Market Pulse - 3Aug23 - Renewed volatility

The FBM KLCI remained downbeat alongside the weakness across the regional markets, dragged down by the concern of the US credit rating cut by Fitch Ratings and the renewed tension between the US and China. The lower liners are also not faring any better as traders continue to pare holdings ahead of the Malaysia state election. Looking ahead, we reckon further pullback is in store that may mirror the weakness on Wall Street overnight. Meanwhile, investors may also keep a close watch on several key economic data such as the UK's Bank of England's interest rate decision as well as US Non-Manufacturing PMI and Factory Orders to be released later today. 

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