Investors are expected to favour plantation and selected O&G counters over the near term until the May reporting season given the elevated crude oil and FCPO prices, Malacca Securities said in a note
Meanwhile, it said that it remains optimistic on the recovery-themed sectors as well as the construction and building material segments as traders may position themselves ahead of the GE15 albeit the timeline is still unclear.
On the local bourse, the stockbroking firm said that the local bourse is expected to trade in a consolidation mode as investors mulled over the US hawkish stance as well as the Russia sanction.
Nevertheless, it said that it believes the downside risk may be cushioned by the recovery in business activities. Commodities-wise, both the crude oil and CPO were traded lower, hovering above USD100 and RM5,800 respectively.
On yesterday’s performance of Bursa, Malacca Securities said that the FBM KLCI (-0.2%) edged slightly lower after trading in a lacklustre manner with more than half of the key index components ended in the red yesterday. The lower liners also staged a pullback, while only the plantation (+0.2%) and property (+0.02%) sectors outperformed in the broader market.
On the global markets, the stockbroking firm said that Wall Street rebounded from their intraday lows to close mildly higher as the Dow (+0.3%) rose, boosted by strong labour data after unemployment benefits claims fell to 166,000 last week. The European stock markets, however, extended their slide, while Asia stock markets were pained in red
