Selected O&G And Technology Stocks May See A Pullback Taking Cue From Wall Street

Selected O&G stock may see a pullback following the US decision to release its oil reserve. The technology sector may take a cue from the negative performance in Nasdaq overnight, Malacca Securities said.

Meanwhile, it said that the reckon the airport, aviation, tourism, consumer, and banking stocks could remain upbeat as border reopening bodes well for economic recovery.

On Bursa’s performance, it said that the FBM KLCI (+0.3%) rebounded, spurred by the final hour buying support amongst selected banking and Petronas-related heavyweights yesterday.

It said that the lower liners also advanced, while only the utilities (-0.5%) and plantation (- 0.1%) underperformed their sectorial peers.

On the global markets, it said that Wall Street turned volatile as the Dow (-1.6%)  and over the persisting concern over the progress of the tension between Ukraine and Russia, while crude oil prices tumbled after US President Joe Biden plans to release 1.0million barrels of oil reserves a day for 6 months.

It said that the European stock markets also turned lower, but Asia stock markets ended mostly negative.

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