Selected energy, plantation, and metal-related stocks should trade within their uptrend move over the near term amid the unsettling tension between Russia and Ukraine, Malacca Securities said in a note. It said that the technology sector may rebound in tandem with Nasdaq move overnight.
On FBM KLCI, the stockbroking house said that it chalked up marginal gains led by the energy, plantation, and metal-related index components amid soaring commodity prices.
It said that it believes the key index is likely to hold its gains on the back of the sharp rebound on Wall Street overnight following the US Federal Reserve supporting smaller rate hikes going forward, surging crude oil prices after a global agreement to release crude reserves failed to calm fears over supply disruptions, and the likelihood for Bank Negara to hold the interest rate until end-June.
The crude oil price jumped above the USD112 per barrel mark, while the CPO price traded above RM6,600.
