Investors may favour the energy stocks following the solid set of results from HIBISCS and ARMADA underpinned by firm crude oil price, Malacca Securities said in a note
Meanwhile, it said that investors may look at the REITs sector as business recovery bodes well for the occupancy rate. “Selectively, traders may lookout for technology stocks amid the rebound on Nasdaq, “it said.
Meanwhile, the stockbroking firm said that under the current inflationary environment, investors may favour sectors that are benefitted from the commodity boom.
It said that it remained optimistic about the energy sector as crude oil prices remained on the high side around USD114. Meanwhile, the CPO is priced at around RM6,400.
On Bursa’s performance, it said that the FBM KLCI (+0.3%) snapped a 4-day losing streak, lifted by gains in selected plantation heavyweights yesterday.
It said that the lower liners, however, extended their decline, while the broader market ended mostly lower with the construction sector (-1.1%) underperformed.
On the global market, it said that Wall Street advanced as the Dow (+0.6%) as investors digested the latest Federal Reserve minutes meeting that is pointing towards half a percentage point rate hikes over the next 2 meetings. “The European stock markets also rebounded, while the Asia stockmarkets ended mostly higher, “ it said.
