Investors may shift into risk-off mode moving forward to focus on banking and consumer stocks with solid fundamentals, Malacca Securities said in a note
Meanwhile, it said that it remains positive on the energy and plantation counters given the firm uptrend in the respective commodity prices and may trade higher ahead of the reporting season.
Reviewing yesterday’s Bursa performance, the stockbroking firm said that The FBM KLCI roared back strongly in the post-Chinese New Year trade, but trading remained thin as investors were cautious amid mixed sentiment across regional markets.
It said that following another round of selloffs on Wall Street led by Meta on the back of poor earnings, we reckon regional stock markets to remain fragile, which eventually may spillover to stocks on the local front.
It said that Commodities wise, the crude oil stayed firm above USD91 per barrel mark, while the CPO price hovered above RM5,500.
