Bursa Malaysia ends morning session lower on profit taking

9May'22
Market update:
The FBM KLCI plummeted on Friday in tandem with regional peers on the back of bearish global sentiment following a sharp decline on Wall Street and the net outflow of foreign funds. As the US stocks suffered another selloff, we expect the local bourse to follow suit, especially within the technology sector. Nevertheless, there might be bargain hunting activities ahead of the earnings season especially in the recovery-themed sectors as well as REITs. On the commodity markets, the crude oil price remained above USD112, while the crude palm oil was traded lower to RM6,400.

Sector focus:
We reckon the O&G and recovery themed sector such as consumer and REITs will continue to be supported with buying interest. Besides, the transportation sector may gain traction as the Baltic Exchange Dry Index was at its highest since March 2022. Meanwhile, traders might avoid the technology sector as Nasdaq had another round of selloffs last week.

Stocks to watch:

Consumer: #BAUTO, #BJFOOD, #FIAMMA, #PADINI, #PWROOT
Building material: #CHINHIN, #CSCSTEL
Energy/ Power-related: #CARIMIN, DELEUM, #HIBISCS
REITs: KIPREIT, PAVREIT
Chemical: #HEXTAR, TEXCHEM
Others: #DSONIC, GENM

Source: M+ Online

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