Plantation stocks
Plantation stocks may be in focus today as the CPO has rallied to almost the RM4,000/tonne mark due to demand from China for the forthcoming Chinese New Year.
Last week, the FBM KLCI rebounded following a correction from the 1,500 level a week before. Although bargain-hunting activities were apparent, the market undertone remains cautious with many investors adopting a wait-and-see attitude.
Meanwhile, the contagion from the small caps seems limited to a selected few and may not be as bad as initially feared. For today, we believe the index to hover within the 1,485-1,495 range.
Plantation stocks may be in focus today as the CPO has rallied to almost the RM4,000/tonne mark due to demand from China for the forthcoming Chinese New Year, says Rakuten Trade.
On Thursday, FBM KLCI closed higher to end at its intra-day high amidst some bargain hunting activities following the recent sell down.
The benchmark index was up 0.49% or 7.19 pts to close at 1,486.37. Leading the gainers were construction (+1.7%), health care (+1.4%), and technology (+1.3%); Market breadth was positive with 639 gainers against 359 losers. Total volume stood at 5.39bn shares valued at RM2.73bn.
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