The energy sector may continue to shine amid firm crude oil prices, driven by the Ukraine-Russia tension as well as the easing in China may boost demand, Malacca Securities said.
Besides, it said that traders could focus on consumer, property and transportation & logistics stocks as they are gaining momentum yesterday.
The stockbroking firm said that traders are likely to look out on selected technology stocks with solid balance sheets and growing quarterly results (at least positive QoQ growth). On the commodity markets, the crude oil was traded at around USD116 per barrel mark, while the CPO is trading above RM6,300.
On the local bourse’s performance, Malacca Securities said that the FBM KLCI (-1.1%) was bogged down by the emergence of profit-taking activities and more than two-thirds of the key index components ended in the red.
The stockbroking firm said that the lower liners remained mixed, while the broader market ended closed mostly negative with the energy sector (-1.6%) underperformed.
On the global markets, it said that Wall Street edged lower as the Dow (-0.5%) fell after the buoyant ISM Manufacturing PMI that rose to 56.1 in May 2022 fuelled further concerns over the pace of tightening from the US Federal Reserve. The European stock markets remained downbeat, while Asia stock markets ended mixed.
