Bargain hunting activities likely to emerge today on the local bourse today, especially within the technology sector, Malacca Securities said in a note
The stockbroking house said that meanwhile, on the commodity markets, both the CPO and crude oil price declined but remained firm above RM5,200 and USD86 per barrel mark respectively.
It said that it believes investors may buy on dip ahead of the earnings season in February, especially technology stocks following the recent sell-down.
Besides, it said that investors may put the consumer and building material stocks on the radar given the improving economic conditions.
Reviewing Bursa’s performance, It said that the FBM KLCI slumped in line with the weaker performance across regional bourses as investors were trading cautiously ahead of the FOMC meeting, where the officials will discuss the monetary policies such as interest rate direction moving forward.
Malacca Securities said that The FBM KLCI (-0.3%) gapped down to finish lower again, dragged by weakness in banking and gloves heavyweights yesterday. The lower liners extended their decline, while the plantation sector (+0.4%) was the sole outperformer on the broader market.
