The energy sector should see some rebound in tandem with the elevated crude oil price, Malacca Securities said in a note.
It said that traders may put attention to aviation, tourism, and consumer sectors as Malaysia will reopen the travel borders on 1st April 2022.
The stockbroking firm said that the market-sensitive technology stocks may fall along with Nasdaq’s overnight pullback after the rally last 2 weeks.
On Bursa’s performance, FBM KLCI ended flat, while more focus was seen in small-cap and lower liners.
It said that as the prospect of ending the Russia-Ukraine war remained uncertain following the little progress made on the peace talks earlier, we opine that the market will remain in a consolidation phase at least over the near term.
On global markets, it said that Wall Street retreated as the Dow (+0.2%) halted a four-day recovery, on fading optimism over the potential de-escalation of war in Ukraine and Russia and persisting concern over the inflation acceleration.
It said that the European stock markets closed mostly weaker, but Asia stock markets closed mostly higher. On the commodity market, the crude oil price rebounded above USD110 per barrel mark, while the CPO traded below RM6,000.
