As expected, the FBMKLCI took a pause after the rally, snapping the 6-day winning
streak as profit taking activities emerged within selected Banking and Utilities
heavyweights. Meanwhile, the US stock markets closed higher for the session in
anticipation of the CPI (later tonight) and PPI (Friday) data that will be released this
week. Over to the crypto segment, the SEC has approved 11 spot Bitcoin exchangetraded
funds (ETF) and it has contributed to the positive sentiment for the crypto
markets. For Brent oil, the price continues to hover around the USD76/bbl mark as
the rising US inventories offset the concerns over in the Middle East.
Sectors focus: On the sectorial wise, we expect the buying interest within the
Technology sector could sustain with the recovery on Wall Street. We believe overall,
the Johor-theme, potential revival in the mega infra projects could provide support
towards the Construction and Property sectors after taking a mild breather. We also
favour the Building Material as a proxy towards the previous mentioned sectors,
while the Consumer segment is likely to head for a decent recovery. In the US, we
expect crypto related stocks should bode well with the approval of Bitcoin spot ETFs
by the SEC.
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