Trading Interest Will Persist In Commodities Related Sectors

Trading interest will persist in the commodities-related sectors such as plantation and energy stocks, as the CPO and crude oil price remained firm, Malacca Securities said in a note.

It said that selectively, bargain hunting activities may still be seen in the technology sector as most of them are oversold.

Reviewing yesterday’s stock-market performance, the stockbroking house said that FBM KLCI (+0.5%) halted a 7-day losing streak, boosted by bargain hunting activities with more than two-thirds of the key index components ending higher yesterday.

Malacca Securities said that the lower liners also advanced, while the plantation sector (- 0.5%) was the sole underperformer on the positive broader market.

It believes profit-taking activities might emerge in the local bourse taking a cue from the softer performances on Wall Street following the Fed’s confirmation on the upcoming rate hikes direction and continuous bond tapering moving forward.

On a side note, the Festive Season Maximum Price Control Scheme (SHMMP) for the Chinese New Year may impact the poultry and consumer-related sectors. Commodities-wise, both the CPO and crude oil prices rose, with the latter closing just slightly below the USD90 per barrel mark.

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