The local market is expected to extend its rebound with the banking sector taking the lead after the interest rate hike in the US, Malacca Securities said in a note.
It said that as it is getting closer to the reopening of borders, investors may focus on recovery themes and consumer stocks. Commodity-wise, the crude oil continued to trade below the USD100 per barrel mark, while the CPO price hovered below RM6,000 amid fading geopolitical tension.
Reviewing Bursa’s performance, Malacca Securities said that The FBM KLCI (+0.9%) reversed the three-day losing streak and rebounded along with the regional markets after China vowed to keep the stockmarkets stable.
It said that the lower liners trended higher with the technology (+5.1%) and the construction sectors (+5.0%) led gains on the positive broader market.
The stockbroking firm said that it noticed significant buying interest within the construction sector yesterday, which may sustain ahead of the GE15.
