Malaysian stocks may tread lower

MALAYSIAN shares are likely to tread lower today, hurt by weaker US financial markets and falls in commodity prices like palm oil, traders said.

Plantation stocks such as IOI Corp and Sime Darby could see some profit-taking on weaker crude oil prices while counters like construction firms such Malaysian Resources Corp and UEM Land may be bargain-hunting picks, said one trader.

“Both Malaysian Resources Corp and UEM Land fell on profit-taking yesterday but as they are related to United Malays National Organisation Party which holds its party elections this week, they may pick up,” said a dealer with an investment bank. - Reuters