Consumer and Technology Stock Looks Promising: Malacca Securities

Malacca Securities Bhd advised investors look out for bargain hunting activities especially in the consumer-related sector amid economic recovery, as well as the technology sector given its positive prospects over the longer run. It added that the plantation sector may gain traction ahead of the earnings season.

It said that it expects stock market to stay volatile and downward bias at least for the near term given the Wall Street is still on the pullback phase. “However, investors may look for laggard counters with high earning visibility ahead of the February reporting season. Commodities wise, both the crude oil and CPO prices continued to trend higher,” it said

Reviewing yesterday’s performance, the stocbroking house said that the FBM KLCI (-0.9%) endured another volatile session alongside with weakness across regional peers that was marred by the selloff on Wall Street overnight.

It said that the lower liners declined, while all 13 major sectors on the broader market ended in the red with the technology sector (-1.4%) taking the heaviest hit.

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