Malacca Securities Sdn Bhd expects market sentiment on the local front to remain cautious as Investors are still digesting and uncertain about the pace of the potential interest rate hikes in the US.
It said that commodities-wise, both the CPO and crude oil price saw mild a retreat but remained firm on the uptrend cycle on the back of expectations over stronger demand under the recovery environment.
The stockbroking house said that the consumer sector may see greater demand under the economic recovery with it favouring energy and banking stocks over the near term while technology stocks extending their consolidation move
Reviewing yesterday’s performance, it said that the FBM KLCI (+0.4%) was boosted by the eleventh-hour buying support in selected banking and Petronas-related heavyweights yesterday.
It said that the lower liners, however, turned downbeat, while the broader market was mostly negative with the technology sector (-2.4%) underperformed.
