Market Pulse - 17Aug23 - Bucking the weaker regional performances

The FBM KLCI outperformed the mostly negative regional markets, driven by final hour buying in selected utilities and banking heavyweights. We expect the positive performance in recent days to sustain with foreign funds continued with the net buying mode on local equities. The lower liners may also capitalise on the positive market breadth with rotational play noticeable within the construction and property-related stocks. Meanwhile, the negative developments on Wall Street overnight following the hawkish undertone from the US Federal Reserve may limit the upside potential in our local market.

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