M+ Online Morning Market Buzz - 28 Apr 23

Dow Jones: 33,826.16 pts (+524.29pts, +1.57%)
⬆️ Resistance:  34600
⬇️ Support:  32900

FBM KLCI: 1,418.05 pts (+3.80pts, +0.27%)
⬆️ Resistance:  1470
⬇️ Support:  1400

HSI Index: 19,840.28 pts (+83.01pts, +0.42%)
⬆️ Resistance:  20900
⬇️ Support:  19300

Crude Palm Oil: RM3,469 (+RM14, +0.41%)
⬆️ Resistance:  3870
⬇️ Support:  3480

Brent Oil: $78.37 (+$0.68, +0.88%)
⬆️ Resistance:  84.50
⬇️ Support:  75.20

Gold: $1,987.78 (-$1.26, -0.06%)
⬆️ Resistance:  2050
⬇️ Support:  1950

M+ Online Technical Trading Stocks - 28 Apr 23

Stock Name: SUNCON (5263)
Entry: Buy above RM1.71
Target: RM1.77 (3.5%), RM1.80 (5.3%)
Stop: RM1.67 (-2.3%)
Shariah: Yes
Technical: Flag-formation breakout

Stock Name: PTRANS (0186)
Entry: Buy above RM1.08
Target: RM1.16 (7.4%), RM1.20 (11.1%)
Stop: RM1.00 (-7.4%)
Shariah: Yes
Technical: Monitor for breakout

Source: Bloomberg, M+ Online

Market update: The FBM KLCI rebounded mildly with bargain hunting activities seen within the selected banking and telco sectors, while GENM headed higher after the land sale in Miami. We believe the follow-through buying interest could be seen today following the strong surge on Wall Street after the upbeat earnings from the technology giants such despite the GDP growing at 1.1% (below expectations). Commodities wise, the Brent crude oil price rebounded mildly above USD78, but the FCPO is hovering below the RM3,500 zone. Meanwhile, the gold price hovered below USD2,000 as it was briefly traded above the psychological level. 

Sector focus: We should anticipate a broad-based rebound on the market coupled with the return of buying interest within the technology stocks following a good set of results from Wall Street. Also, with the investors brushing off the recessionary fears at least for the near term after a mild growth was observed in the US GDP, investors may take on some exposure within the banking sector.

Stocks to watch:
Telecommunication & Media: GAMUDA, SUNCON, WCEHB
Technology: PENTA, CNERGEN, KGB
Technology: PAVREIT, IGBREIT
Renewable energy-related: SAMAIDEN, SUNVIEW
Others: SUNSURIA, SASBADI, SIGN, OPCOM, EFRAME, PTRANS, CAB

Source: M+ Online

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