M+ Online Morning Market Buzz - 13 Jan 23
Dow Jones: 34,189.97 pts (+216.96pts, +0.64%)
⬆️ Resistance: 35000
⬇️ Support: 32400
FBM KLCI: 1,488.66 pts (+0.79pts, +0.05%)
⬆️ Resistance: 1530
⬇️ Support: 1450
HSI Index: 21,514.10 pts (+78.05pts, +0.36%)
⬆️ Resistance: 22200
⬇️ Support: 20500
Crude Palm Oil: RM3,914 (+RM3, +0.08%)
⬆️ Resistance: 4220
⬇️ Support: 3790
Brent Oil: $84.03 (+$1.36, +1.65%)
⬆️ Resistance: 86.40
⬇️ Support: 76.50
Gold: $1,897.09 (+$21.40, +1.14%)
⬆️ Resistance: 1940
⬇️ Support: 1800
M+ Online Technical Trading Stocks - 13 Jan 23
Stock Name: UWC (5292)
Entry: Buy above RM4.14
Target: RM4.40 (6.3%), RM4.60 (11.1%)
Stop: RM3.90 (-5.8%)
Shariah: Yes
Technical: Monitor for breakout
Stock Name: TASCO (5140)
Entry: Buy above RM0.915
Target: RM0.95 (3.8%), RM0.995 (8.7%)
Stop: RM0.885 (-3.3%)
Shariah: Yes
Technical: Resistance breakout
Source: Bloomberg, M+ Online
Market update: The FBM KLCI eked out marginal gains as investors traded cautiously prior to the US inflation data. Following a cooling inflation print in the US, investors may anticipate a less aggressive tone from the Fed moving forward. The optimism on Wall Street overnight, coupled with the higher Brent crude oil price around USD84 per barrel could lift the sentiment on our local bourse. On a side note, a comment from Deputy Prime Minister and Minister of Plantation and Commodities on the potential halt of palm oil export to European Union may trigger higher volatility in plantation counters. The CPO price has been consolidating around RM3,900.
Sector focus: Investors may seek for bargain hunting opportunities within the technology sector amid persisted uptrend move on Wall Street. Meanwhile, we continue to favour tourism and consumer stocks amid strong rebound in travel demand. The energy stocks may gain momentum amid firmer crude oil price.
Stocks to watch:
Technology: AEMULUS, CORAZA, GHLSYS, KRONO, MYEG, QES, UWC
Property: ECOWLD, MATRIX
Consumer: ABLEGLOB, BONIA, PELIKAN
Building material: PMETAL, PRESTAR
Transportation & Logistics: MAYBULK, TASCO
Others: BURSA, MALAKOF, REDTONE
Source: M+ Online
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