Bargain Hunting May Return To Local Market To Seize Opportunities

Bargain hunting activities may return to the local market and look out for oversold stocks for trading opportunities, Malacca Securities said in a note, Malacca Securities said in a note

It said that safe-haven-related sectors such as gold are likely to take a setback for today amid extended trading movements yesterday. “Also, both the CPO and crude oil have traded in a euphoria mode and that may attract traders to take profit,” it said.

The stockbroking firm said that selective profit-taking activities emerged in the energy and plantation sectors as the Brent oil and CPO traded off the intraday high position.

Meanwhile, it said that it expects the metal-related sector to trend positively in view of the elevated aluminum and rising steel prices. Besides, we opine the media sector may gain traction following Media Prima’s result a few days back.

Reviewing yesterday’s performance, Malacca Securities said the  FBM KLCI (-0.8%) was bogged down along with regional peers by the escalating geopolitical tension between Russia and Ukraine yesterday.

It said that the lower liners retreated, while the broader market closed mostly lower, apart from the plantation (+1.9%) and energy (+1.8%) sectors.

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