Profit-Taking Likely To Emerge In the Energy Sector While Plantation Stocks May Gain Traction

Profit-taking activities are likely to emerge in the energy sector as Brent has cooled off while plantation stocks may still gain traction on the back of firm CPO price, Malacca Securities said in a note.

On the recovery theme, the stockbroking firm said that investors may focus on the financial, tourism, and consumer sectors for the near term.

On Bursa’s performance, it said that the FBM KLCI posted a further rebound in tandem with its regional peers amid fading geopolitical tension between Russia and Ukraine.

“However, failure of the Russia-Ukraine talks on a cease-fire, coupled with the inflationary pressure could lead to more hawkish tone in the FOMC meeting next week. Hence, the retracement yesterday on Wall Street may put pressure on the local front and profit-taking activities may emerge,” it said.

 On the commodity market, the Brent oil price has retreated below USD110, while the CPO price remains fairly elevated around the RM7,000 level.

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