M+ Online Morning Market Buzz - 28 Dec 22
Dow Jones: 33,241.56 pts (+37.63pts, +0.11%)
⬆️ Resistance: 34200
⬇️ Support: 32000
FBM KLCI: 1,474.69 pts (+0.01pts, +0.00%)
⬆️ Resistance: 1510
⬇️ Support: 1430
HSI Index: 19,593.06 pts (-86.16pts, -0.44%)
⬆️ Resistance: 20200
⬇️ Support: 18700
Crude Palm Oil: RM4,118 (+RM18, +0.44%)
⬆️ Resistance: 4200
⬇️ Support: 3740
Brent Oil: $84.33 (+$0.41, +0.49%)
⬆️ Resistance: 87.40
⬇️ Support: 78.00
Gold: $1,813.69 (+$15.49, +0.86%)
⬆️ Resistance: 1870
⬇️ Support: 1750
M+ Online Technical Trading Stocks - 28 Dec 22
Stock Name: TSH (9059)
Entry: Buy above RM1.07
Target: RM1.11 (3.7%), RM1.14 (6.5%)
Stop: RM1.03 (-3.7%)
Shariah: Yes
Technical: Consolidation breakout
Stock Name: RENEUCO (7130)
Entry: Buy above RM0.305
Target: RM0.325 (6.6%), RM0.35 (14.8%)
Stop: RM0.29 (-4.9%)
Shariah: Yes
Technical: Monitor for breakout
Source: Bloomberg, M+ Online
Market update: The FBM KLCI traded unchanged at the start of holiday-shortened week amid worries over the worsening Covid-19 situation in China. While quick profit-taking activities on Wall Street could imply that the outlook remained gloomy on the global front, we believe the local bourse may poised for further recovery on the back of bargain-hunting activities as China’s loosening of Covid-19 quarantine measures should boost tourism activities going forward. Commodities wise, the Brent crude oil price steadied above USD84 on prospects for reopening demand from China as well as Russia’s banning of supply to countries that impose a price cap. Meanwhile, the CPO price settled above RM4,100.
Sector focus: Rallies in healthcare stocks may continue as China’s plan on loosening its Covid-19 quarantine rule for inbound travellers may lead to a higher number of Covid-19 cases. Besides, investors may look out for commodities related stocks such as oil & gas and plantation amid rising commodities prices.
Stocks to watch:
O&G: CARIMIN, DAYANG, DIALOG, MHB
Plantation: BPLANT, JTIASA, THPLANT, TSH
Renewable energy: CYPARK, RENEUCO
Building material: EMETALL, LBALUM, PMBTECH
Others: CCK, PECCA
Source: M+ Online
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