Some bargain hunting activities may emerge on the local front, especially in the technology stocks given the buying into dip into Wall Street, Malacca Securities said.
It said that Investors may watch out for Malaysia’s inflation rate and the US FOMC meeting minutes this week.
The crude oil traded around USD112 per barrel, while the CPO was priced around RM6,100 after trending downwards in the past two weeks. On Friday, Indonesia reimposed a domestic sales requirement on palm oil after reversing the export ban.
In the recovery-themed sector, the stockbroking firm said that it remained positive despite worries over inflation. Besides, the energy sector should remain robust, supported by the elevated crude oil price. Technology stocks may see a potential rebound amid bargain hunting on Wall Street.
on the local bourse, Malacca Securities said that the FBM KLCI (-0.02%) erased all its intraday gains in the eleventh trading hour to close marginally lower on last Friday.
Malacca Securities said that the lower liners, however, rebounded, while the broader market closed mostly higher, led by the energy sector (+2.6%) as Brent oil prices sustained above USD100/bbl.
On the global markets, it said Wall Street recorded marginal gains after recovering all their intraday losses as the Dow (+0.03%, -2.9% WoW) rose amid bargain hunting activities but marked its 8th weekly decline. The European stock markets rebounded, while the Asia stock markets closed mostly positively.
