Investors may continue to position themselves in the energy and plantation stocks as commodity prices remained well supported, Malacca Securities in a note.
Besides, the stockbroking house said that it expects a broad-based recovery in various sectors on the back of a recovery in economic activities following the reopening of travel borders.
While foreign funds continue to support the local bourse, the overnight sell down on Wall Street may impact negatively in the technology sector. Meanwhile, the Brent oil and FCPO are still hovering above USD105 per barrel and RM6,300 respectively.
Reviewing Bursa’s performance, it said that the FBM KLCI (+0.3%) extended its upward momentum, driven by gains across selected plantations and banking heavyweights yesterday.
It said that the lower liners, however, were mixed, while the broader market closed mostly higher, anchored by the energy sector (+1.6%) as oil prices recovered.
On the global markets, Wall Street endured another volatile session as the Dow (-1.1%) fell following the spike in treasury yields as traders are pricing in a potential 50 basis points rate hike in the following Federal Reserve meetings. The European stock markets ended mostly upbeat, while Asia stock markets closed mixed.
