The surge on Wall Street overnight could spur more buying interest on March 24. At Bursa Malaysia, stocks to watch include TMI, Maybank, oil and gas counters due to the oil price surge, RHB Capital and property developer YNH Property.
Templeton Asset Management Ltd Mark Mobius said the next “bull-market” rally has begun and there are bargains in every emerging market following a record slump in stocks.
However, Jupiter Research head Pong Teng cautioned that the flow of funds would determine if there would be a bull run.
“However, I don’t see huge funds coming to the market at this point of time. There is no leverage and investment funds are licking wounds. Hedge funds have been unable to get fresh funds.
“We might see a rally but not a bull run,” he cautioned. The recovery in Bursa was more in line with the region, he said.
TM International, which made its biggest one-day gains since September last year, saw very active trade. It is scheduled to hold media briefing after its EGM at 9.30am where several resolutions including the rights issue, name change and employee long-term incentive plan.
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