances at RM0.645-0.67 with long term target set at RM0.695.

Technical View

(i) OWG (S: RM0.58, R: RM0.645-0.67, LT TP: RM0.695, CL: RM0.575)

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

Economic Releases For The Week (24/4/2023-28/4/2023):

25/4/2023
US - United States' New Home Sales, 10.00PM

26/4/2023
JP - Japan's Unemployment Rate, 7.30AM

27/4/2023
MY - Malaysia's Producer Price Index, 12.00PM
EU - Eurozone's Economic Sentiment, 5.00PM
EU - Eurozone's Consumer Confidence, 5.00PM
EU - Eurozone's Industrial Sentiment, 5.00PM
EU - Eurozone's Services Sentiment, 5.00PM
EU - Eurozone's Consumer Inflation Expectations, 5.00PM
US - United States' 1Q23 GDP Growth Rate (Advance Reading), 8.30PM
US - United States' Pending Home Sales, 10.00PM

28/4/2023
JP - Japan's Retail Sales, 7.50AM
JP - Japan's Bank of Japan Interest Rate Decision, 11.00AM
EU - Eurozone's 1Q23 GDP Growth Rate (Flash), 5.00PM
US - United States' Chicago PMI, 9.45PM
US - United States' Michigan Consumer Sentiment, 10.00PM

Source: Bloomberg, M+ Online

Market update: The FBM KLCI marked the fourth session of losing streak as cautious sentiment continued to trigger profit taking activities prior to the Hari Raya break. Meanwhile, Wall Street ended mixed to kick off the new week as investors await more earnings reports this week, especially from several giant technology companies. Besides, key focus this week will include the US GDP and PCE data. Commodities wise, the Brent crude oil traded above USD82, while the CPO price hovered above RM3,700; Gold price saw a slight rebound but remained below USD2,000. 

Sector focus: The energy sector may still be favoured by traders as crude oil prices remained resilient above psychological USD80. Besides, investors may turn away from technology stocks ahead of the technology earnings week in the US. We expect the traders to shift their trading tone towards stocks with defensive characteristics such as utilities and telecommunications.

Stocks to watch:
Utilities: YTLPOWR, RANHILL
Property:  EWEIN, HUAYANG, ECOWLD
Transportation & Logistics:  MISC, SYSCORP, AAX
Consumer:  XL, GCB
Others: UMW, EG, SCICOM, BAHVEST, OWG, ASTRO

Source: M+ Online

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