The key index is expected to maintain its positive bias move over the near term with the focus turning to the upcoming reopening of travel borders and the recovery theme moving forward, Malacca Securities said in a note.
Commodity prices remained elevated; the crude oil prices advanced above USD110 per barrel mark as the European Union considered the Russian oil ban, while the CPO price hovered above RM5,800.
The stockbroking firm said that the elevated crude oil price may continue to lift the O&G sector. “Besides, the tourism sector may benefit with the border reopening in April and the easing quarantine measures in Hong Kong,” it said.
Meanwhile, it expects 5G and construction-related news flow to the surface in the media and may lift the sentiment on the telco and construction sectors.
On the global markets, Wall Street turned volatile as the Dow (-0.6%) slipped, dragged by the hawkish remarks from the US Federal Reserve Chairman Jerome Powell regarding the interest rate direction. Elsewhere, both the European and Asia stockmarkets ended mixed.
On the local front, the FBM KLCI (-0.3%) halted a 3-day winning streak on the back of quick profit taking activities in selected plantation and banking heavyweights as foreign funds snapped a 30-day net buying position.
The lower liners, however, edged higher, while the broader market ended mostly positively, led by the technology sector (+3.7%).
