Regional negative sentiment may spill-over to stocks on the local front and profit-taking activities on the technology counters may emerge, Malacca Securities Sdn Bhd said in a note.
It said that tracking the weakness from Wall Street overnight, we believe investors may still be jittery in the anticipation of an interest rate hike environment as well as the still-spiking Covid19 cases.
On the commodity markets, the CPO price continued to trend above its all-time high, while the crude oil price hovered above the USD88/bbl mark.
Reviewing the local market’s performance, the stockbroking house said that FBM KLCI (-0.2%) recorded its fourth-day losing streak, on the back of weakness in banking and gloves heavyweights yesterday.
It said that the lower liners, however, rebounded on bargain hunting activities, while the broader market turned mostly upbeat, led by the recovery in the technology sector (+1.9%).
