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Final day of November, what have you traded?

The Bursa Exchange has been quite volatile last week and the FBM KLCI has turned negative at the time of writing going into the final day of the reporting season. Although the market was slightly negative, things are going well for our Daily Pick list
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The Bursa Exchange has been quite volatile last week and the FBM KLCI has turned negative at the time of writing going into the final day of the reporting season. Although the market was slightly negative, things are going well for our Daily Pick list. In our daily list, some of the stocks that have triggered as early during the start of the trading session. 

One of the stocks under our list is TNLOGIS. We found this stock to be one of the potential beneficiaries of the vaccine theme as Malaysia’s government has agreed to get Pfizer’s ultra cold vaccine and TNLOGIS has the cold chain facilities. Technically, TNLOGIS has consolidated over the past 3 trading days before breaking out today above RM0.775. With the vaccine news flow likely to persist over the next few weeks, TNLOGIS should trend higher, potential resistance will be located around RM0.92-1.00. Support is at RM0.775.

TNLOGIS – A clear breakout above RM0.775

Source: M+ Wiz

Do note that the example above is not a recommendation for buying and selling purposes, please take advice from your brokers before making any important decisions in the market. 

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Technical Focus – KPOWER

Engages in sustainable energy and utilities business in relation to construction activities that are specialised engineering services and subsequently diversified into the healthcare and logistics business. Outstanding orderbook as of end-Feb 2021 at approximately RM1.60bn implies an orderbook-to-cover ratio of 16.7x against FY20 revenue of RM95.8m will sustain earnings over the next 3-4 years. Shortlisted for the development of Large Scale Solar (LSS4) programme with 50MW capacity will be able to generate recurring income for 21 years. Technically, the short-term consolidation breakout above RM1.96 may power price to target the next resistances at RM2.20-2.32 with long term target set at RM2.58.

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Still on the ascend

The FBM KLCI locked in third consecutive gains last Friday, as focus was shifted from glove counters to the telecommunication sector following Celcom-DiGi merger talks. Tracking the overnight improvement on Wall Street, the local bourse may trend on a slightly positive tone after hovering firmer above the critical 1,600 level. However, we believe the market sentiment will remain choppy amid rising Covid-19 cases (albeit the ongoing vaccine rollout plan for Covid-19), coupled with the development regarding the new wave of Covid-19 outbreak in some countries and Europe and Asia.

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HSI-HGK dominates the warrants market

The Malaysia warrants market saw a total of RM233.3mil traded on the second week of April, which is 15.4% higher than RM202.1mil in the prior week. Out of which, the warrants over Malaysian underlyings were the largest contributor with RM167.4mil traded (71.8% to the total turnover) followed by warrants over the Hang Seng Index (HSI) with RM56.3mil traded (24.1% of total turnover) as the Hong Kong market was shut on Monday and Tuesday.

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Defending 1,600

The FBM KLCI posted mild gains yesterday as investors piled into glove heavyweights with the narrative of potential surge in demand for gloves amid the recent waves of Covid-19 outbreak in Europe and parts of Asia. Tracking the overnight gains on Wall Street, Nasdaq especially, we expect the positive sentiment to spill over to technology stocks on the local front. Commodities wise, the CPO prices saw a modest decline while the Brent oil price edged higher.

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