Plantation Stocks Could Be Traded Heavily Following Rebound In FCPO Price

Plantation stocks could be traded actively today following the rebound in FCPO price, Malacca Securities said in a note.

Meanwhile, it said that investors and traders could to focus on the construction, building material and property sectors following the highway deals.

On the local market, the stockbroking firm said that the market is expected to remain volatile over the near term, while investors continue to monitor the potential move of Western countries to impose more sanctions against Russia.

 Nevertheless, it said that the downside risk should be cushioned by continuous foreign inflows.

Malacca Securities said that the EU’s acceptance of Malaysia’s Covid-19 vaccination may bode well for the aviation sector moving forward. Commodities-wise, both crude oil and CPO prices trended higher as global demand remained strong.

On Bursa’s performance, the stockbroking firm said that The FBM KLCI (-0.2%) staged a pullback to close below the 1,600 level, on quick profit-taking in selected banking and gloves heavyweights yesterday.

The lower liners, however, extended their lead, while only the financial services (-0.5%) and REIT (-0.3%) sectors underperformed the positive broader market, the stockbroking firm said.

Wall Street extended its gains and the Dow (+0.3%) advanced, driven by technology shares after Tesla Inc CEO Elon Musk bought a 9.2% stake in Twitter Inc (+27.1%). The European stock markets also remained upbeat, while Asia stock markets ended mostly positive.

Previous articleIndonesian Economy Trending Positively Since January
Next articleFKLI Consolidating Beneath The Resistance: RHB Research


Please enter your comment!
Please enter your name here