Energy Counter To Shine: Malacca Securities

United Malacca Securities Sdn Bhd expects energy counters to shine as the crude oil price continued its uptrend.

It said that besides, investors are likely to put banking, metal-related and consumer-related stocks on their radar on the back of economic recovery and easing concerns over the Omicron Covid-19 variant.

Reviewing yesterday’s performance, the stockbroking house said that the FBM KLCI (-0.1%) snapped a three-day rally on the back of profit-taking activities, dragged by weakness in banking heavyweights yesterday.

It said that the lower liners ended mixed, while the broader market finished mostly positive, anchored by the energy sector (+1.7%).

It said that with the recent continuous buying from foreign funds into our local exchange, we expect sentiment will remain sturdy and the FBM KLCI should revisit the 1,600 level in the near term.

On the commodities market, it said the crude oil price hovered above the USD84/bbl mark as investors anticipated strengthening demand amid the economic recovery mode, while the CPO price is hovering above RM5,000.

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