M+ Online Morning Market Buzz - 2 Aug 22
Dow Jones: 32,798.40 pts (-46.73pts, -0.14%)
⬆️ Resistance: 33700
⬇️ Support: 31100
FBM KLCI: 1,502.07 pts (+9.84pts, +0.66%)
⬆️ Resistance: 1530
⬇️ Support: 1430
HSI Index: 20,165.84 pts (+9.33pts, +0.05%)
⬆️ Resistance: 21400
⬇️ Support: 19500
Crude Palm Oil: RM4,025 (-RM35, -0.86%)
⬆️ Resistance: 4400
⬇️ Support: 3600
Brent Oil: $100.03 (-$9.98, -9.07%)
⬆️ Resistance: 112.90
⬇️ Support: 97.20
Gold: $1,772.17 (+$6.23, +0.35%)
⬆️ Resistance: 1820
⬇️ Support: 1680
M+ Online Technical Trading Stocks - 2 Aug 22
Stock Name: HARNLEN (7501)
Entry: Buy above RM1.50
Target: RM1.61 (7.3%), RM1.70 (13.3%)
Stop: RM1.40 (-6.7%)
Shariah: Yes
Technical: Breakout-pullback-continuation
Stock Name: KGB (0151)
Entry: Buy above RM1.26
Target: RM1.37 (8.7%), RM1.42 (12.7%)
Stop: RM1.19 (-5.6%)
Shariah: Yes
Technical: Monitor for breakout
Market update: The FBM KLCI stayed on an upbeat note along with most of the regional peers as the key index crossed above the psychological 1,500 level. Whilst profit taking activities may occur, digesting the recent gains, we continue to expect a relatively positive market undertone moving forward as investors could be shrugging off the concerns over aggressive interest rate hikes in the US. Commodities wise, the crude oil tumbled, trading around the USD100 per barrel mark amid renewed demand concerns, while the CPO price declined but still hovering above RM4,000.
Sector focus: As the focus is shifting towards the earnings season, companies with solid performance might be under the limelight. Investors may look out for sectors such as technology stocks on the back of stronger USD and guidance from the US tech giants, while the banking and consumer sectors could be setting for a decent earnings recovery amid the pent-up demand during 2Q. Besides, the plantation sector could benefit from recent price hike.
Stocks to watch:
Technology & Telco: AEMULUS, D&O, GREATEC, GTRONIC, JHM, KGB, KOBAY, MAXIS, PENTA, QES, REVENUE, VIS, VS, YBS
Consumer: BJFOOD, FFB, LAYHONG, PADINI, SDS
Power-related: MFCB, YTLPOWR
Transportation & Logistics: SWIFT, TASCO
Property & REITs: ECOWLD, IGBREIT, SIMEPROP
O&G: COASTAL, PCHEM
Others: BSTEAD, CIMB, EVERGRN, KPJ, MAGNUM, TSH
Source: M+ Online
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