The market will be focusing on a recovery theme moving forward, as Malaysia will reopen the border to international visitors starting from 1st April 2022, which may benefit the banking and consumer sectors. Malacca Securities said in a note.
Meanwhile, it said selected glove stocks might trade on a positive note with Shenzhen caught in a lockdown mode again.
On Bursa’s performance, the stockbroking house said that the FBM KLCI retreated amidst the mixed regional market, as the sentiment remained negative, tracking the performance on Wall Street overnight.
Moving forward, Malacca Securities expects the market to consolidate over the near term given the unresolved Russia-Ukraine tension and monetary policy decision from the US Federal Reserve this week will be watched closely. It said that should the Fed turn less hawkish in the upcoming meeting that may push the market higher going forward. Commodities wise, the crude oil hovered around USD110, while the CPO staged a pullback after recent rallies, hovering around RM6,700
