Market Pulse - 26Jun23 - Profit Taking Emerged

The FBM KLCI snapped a 3-day winning streak, along with the regional peers as worries over potential slowdown in the global economic growth resurfaced following the US Fed Chair comments last week. This week, we believe the market will continue to monitor economic data from Japan, the US and China for further clarity in the current state of the economy. Meanwhile, the pullback on Wall Street last Friday, coupled with the bigger-than-expected rate hike from the Bank of England, as well as Japanese inflation rising faster-than- expectation may weigh on the market sentiment.

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