Market Pulse - 5Jul23 - Downside well cushioned

The FBM KLCI shrugged off most of its intraday losses as profit taking activities emerged after a brief rebound last week. We reckon that further recovery is in store with the key index looking to take another jab towards 1,400. The lower liners may continue to capitalise onto the calmer market condition on the back of rotational play. Meanwhile, investors’ attention may shift towards the upcoming FOMC minutes meeting mid-week to provide further clues over the pace of future interest rate hikes. 

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