Rally in energy stocks may continue given that Brent Oil is holding up well last week and the recent increase in hospitalisation may boost trading activities within the vaccine and glove related players, Malacca Securities said in a note.
It said that Investors may turn their heads to commodities-related or consumer stocks over the near term as commodity prices remain elevated at this juncture. “The CPO price hovered above the RM5,500 level, while the Brent oil price traded above USD90 per barrel mark,” the stockbroking firm said.
Reviewing the market performance last Friday, Malacca Securities said that buying momentum fizzled on the FBM KLCI, in line with most of the regional peers last Friday following the slump on Wall Street amid the ongoing tension between Ukraine and Russia.
Hence, with the negative sentiment that took place on Wall Street, it expects the local technology counters are likely to continue underperforming the broader market.
.
