The energy sector is likely to gain traction, supported by the strength in the crude oil price driven by potential new sanctions against Russian oil exports, Malacca Securities said in a note.
It said that without any heavy selling pressure on Nasdaq, we believe the technology stocks on the local front may sustain its buying momentum today.
Commodity-wise, the crude oil price rose to USD115 per barrel mark as investors eyed the G7 talks on new sanctions against Russian oil and gas exports, which may exacerbate tight supplies in the global oil market. The CPO is trading around RM4,850-4,900.
On the local market, the stockbroking firm said that the FBM KLCI (+0.1%) managed to hold onto its gains, largely supported by selected oil & gas and banking heavyweights.
It said that the lower liners also marched higher, while the broader market ended mostly upbeat, led by the technology sector (+2.8%) that mirrored the positive on Nasdaq performance last Friday.
On the global markets, Wall Street turned directionless as the Dow (-0.2%) edged mildly lower on mild profit-taking after the surge last week, while treasury yields climbed; sparking a lower risk appetite for the equities market. Both the European and Asia stock markets, however, closed mostly positively.
