Investors are likely to stay defensive for this week on the back of rising Covid 19 cases in China and the unresolved geopolitical tension between Ukraine-Russia, Malacca Securities said in a note.
On some of the upcoming catalysts for traders to monitor, it said that the Russia-Ukraine ongoing negotiations, upcoming interest rate decision in the US, and the spike in Covid-19 cases in China, which may affect the manufacturing sector at least in the near term.
On the commodity markets, the crude oil price retreated further to around USD105, while the CPO price traded around RM6,300.
On sectors, the stockbroking house said that the consumer and banking stocks may outperform amid the reopening of travel borders, which should bode well for the economic recovery.
Malacca Securities said that the O&G and plantation sector to take a breather after recent rallies as the commodity prices are cooling.
