Market Pulse - 22Jun23 - Approaching 1,400

The FBM KLCI advanced, bucking the mixed regional markets, mainly underpinned by gains in the banking heavyweights amid the emergence of bargain hunting activities. Moving forward, we reckon that the US Fed Chair’s hawkish testimony, coupled with the uncertainties over the upcoming six state elections on the local front may continue to weigh on the local bourse, limiting the upside potential for the FBMKLCI. More clarity may be 
seen after the conclusion of the state elections.

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