The revision of the mask mandate may benefit the recovery-themed sector such as consumer, tourism, and banking as further relaxation of Covid-19 SOPs effective 1st May 2022 could signal a greater extent of economic recovery, Malacca Securities said.
The stockbroking firm said that the strong surge in FCPO sparked by Indonesia’s widening of the export ban may ignite another round of rally in the plantation sector.
On the commodities market, it said that the FCPO surged above RM6,900 following Indonesia’s decision to widen the scope of its export ban to include CPO. The crude oil price remained supported above USD100.
On the performance of the local bourse, Malacca Securities said that the FBM KLCI (-0.7%) retreated with more than two-thirds of the key index components in red, spooked by the weakness on Wall Street overnight.
It said that the lower liners also tumbled, while the construction (+0.3%) and REIT (+0.02%) sectors outperformed the negative broader market.
On the global markets, the stockbroking firm said that Wall Street staged a mild recovery after coming off from the intraday highs as the Dow (+0.2%) rose on a barrage of mixed corporate earnings. “The European stock markets also recovered some of its previous session losses, but Asia stock markets ended mostly lower,” it said
