The rebound in Nasdaq overnight is likely to spill over to the local technology stocks as investors are likely to scoop up the beaten-down shares, Malacca Securities said in a note.
It said that gold-related stocks may gain traction after POHKONG released its strong set of results as the gold price remained firm above USD1,900. Also, we remained positive on the recovery-themed stocks.
The stockbroking firm said that market sentiment continued to stay positive as buying interest in banking, gaming and O&G heavyweights lifted the FBM KLCI marginally higher.
Malacca Securities said that the reopening of travel borders in April should revive the economic sectors in Malaysia and benefit the recovery-themed stocks.
The stockbroking firm said that the sentiment may remain cautious amid the unresolved geopolitical tensions between Russia and Ukraine.
On the commodity markets, it said that the crude oil price saw a slight pullback, trading around USD118 per barrel mark as the US and its allies discussed a possible further release of oil, while CPO traded around RM5,900.
On the global markets, the stockbroking firm said that despite no significant progress between Ukraine and Russia, Wall Street advanced with the Dow (+1.0%) resuming its rallies on the back of the lower- than-expected jobless claims. The European markets finished mostly in the red, while the Asia stock markets were mixed.
On Bursa’s performance, it said that the FBM KLCI (+0.1%) edged higher as investors focused on recovery- themed stocks after Singapore and Malaysia reached an agreement to reopen the borders from April 2022. The lower liners ended higher, while the energy sector outperformed the positive-bias broader market amid elevating crude oil price.
