Focus likely on plantation, telecoms and utilities stocks

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Focus likely on plantation, telecoms and utilities stocks FMTNews FMTBusiness

KUALA LUMPUR: Investors on Bursa Malaysia are expected to turn their attention to plantation as well as telecommunications and utilities stocks today, according to a brokerage.

On the other hand, the plantation sector will keep investors interested as crude palm oil futures price stays above the RM3,000 level, the brokerage said.Despite a resurgence in concerns over a global recession, especially after the Bank of England raised interest rate by 50 basis points , the FTSE Bursa Malaysia KLCI began the week on a higher note.

“The pullback on Wall Street last Friday, coupled with the bigger-than-expected rate hike from the Bank of England as well as a higher-than-expected Japanese inflation may weigh on the market sentiment,” it said. Of the actives, Bahvest Resources edged up two sen to 18.5 sen and Sarawak Consolidated perked up a sen to 43.5 sen, while Reach Energy and Cloudpoint Technology fell half-a-sen each to 3.5 sen and 54.5 sen respectively, and Classita was flat at 9.5 sen.

 

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