Market Pulse - 1Aug23 - Ending the month on an upbeat note

The FBM KLCI rebounded strongly to end the month on a firm footing, spurred by China's State Council remarks to restore and expand consumption across the automobile, real estate, and services sectors. We expect further gains to come by, supported by the extended buying interest from foreign funds. The lower liners, however, may extend their consolidation phase with any weakness expected to be well supported by quick bargain hunting activities. Moving forward, investors will be keeping a close tab on the manufacturing data from Malaysia, China and the US to provide further leads on the health of the economy. 

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