The local bourse is expected to trade in a negative-biased tone for today given the foreign funds offloaded some of the equities earlier this week, Malacca Securities said in a note.
It said that the negative performance on Wall Street overnight could expedite the profit-taking activities on the local front.
However, it said that the crude oil price traded above USD110 per barrel mark and the FCPO priced above RM6,200 will bring optimism to the plantation and energy stocks. Also, we believe the market could be pricing in earlier than expected GE15, hence trading interest should continue to build up within the construction sector.
Reviewing Bursa’s performance yesterday, it said that the FBM KLCI (-0.1%) edged mildly lower on a lacklustre trading session as intraday gains were quickly negated by weakness in selected plantation and banking heavyweights.
On the overseas market, it said that Wall Street edged lower as the Dow (-0.3%) fell ahead of the holiday-shortened trading week break amid the mixed bag of corporate earnings. The European stock markets finished mostly higher, while Asia stock markets ended on a mixed note.
It said that both the lower liners and the broader market ended mixed, but trading interest was building up in construction sector (+1.5%).
