Technology Stocks To See A Tentative Recovery

Technology stocks are expected to stage a tentative recovery following the recent selloff while the healthcare sector may come under limelight amid surging daily Covid-19 cases, Malacca Securities said in a note.

It said that the energy and plantation counters may see mild profit-taking activities, earnings outlook for the sectors should remain positive.

Reviewing last Friday’s market performance, the stockbroking house said the FBM KLCI faltered after an overnight plunge on Wall Street spooked investors, underperforming the regional markets that were broadly positive.

It said that Wall Street staged a rebound overnight as the better-than-expected January jobs report propelled shares on the broader market.

Malacca Securities said that nevertheless, the local bourse could remain volatile with the daily Covid-19 cases breached above the 10,000 mark on Sunday under the Omicron wave. “On the commodities market, the crude oil price rallied towards USD93 per barrel mark, while the CPO price hovered above RM5,600, both showing no sign of slowing down, “ it said

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