Market Likely To Remain Bearish Following Broad-Based Selloff

The market will remain in the negative bias following the broad-based selloff overnight with some mild bargain hunting activities within the commodity-related sectors, Malacca Securities said in a note.

The stockbroking firm said that utilities and REIT could be defensive for investors under the volatile market. “Note that the technology sector may follow the Nasdaq’s movement which has crossed below the key 13,000 level,” it said

Reviewing the performance of FBM KLCI, Malacca Securities said that it suffered huge losses in tandem with the slump in regional markets, as tensions between Russia and Ukraine continued to shake the market

“We expect investors to remain cautious and the sentiment is likely to stay negative on the broader market amid heightening concerns over inflationary pressure driven by the ongoing Russia-Ukraine conflict, which will affect the input costs of all goods,” the stockbroking firm said. At the point of writing, the crude oil price is trading above USD120 per barrel mark, while the CPO price hovered above RM6,500.

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