Market Pulse - 17Jul23 - Surpassing 1,400

With the key index re-claiming the 1,400 psychological level, we reckon that the recovery trend has turned more solid. We noticed that foreign funds have stepped up to purchase Malaysian equities (net buying of RM468.9m last Friday) and that could sustain the recovery trend, moving forward. Meanwhile, the lower liners may continue to capitalise onto the jubilant market sentiment as the calmer market conditions present an opportunity to nibble onto beaten down stocks. Looking ahead, the barrage of corporate earnings releases in the US will be in focus. Meanwhile, investors will also be keeping a close watch on the impending release of China’s 2Q23 GDP data today.

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