The pullback in the energy and plantation sectors amid the weaker oil and CPO prices is expected while the recovery-themed sector such as consumer and banking should continue the uptrend move, Malacca Securities said in a note.
It said that we noticed buying support within the glove manufacturers and investors may look into them for longer-term investing mode.
On Bursa’s performance, it said that the FBM KLCI surpassed the 1,600 marks on Friday as investors cheered the progress towards endemic on the first day of border reopening.
It said that the reopening of the international border, coupled with the declining daily Covid-19 confirmed cases will continue to bode well for the recovery of business activities.
On the performance of the international market, Wall Street staged a mild recovery as the Dow (+0.4%) rose on the strong jobs data as the unemployment rate in March 2022 fell to 3.6%; the lowest since February 2020. The European stock markets also advanced, but Asia stock markets closed mixed.
On the commodities market, crude oil price settled lower below the USD110 per barrel mark after a truce in Middle East conflict eased potential supply concern and members of the International Energy Agency (IEA) agreed to join the US oil reserves release. Meanwhile, CPO price hovered around RM5,500 zone
